Adani Power

Indian market opens on red tracking of Covid-19 concerns in China – Tata Steel, Tata Motors, Zomato and others are in focus. | Rare Techy


  • Indian markets made a negative opening for the week tracking the fresh outbreak of Covid-19 in China, and the outcome of the Fed’s outlook later this week.
  • While 30-share Sensex opened 207 points lower at 61,456, the 50-share Nifty50 opened 61 points lower at 18,246.
  • Tata Steel, Tata Motors, Zomato and others will be in focus, while Five Star Business Finance and Archean Chemicals are expected to list on the exchanges today.

India’s benchmark indices Sensex and Nifty50 opened in the red today as the fresh outbreak of Covid-19 in China and the prospect of the US Fed due later this week loom large. SGX CHOOTHAn early indicator of how the Indian market can perform, it is down 47 points compared to the closing Nifty50 on Friday last week.

While the 30-share Sensex opened 207 points lower at 61,456, the 50-share Nifty50 opened 61 points lower at 18,246.

Analysts expect a lower opening for the index following weak indications from Asian markets. “The Indian market may open lower, in line with the Asian market mostly lower today and even the US market mildly higher on Friday,” said Deepak Jasani, head of retail research at HDFC Securities.

In the last five days, the Sensex fell marginally by 0.16% while remaining above the 61,000 level. At the same time, the Nifty50 lost 0.42% but maintained its 18,300 level.

Asian markets were trading in the red on Monday as investors worried about a rise in Covid-19 cases in China leading to additional restrictions. Beijing’s most populous district is urging residents to stay at home.

China’s Shanghai SE Composite Index fell 0.97%, Hong Kong’s Hang Seng fell 2.73% followed by Japan’s Nikkei 225 with a fall of 0.10%.

Brent crude oil prices fell to their lowest since September tracking the Covid-19 outbreak in China, with a drop of more than 1.2% to $86.57 per barrel.

What is happening in the US market

The US market shrugged off volatility on Friday, with the S&P 500 gaining 0.48% to close at 3965, while the Dow Jones Industrial Average gained 0.59% to close at 33,746. The tech-heavy Nasdaq Composite remained flat.

India’s forex reserves saw their best addition in over a year

India added $14.72 billion to its forex reserves, marking the clearest gain in more than a year, to $544.72 billion. In the week ended November 5, India’s forex reserves stood at $529.99 billion.

It is worth noting that the Reserve Bank of India has exhausted $110 billion in the last seven months to protect the Indian rupee from free fall. At the end of March 2022, the USD-INR exchange rate stood at 75.91, and is currently at 81.79.

Stocks to watch today

Tata Steel, SAIL, JSW Steel, Hindalco: The Indian government has withdrawn export duties for steel products and iron ore, six months after announcing on May 21. The export duty cut is effective from November 19, 2022.

Tata Motors: The car manufacturer will replace Dr. Reddy in 30 Sensex stocks on December 19, 2022. Adani Power and Indian Hotels will also replace Adani Total Gas and Hindustan Petroleum in the BSE 100 and Sensex Next 50 indices.

Maruti Suzuki: The automaker launched another car, the Alto K10 with S-CNG technology at ₹5.94 lakh. It also plans to introduce more models in the sport utility vehicle (SUV) segment to eventually push its market share in the space.

Zomato: Zomato shares will also come into focus today after the company announced plans to lay off nearly 3-4% of its workforce. This comes after company founder Mohit Gupta, head of intercity Siddharth Jhewar, and head of new initiatives Rahul Ganjoo left the company in the last three weeks.

Easy Trip Planner: The operator EasyMyTrip has announced a stock split in the ratio of 1:2, and the issuance of bonus shares in the ratio of 1:1, and the record date is set on November 22.

NMDC: The iron ore producer announced plans to spend ₹900 crore over the next three years to increase iron ore production from its Kumaraswamy mine in Karnataka.

Expiration of key period: Logistics firm Delhivery, Syrma SGS Technology, Venus Pipes & Tubes and Tarsons Products are among the key promoters of this weekend.

IPO market

Five Star Business Finance and Archean Chemicals are expected to list on the exchange today. Meanwhile, the real estate company Keystone Realtors is likely to announce the allotment status of its IPO on Monday.

Shares in F&O restrictions

Balrampur Chini, Bhel, Delta Corp, Gujarat Narmada Valley Fertilizers and Chemicals, Indiabulls Housing Finance and Sun TV and Punjab National Bank are the banned stocks in the current F&O segment.

See also:

India will be the second largest economy in the world by 2050, says Gautam Adani

Market rewards PSBs, push up their market caps

‘All is not well’, say market experts even as stocks chase new highs


Source link

Related Articles

Back to top button