Stock Market Highlights Today: Nifty forms a bullish candle on daily chart. What does it signal for tomorrow's trade?

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Benchmark indices rebounded from lows on Tuesday as low-level buying helped them snap a four-day losing streak. Investors ignored the rising dollar and concerns over Covid cases in Europe. However, gains were checked as BlackRock said it is trimming its investments in Indian equities and becoming more optimistic on China on attractive valuations amid expectations that policy hurdles will ease next year. The 30-share pack Sensex gained 198.18 points or 0.34 per cent to close at 58,664.33. The index climbed about 950 points from the day’s low. Its broader peer NSE Nifty added 86.80 points or 0.50 per cent to 17,503.35.

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S&P 500, Nasdaq open lower as rising yields dent tech shares

The Dow Jones Industrial Average rose 0.67 points at the open to 35,619.92. The S&P 500 opened lower by 4.46 points, or 0.10 per cent, at 4,678.48, while the Nasdaq Composite dropped 45.25 points, or 0.29 per cent, to 15,809.50 at the opening bell.

Moody’s upgrades Bharti Airtel credit rating outlook to positive

Rating agency Moody’s has upgraded Bharti Airtel’s credit rating outlook to positive from stable, reflecting improvement in its financial performance and growth potential. Moody’s has affirmed Bharti’s Ba1 corporate family rating (CFR) and senior unsecured rating, and the Ba1 rating on the backed senior unsecured notes issued by Bharti Airtel International (Netherlands) BV. “The outlook change to positive reflects Bharti’s improving operating performance and credit metrics which, if sustained, could support an upgrade to investment grade within the next 12-18 months,” Moody’s Senior Vice President Annalisa Di Chiara said.

Tech View: Nifty50 bulls get some relief but no signs of reversal yet

Nifty50 on Tuesday formed a bullish candle on the daily chart, after back-to-back five bearish candles. Analysts believe the range of 17,680-17,710 may pose as stiff resistance for the index going ahead while 17,200 will act as immediate support. For the day, the index closed at 17,503.35, up 86.80 points or 0.5 per cent. During the day, the index smartly recoiled from the lower end of the 23-day old descending channel, with an intraday low of 17,216 level, said Mazhar Mohammad at Chartviewindia.in.

Sebi modifies framework on non-compliance with disclosure norms

Capital markets regulator Sebi on Tuesday modified framework that specified the fines imposed by stock exchanges for violation of disclosure norms. The regulator, in August 2019, came out with a circular, specifying the fines to be imposed by stock exchanges for non-compliance with certain provisions of Issue of Capital and Disclosure Requirements (ICDR) regulations.

The correction which we have seen in Nifty and Sensex is of a lower magnitude when compared with the base levels during the past. So, the hue and cry over the ongoing correction seem to be overblown. Nevertheless, the markets are certainly taking a pause and the correction could extend by another 5%. On the broader perspective, we reiterate our bullish stance, with our positive rationale very much in place. We see Nifty50 during 2022 at much higher levels than 2021.

– Amar Ambani, YES Securities

Reliance credit quality not impacted by Aramco decision: Moody’s

The re-evaluation of the decision to sell a 20 per cent stake in Reliance Industries Ltd’s oil-to-chemical business to Saudi Aramco will not impact the firm’s credit quality, Moody’s Investors Service said Tuesday. On November 19, the conglomerate announced that it will reevaluate the transfer of its oil-to-chemical (O2C) business – comprising its refining, marketing and petrochemical operations – to a wholly-owned subsidiary.

Rupee settles 4 paise down at 74.43 against US dollar

The rupee recovered most of its initial losses and settled 4 paise down at 74.43 (provisional) against the US dollar on Tuesday, tracking a positive trend in domestic equities and easing crude oil prices.

At the interbank forex market, the local unit opened at 74.48 against the greenback and witnessed an intra-day high of 74.38 and a low of 74.57. It finally ended at 74.43 against the American currency, registering a fall of just 4 paise over its previous close of 74.39.

Out of the 30 Sensex stocks, 20 stocks ended the session with gains

Sensex snaps 4-day losing streak, ends 198 pts higher; Nifty50 tops 17,500

TVS Motor to invest Rs 1,200 crore in Future Technologies and EV; signs MoU with TN govt

Price as on 23 Nov, 2021 03:16 PM, Click on company names for their live prices.

IRCTC: After passenger, freight segments, railways to begin third segment of trains for tourism, Bharat Gaurav trains, reports PTI

Price as on 23 Nov, 2021 03:11 PM, Click on company names for their live prices.

Market statistics for November 23

BlackRock says time to buy China stocks and trim India exposure

BlackRock Inc. is trimming its investments in Indian equities and becoming more optimistic on China on attractive valuations amid expectations that policy hurdles will ease next year. After a world-beating rally, sentiment on Indian shares has soured due to broker downgrades and concerns about tightening liquidity, worsened by a poor showing for the nation’s biggest initial public offering. By contrast, there is growing belief among investors that Chinese stocks could bounce back as the worst is probably over for Beijing’s regulatory scrutiny of private enterprises.

Asian markets mixed, dollar rises again

Asia stocks Asia stocks faltered on Tuesday, tracking a retreat on Wall Street as traders bolstered their bets on US rate hikes in 2022 after President Joe Biden picked Federal Reserve Chair Jerome Powell to lead the central bank for a second term. Hong Kong led losses in Asia, dropping more than one percent as tech firms tracked their US counterparts lower. There were also losses in Singapore, Seoul, Taipei, Mumbai and Jakarta, though Sydney, Shanghai, Wellington, Bangkok and Manila edged up. Japanese markets were closed for a public holiday.

S&P BSE smallcap index trading 1.72% up

Vedanta trading 6% up on news that Twin Star Holdings and Vedanta Netherlands Investments BV, the promoter companies of Vedanta, will be purchasing around 170 million shares at an offer price of Rs 350 per share, which is at a premium of 6.6 per cent to the last close price of Rs 328.35 apiece.

Price as on 23 Nov, 2021 02:14 PM, Click on company names for their live prices.

Shares of One97 Communications, the parent company of Paytm, are trading almost 10% up after 37% fall in last two trading sessions

Price as on 23 Nov, 2021 02:12 PM, Click on company names for their live prices.

Future Retail employees urge Supreme Court to clear asset sale in Amazon dispute. The stock is trading 4.38% up

Price as on 23 Nov, 2021 01:33 PM, Click on company names for their live prices.

Bharti Airtel is trading 1.85% up. The company added 2.74 lakh mobile subscribers in September even as larger rival Reliance Jio lost 1.9 crore users and Vodafone Idea lost 10.77 lakh subscribers during the month, according to data released by telecom regulator TRAI.

Price as on 23 Nov, 2021 01:22 PM, Click on company names for their live prices.

Spicejet is bringing Boeing 737 Max back to the skies. ET Now caught up with CMD Ajay Singh to understand how the company plans to take off

PSU banks on a roll! All 13 banks in the green

Price as on 23 Nov, 2021 01:15 PM, Click on company names for their live prices.

RBI is batting like Rohit Sharma and Virat Kohli together, bowling like Jasprit Bumrah and Mohammed Shami together and fielding like Ravindra Jadeja now you really cannot expect more than this from the Reserve Bank of India.

– Nilesh Shah, MD, Kotak AMC

Cigarettes-to-hotels conglomerate ITC Ltd has forayed into the Indian breakfast segment with a ready-to-cook and ready-to-mix range and staples under its FMCG brand ‘Aashirvaad’, pitching itself against multinationals Kellogg, PepsiCo and Nestle, and Indian companies MTR and Gits Food. The stocks is slightly in the negative

Price as on 23 Nov, 2021 12:51 PM, Click on company names for their live prices.

Raymond share is trading almost 11% up on news that the company is set to rejig businesses and put professional boards in place

Price as on 23 Nov, 2021 12:50 PM, Click on company names for their live prices.

Reliance Industries shares retraced some of the losses in afternoon trade, after shedding 2.4 per cent in early trading as investors continued to express dismay over the scrapping of a proposed deal to sell a 20 per cent stake in its oil and refinery business to Saudi Aramco.

Price as on 23 Nov, 2021 12:48 PM, Click on company names for their live prices.

We would expect the bounce to come at around 17,000 levels. From there on, we would expect that markets to make a new high in the next one or two months. It will go past the 18,600 level and subsequently, for the next one year, our target is about 20,000 for Nifty.

– Pankaj Pandey, Head Research, ICICIdirect.com

Shares of realty major DLF added 2 per cent in early trade Tuesday as the company said that its rental arm has raised Rs 1,000 crore via debentures to refinance existing debt. The stock is trading 1.77% up at 12.24 pm

Price as on 23 Nov, 2021 12:23 PM, Click on company names for their live prices.

Voda Idea follows Airtel, announced new tariff plans; stock remains flat

Price as on 23 Nov, 2021 12:20 PM, Click on company names for their live prices.

Metal stocks — both ferrous and non-ferrous ride global rally

Price as on 23 Nov, 2021 12:19 PM, Click on company names for their live prices.

The Appellate tribunal NCLAT on Monday stayed the Rs 200 crore penalty imposed by the Competition Commission on Maruti Suzuki but directed the car maker to deposit 10 per cent of the total amount within three weeks. The stock is trading flat.

Price as on 23 Nov, 2021 12:18 PM, Click on company names for their live prices.

Shares of Vedanta jumped close to 8 per cent in Tuesday’s trade as the mining giant said that its promoter companies Twin Star Holdings and Vedanta Netherlands Investments BV would be buying 170 million shares at an offer price of Rs 350 per share. At 12. 17 pm, the stock is trading 4% up.

Price as on 23 Nov, 2021 12:16 PM, Click on company names for their live prices.

Sebi provides clarifications on AIF norms’ amendment

Through a notification issued on November 9, Sebi amended Alternative Investment Funds Regulations, 2012. It allowed category III AIFs, including large value funds for accredited investors of category III AIFs, to calculate the concentration norm based on net asset value (NAV) of the fund for investment in listed equity of an investee company. The amendment also facilitated co-investment through the portfolio management route.

20 out of the 30 Sensex stocks trading in green

RBI wrote to PM calling for outright ban on crypto trading (Source: Informist)

RBI letter raised financial stability implications of crypto

Paytm share are still looking weak and it may go down up to Rs 1,000 to 1,100 per share levels. Those who have Paytm shares in their portfolio are advised to take this bounce back as an opportunity to exit and enter at around Rs 1000 to Rs 1100 per share levels for 12-15 months target of Rs 2150 maintaining stop loss at Rs800 per stock levels.One should buy Paytm shares only when it is available in the range of ₹1000 to ₹1100 range, otherwise one should look at other option instead of adding Paytm shares in their stock portfolio.”

– Ravi Singhal, Vice Chairman at GCL Securities

Winvesta Launches India’s First UPI Based Remittance for Foreign Investments

Winvesta has launched a feature that enables clients based in India to remit funds via UPI and net banking to fund their global investment accounts. Normally, this process needs filling up A2 forms, paying high fixed fees, and even visiting a bank branch in many cases. With this development, Winvesta customers can remit funds for overseas investing through UPI or net banking, it said. One just needs a bank statement, and the whole process takes less than a minute. Apart from the ease of transaction, the process also cuts the fixed fees to Rs 0.

SC adjourns Amazon Future Retail case till Dec 8: Informist

Metal stocks rallied tracking a similar trend in global markets

Price as on 23 Nov, 2021 10:58 AM, Click on company names for their live prices.

The Nifty once again approached the 17,200 level and has bounced from there. This is good support for the index and if there is any turn on the upside, it has to happen from here. If we break this level, we will slide further to 16,900. On the upside, there are multiple resistance levels and the trend for the short term remains bearish. Hence any pullback should be looked at as an opportunity to go short.

– Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

It is another stellar listing after a disappointment from Paytm that Indicates the market is ready and has an appetite to reward quality IPOs. The Latent view is a data analytics company and this industry is likely to grow by 18-20% for the next 3 years. The strong part of the company is that it will be one of its kind listed company, experienced management, and quality corporate governance practices. It has a strong client base from fortune 500 but there is concentration risk because 55% of its revenue comes from the top 5 clients. Revenue growth has been muted for this company however it has a strong margin with more than 20% ROE. The overall outlook is bullish but the valuations look expensive after a strong listing. Long-term investors should hold this company into their portfolio while those who played for listing gain should keep a stop loss at Rs 490.

– Santosh Meena, Head of Research, Swastika Investmart

Paytm, Policybazaar see low-level buying

Price as on 23 Nov, 2021 10:03 AM, Click on company names for their live prices.

LATENT VIEW: Pre-open market price suggests nearly 170% listing pop

BLOCK DEAL: 69.45 million shares traded in a block

Price as on 23 Nov, 2021 09:22 AM, Click on company names for their live prices.

OPENING BELL: Sensex slips below 58K, tanks over 650 points; Nifty50 tests 17,250; RIL drops 2%

Pre-open session: Sensex sheds 100 points, Nifty below 17,150

Latent View to make market debut

Latent View Analytics, whose Rs 600-crore initial public offer (IPO) attracted a record 338 times bids, would make market debut on Tuesday. The IPO, which was sold from November 10 to November 12, had received subscription for 572.18 crore shares worth Rs 1.12 lakh crore. This was more than five times the demand for India’s largest-ever IPO from Paytm.

SGX Nifty signals a negative start

Nifty futures on the Singapore Exchange traded 75.5 points, or 0.43 per cent, lower at 17,370.50, signaling that Dalal Street was headed for a negative start on Tuesday.

Tech View: Nifty50 has support at 17,280

NEW DELHI: Nifty50 on Monday could not sustain 50-day EMA and saw heavy selling pressure. In the process, it declined for the fourth straight session and formed a large bearish candle on the daily chart. Analysts said the index has support at 17,280 level and at its 100-day moving average, which is placed around 17,150 level. They see the 17,500 level as the immediate resistance level for the index.

Hong Kong shares open lower

Hong Kong shares started Tuesday with more losses as Joe Biden’s decision to nominate Jerome Powell to serve a second term as Federal Reserve head increased the chances the bank will embark on a quicker pace of policy tightening. The Hang Seng Index fell 1.05 percent, or 262.35 points to 24,688.99. The Shanghai Composite Index was marginally lower, inching down 1.57 points to 3,580.51.

Biden nominates Powell for second term as Fed chair

US President Joe Biden on Monday announced that he intends to nominate Jerome Powell for a second term as Federal Reserve chairman and to nominate Lael Brainard as vice chair. The Republican Fed chair, whose four-year term expires in February, is backed by Republican lawmakers and Treasury Secretary Janet Yellen, but has drawn criticism and opposition from some progressive Democrats due to Fed officials’ controversial stock trading during the pandemic, and Fed policies.

US stocks settle mostly lower

A choppy day of trading on Wall Street ended with stocks mostly lower Monday, as a late-afternoon burst of selling derailed the market from another all-time high. The S&P 500 fell 15.02 points to 4,682.94. The Dow gained 17.27 points to 35,619.25. The tech-heavy Nasdaq gave up 202.68 points to 15,854.76.

FPIs sell shares worth Rs 3,439 crore

Net-net, foreign portfolio investors (FPIs) turned sellers of domestic stocks to the tune of Rs 3,438.76 crore, data available with NSE suggested. DIIs were net buyers to the tune of Rs 2,051.18 crore, data suggests.

Rupee slips 9 paise to 74.39 against dollar

The rupee depreciated by 9 paise to end at 74.39 against the US dollar on Monday, as massive sell-offs in domestic equities and a strong greenback in the overseas market weighed on investor sentiments. Besides, rising crude prices in the international market and persistent foreign capital outflows also put pressure on the rupee, forex dealers said

Sensex, Nifty50 on Monday

Market benchmark Sensex crashed over 1,170 points to log its worst single-day drop in over seven months on Monday. The BSE gauge plunged 1,170.12 points or 1.96 per cent to settle the day at 58,465.89 – its lowest closing level in over two months. In terms of absolute single-session drop, this was the biggest fall since April 12 this year. The NSE Nifty fell 348.25 points or 1.96 per cent to 17,416.55 – marking its lowest level seen after September 20.

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