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Markets may see a rebound; RIL, telcos, Paytm in focus

29 Nov , 2021   By : Kanchan Joshi

 Markets may see a rebound; RIL, telcos, Paytm in focus

Markets are likely to see a rebound on Monday while trends in SGX Nifty suggest a mildly positive opening of Indian benchmark indices. On Friday, the Sensex plunged 1,687.94 points, or 2.87%, to 57,107.15 and the Nifty fell 2.91% to 17,026.45.

Asian markets were trying to regain some composure on Monday as the spread of the Omicron variant in developed nations threatened to derail economic recoveries and the tightening plans of some central banks.

Oil prices also recouped some losses after Friday's shellacking, while the safe-haven yen took a breather after its run higher.

The new variant of concern was found as far afield as Canada and Australia as more countries imposed travel restrictions to try to seal themselves off.

Britain called an urgent meeting of G7 health ministers on Monday to discuss developments on the virus, although a South African doctor who had treated cases said symptoms of Omicron were so far mild.

Trading was erratic early on Monday but there were signs of stabilisation as S&P 500 futures added 0.4% and Nasdaq futures 0.5%. Both indices suffered their sharpest fall in months on Friday with travel and airline stocks hit particularly hard.

Nikkei futures were trading firmer at 28,370, though that was still below Friday's cash close of 28,751. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.2%, but with few markets yet open. Inc has asked the Competition Commission of India (CCI), India’s antitrust regulator, to revoke its approval for Future Retail Ltd’s (FRL) $3.4 billion sale of retail assets to Mukesh Ambani-led Reliance Industries Ltd.

Reliance Jio Infocomm Ltd on Sunday said it will raise its prepaid tariffs by 21%, matching hikes by rivals Bharti Airtel Ltd and Vodafone Idea Ltd.

Financial technology firm Paytm's parent One 97 Communications on Saturday reported widening of consolidated loss to about Rs473 crore in the second quarter ended September 30, 2021.The consolidated total income of Paytm increased by 49.6% to Rs1,086.4 crore during the reported quarter from Rs663.9 crore in the corresponding quarter of 2020-21.

Bonds gave back some of their gains, with Treasury futures down 11 ticks. The market had rallied sharply as investors priced in the risk of a slower start to rate hikes from the US Federal Reserve, and less tightening by some other central banks.

Two-year Treasury yields dived 14 basis points on Friday to 0.50%, the biggest drop since March last year, while Fed fund futures pushed the first-rate rise out by a couple of months.

The shift in expectations undermined the U.S. dollar, to the benefit of the safe-haven Japanese yen and Swiss franc.

Early Monday the dollar had steadied a little at 113.71 yen, after sliding 1.7% on Friday. The dollar index also edged up a touch to 96.156, after Friday's 0.7% drop. The euro paused at $1.1283, following its rally from $1.1203 late last week.

European Central Bank President Christine Lagarde put a brave face on the latest virus scare, saying the eurozone was better equipped to face the economic impact of a new wave of covid-19 infections or the Omicron variant.

The economic diary is also busy this week with China's manufacturing PMIs on Tuesday to offer another update on the health of the Asian giant. The U.S. ISM survey of factories is out on Wednesday, ahead of payrolls on Friday.

Fed Chair Jerome Powell and Treasury Secretary Janet Yellen speak before Congress on Tuesday and Wednesday.

In commodity markets, oil prices bounced after suffering their largest one-day drop since April 2020 on Friday.

Brent rebounded 3.6% to $75.31 a barrel, while U.S. crude rose 4.0% to $70.85. Gold has so far found little in the way of safe-haven demand, leaving it stuck at $1,785 an ounce.


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