Indian market today opened with a positive outlook. It is worth noting that the IPO of Tega Industries is opening for subscription today. The reaction of the markets to the GDP data is expected. Besides, auto companies are likely to remain in focus as they release November sales figures. Meanwhile, Asian stocks were mixed on Wednesday as traders weighed in on Federal Reserve Chairman Jerome Powell’s comments that officials should consider a sharp removal of monetary stimulus amid high inflation. On Monday, Indian stock markets traded with volatility with the BSE Sensex down 195 points, while the Nifty closed with a loss of 70 points.
Top gainers/losers at the moment
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Market Opening View :- Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments
Although the index is open with a gap, traders should not rush to jump on the long side. There are strong resistance levels in the markets. Conversely, short positions can be strategically timed with tight stops. Since the market is open with a gap, the risk-reward ratio will be favorable. If Nifty doesn’t stay at 16900 then we can fall till 16500.
Most of the sectoral indices in the green
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26 out of 30 Sensex stocks are in the green
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Anand Rathi IPO: GMP surges ahead of opening date. Should you subscribe?
Anand Rathi IPO (Initial Public Offering) open for subscription on 2nd December 2021 and it will be open for bidding till 4th December 2021. India’s leading non-banking wealth solutions firm plans to 660 crores from its public issue and it has fixed the price band of the issue from 530 550 per equity share. Ahead of the subscription opening date, the gray market has started giving positive signals regarding the Anand Rathi IPO. As per market observers, Anand Rathi Wealth’s share is available at a premium 125 in gray market today.
Reliance Jio’s new prepaid plans start from today
The new prepaid tariff plans of Reliance Jio are available starting today, and if you wonder if it will be different from the prepaid packs of Bharti Airtel or Vodafone Idea then you must read this story. The Mukesh Ambani-owned telecom company has decided to increase the rate of prepaid plans with effect from December 1, 2021. This comes after two of its competitors, Airtel and Vodafone Idea, did so to generate more revenue. The overall prepaid rates have been revised by about 20 per cent.
View New Rates, Validity
Nifty opened above 17,100
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Sensex climbs 600 points
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Punjab National Bank (PNB) cuts interest rates on savings accounts
Punjab National Bank (PNB) has interest rate cut For down balance on your savings account 10 lakh to 2.80% per annum. The bank has also reduced the interest rates on savings account above Rs 10 lakh to 2.85%. The public sector bank has reduced the savings rate by 10 bps and 5 bps on accounts with less than Rs. 10 lakh and above 10 lakhs respectively.
The revised domestic and NRI savings account interest is applicable for both existing and new customers with effect from today, 1st December 2021.
market at pre-open
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On Nifty Pre-Open
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Asia shares, US futures rise; increase in bond yields
Most Asian stocks edged higher on Wednesday with US equity futures as traders weighed on the Federal Reserve’s signal to move to fight inflation risks and official optimism about China’s outlook.
MSCI Inc. The U.S. Asia-Pacific stock index rose nearly 1%, with gains from Hong Kong. China’s Deputy Prime Minister Liu He said he was “absolutely confident” about the Chinese economy next year, promising to increase support for businesses.
S&P 500 and Nasdaq 100 futures pushed higher, indicating some stabilization after an overnight decline in US stocks and measures for equity volatility.
Petrol, diesel prices today
Petrol and diesel prices remained unchanged for almost a month on Wednesday across nations including major cities like Delhi, Mumbai, Kolkata and Chennai.
Petrol price in Delhi till today i.e. 1st December 103.97 per liter while that of diesel 86.67 per liter. What is the price of 1 liter of petrol in Mumbai? 109.98 per liter and diesel rates are 94.14 per liter.
Rakesh Jhunjhunwala Portfolio: Experts recommend buy on this Tata stock
Rakesh Jhunjhunwala Portfolio After climbing to its 52-week high Tata Motors share prices have been under profit-booking pressure at 536.70 levels. Rakesh Jhunjhunwala stock sees further correction after giving breakdown 500 per share level. According to stock market experts, this has happened due to the auto major’s weak second quarter results. However, he added that Tata Motors is a quality stock and weak year-on-year results are mainly due to the recent Covid-19 lockdown and restrictions imposed across the country. He added that the stock is again available at a discounted price and one should add to the stock for the long term.
GDP grew 8.4% in July-September quarter
Indian Economy Expanded 8.4% In the September quarter, it exceeded its pre-pandemic size, as immunization picked up pace and services activity returned to normal following disruptions caused by the devastating second wave of the pandemic in the June quarter.
In the first six months of the fiscal year, GDP growth, aided by a favorable base, averaged 13.7%. As a result, most economists now expect the growth rate to be around 9-10% in FY22.
Auto companies likely to be in focus as they release sales figures in November
Tega Industries IPO to open for subscription today
Tega Industries IPO (Initial Public Offering) is subscribe to open today and it will be open for bidding until 3 December 2021. With this book build issue, the company aims to raise 619.23 crores. The public issue is 100% OFS (Offer for Sale) in nature. As expected, Tega Industries shares have become available for trade ahead of the subscription opening. According to market observers, Tega Industries shares are trading at a premium 385 in gray market today.
Stocks to watch: Maruti, Future Retail, Coal India, NTPC
here is the list Top 10 Stocks Which is likely to be in focus on Wednesday.
SGX Nifty rises points in opening deals
SGX Nifty futures traded 48 points or 0.28% higher at 17,111.50 in early deals, indicating a positive start for the Indian benchmark in Wednesday’s trade.
Hong Kong shares opened with gains
Hong Kong shares opened slightly higher on Wednesday morning after three days of losses as investors assessed hawkish signals on monetary policy from Federal Reserve boss Jerome Powell and warnings about the potential of current vaccines to fight Omicron.
The Hang Seng index gained 0.51 per cent or 120.31 points to end at 23,595.57.
The Shanghai Composite Index fell 0.06 per cent, or 2.00 points, to 3,561.89, while the Shenzhen Composite Index on the Second China Exchange was down 0.05 per cent, or 1.27 points, at 2,517.99.
Tuesday: Fall in global markets, oil fall on Omicron vaccine warning
World stocks and oil prices fell on Tuesday after Moderna warned the current vaccine could be less effective in shutting down the Omicron version, and eurozone inflation hit record highs.
With fears of a fresh economic fallout from the long-running COVID crisis, Frankfurt, London and Paris quickly followed Asia at lower levels.
Wall Street saw a significant sell-off after Federal Reserve Chairman Jerome Powell warned that inflation could last longer than expected, and now advocates accelerating the reduction of its stimulus measures.
Mixed trend in Asian stocks on Wednesday
Asian stocks were mixed on Wednesday as traders weighed in on Federal Reserve Chairman Jerome Powell’s comments that officials should consider a sharp removal of monetary stimulus amid high inflation.
Shares in Japan and Australia declined and South Korea edged up, while US equity futures cut earlier gains. The S&P 500 fell nearly 2% overnight and equity volatility measures jumped on the prospect of a tighter policy.
The US 10-year Treasury yield edged up, staying below 1.50%. The gap between yields on the 5-year and 30-year Treasuries narrowed in the US session and was the lowest since March last year.
Powell said the next Fed meeting should discuss whether to phase out bond purchases a few months earlier and remove the word “transient” to describe high inflation. This could open the door to a hike in earlier interest rates. Money markets show close to 60 basis points price growth by the end of 2022.
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As of 9:26 a.m. in Tokyo, S&P 500 futures were up 0.2%. S&P 500 dropped 1.9%
Nasdaq 100 futures rose 0.2%. Nasdaq 100 dropped 1.6%
Japan’s Topix index fell 0.1%
Australia’s S&P/ASX 200 index drops 0.8%
South Korea’s Kospi index rose 0.7%
Hang Seng Index futures fell 0.1%
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