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NSE Intra-day chart (26 November 2021)
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Market Commentary 29 November 2021
Markets likely to get flat-to-positive start on Monday


Indian equity benchmarks suffered sharp losses on Friday tracking a sell-off across global markets. Barring pharmaceutical and healthcare stocks, all sectors slid deep into negative territory. Benchmark indices started gap-down on Dalal Street, as traders were concerned as WHO flags new Covid-19 strain. World Health Organization officials met on Thursday to discuss a new coronavirus variant circulating in South Africa and Botswana. The new variant, called B.1.1529, carries an unusually large number of mutations, Francois Balloux, director of the UCL Genetics Institute. Also, foreign fund outflow dented sentiments in the markets. Foreign portfolio investors (FPIs) remained net sellers for Rs 2300.65 crore in the Indian markets, provisional data showed on the NSE. Market participants remained cautious as a report by ICRA said that the Reserve Bank of India's revision of bad loan recognition and upgradation norms could bring a sharp spike in the non-performing assets of non-banking finance companies (NBFCs) in the country. Indices continued to languish at lower levels with deep cuts in second half of the session, as some concern came with the CBDT said that the Income Tax Department has detected huge unaccounted income after it raided some Indian companies and their associates, being controlled by a neighbouring country, in Delhi, Maharashtra and Gujarat. Traders overlooked Moody's Investors Service stating that India's rising vaccination rate, stabilizing consumer confidence, low interest rates and higher public spending underpin positive credit fundamentals for the corporate sector. It also expects India's economic growth would rebound strongly with GDP expanding 9.3 per cent in the current fiscal ending March 2022 and 7.9 per cent in 2023. Traders also paid no heed towards Niti Aayog Vice-Chairman Rajiv Kumar's statement that the government is committed to improving the ease of doing business in the country.  He stated it is now one of the commitments of this government to try and resolve and improve the ease of doing business on the ground. Finally, the BSE Sensex fell 1687.94 points or 2.87% to 57,107.15 and the CNX Nifty was down by 509.80 points or 2.91% to 17,026.45.


The US markets closed lower on Friday for the holiday-interrupted week, the major averages fell to their lowest closing levels in at least a month, following reports a new and possibly vaccine-resistant coronavirus variant has been detected in South Africa. The news, which comes amid a surge in new Covid-19 cases in Europe, raised concerns the pandemic could continue to wreak havoc on the global economy. The U.K. has issued a temporary ban on flights from six African countries in reaction to the new variant, which has also been detected in Belgium, Israel and Hong Kong. The World Health Organization will hold a special meeting to discuss if the heavily mutated strain will become a variant of interest or a variant of concern. Light volume may have exacerbated the steep drop on Wall Street, as some traders remained away from their desks ahead of an early close by the markets. A lack of major U.S. economic data may also have kept traders on the sidelines ahead of next week's closely watched monthly jobs report. Airline stocks moved sharply lower amid concerns about new travel restrictions, resulting in a 6.5 percent nosedive by the NYSE Arca Airline Index. The index plummeted to its lowest closing level in over ten months. Substantial weakness was also visible among energy stocks. Reflecting the sell-off by energy stocks, the Philadelphia Oil Service Index sank by 5.7 percent, the NYSE Arca Oil Index slumped by 4.3 percent and the NYSE Arca Natural Gas Index dove by 3 percent. Banking stocks are also significant weakness amid a steep drop by treasury yields. Brokerage, steel and semiconductor stocks also saw considerable weakness, moving lower along with most of the other major sectors.


Crude oil futures ended sharply lower on Friday, with the U.S. benchmark closing below the $70-a-barrel threshold after the discovery in South Africa of a new variant of the coronavirus that causes COVID-19. Traders' dumped oil after the U.S. Thanksgiving holiday on Thursday, trading on fears potential lockdowns and other restrictions on business and consumer activity could hit fuel demand as a result of the new coronavirus variant. Meanwhile, the OPEC and its allies are scheduled to meet on December 2 to discuss production policy for 2022. Trading in U.S. oil futures closed an hour early at 1:30 p.m. Eastern. Benchmark crude oil futures for January delivery fell $10.24 or 13.1 percent to settle at $68.15 a barrel on the New York Mercantile Exchange. Brent crude for January delivery lost $9.50 or 11.6 percent to settle at $72.72 a barrel on London's Intercontinental Exchange.


Indian rupee tumbled against dollar on Friday, on account of sustained dollar demand from importers and banks amid heavy selling in domestic equities amid fears of a new Covid variant. Scientists warned that it could be more infectious than Delta and even be more resistant to vaccines, dealing a blow to the global recovery. New variant (B.1.1529) has been detected in South Africa and scientists said that it could be of real concern. Market participants also remained cautious as a report by ICRA said that the Reserve Bank of India's revision of bad loan recognition and upgradation norms could bring a sharp spike in the non-performing assets of non-banking finance companies (NBFCs) in the country. On the global front, Sterling briefly dropped below $1.33 for the first time since December 2020 as the British currency found itself caught up in the dumping of riskier assets amid panic over a new COVID-19 variant described as the most concerning yet. Finally, the rupee ended 74.89, weaker by 37 paise from its previous close of 74.52 on Thursday.


The FIIs as per Friday's data were net sellers in both equity and debt segments. In equity segment, the gross buying was of Rs 11993.31 crore against gross selling of Rs 12165.40 crore, while in the debt segment, the gross purchase was of Rs 492.34 crore with gross sales of Rs 767.56 crore. Besides, in the hybrid segment, the gross buying was of Rs 42.12 crore against gross selling of Rs 36.18 crore.


The US markets closed lower on Friday after a new coronavirus variant from South Africa appeared to take over the globe. Asian markets are trading mostly lower on Monday as investors tracked the developments surrounding the new coronavirus variant called Omicron. Indian markets suffered the biggest single day losses since early-April 2021 on Friday as a new variant of COVID-19 spooked global financial markets. Today, the start of new week is likely to be flat-to-positive. Some support will come with a private report that India's economic recovery likely strengthened in the previous quarter, boosted by services activity that recovered after pandemic-related mobility restrictions were eased. Traders may take note of Commerce and Industry Minister Piyush Goyal's statement that bilateral trade between India and Canada stands at $10 billion currently and there is tremendous potential to take it to much higher levels. Besides, the Reserve Bank said India's forex exchange reserves increased by $289 million to $640.401 billion for the week ended November 19. However, weakness in global markets may cap the gains. There may be some cuatiouness as AIIMS chief Dr Randeep Guelria said the new Omicron variant of coronavirus has reportedly got over 30 mutations in the spike protein region giving it the potential to reduce the efficacy of vaccines. Meanwhile, Industry body PHDCCI has urged the GST Council to rationalise rates, stating that the current rates are not in sync with the demand creation and employment generation in the country. There will be some buzz in the banking stocks as RBI a released the rules for ownership and corporate structure of private banks in India. Infrastructure industry stocks will be in focus with the government data showing that as many as 438 infrastructure projects, each worth Rs 150 crore or more, have been hit by cost overruns totalling more than Rs 4.34 lakh crore. There will be some reaction in gem, jewellery sector stocks as Commerce and Industry Minister Piyush Goyal asked the gem and jewellery industry to focus on areas like design, diversification of export product basket and lab grown diamonds with a view to boost outbound shipments and job creation. IPO of Star Health and Allied Insurance Company and Tega Industries will open for subscription this week. Star Health's IPO will open on November 30 as the company, backed by big bull Rakesh Jhunjhunwala seeks to raise up to Rs 7,249 crore from the public issue. On the other hand, Tega Industries' IPO is purely an offer of sale of 1,36,69,478 equity shares by promoters and an existing shareholder. The IPO will see the selling shareholders raise close to Rs 619 crore.


                               Support and Resistance: NSE (Nifty) and BSE (Sensex)



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