News Roundup and Market Update: 30Nov21

News Roundup

▫️Urban jobless rate rose to 11 week high of 8.75% in the week ended on November 28.

▫️RBI superseded Reliance Capital Board as the Company defaulted on its debt obligations.

▫️ Govt. has no plan to recognise Bitcoin as digital currency.

▫️Direct tax collection is up 68% year on year, till November 23.

▫️Reliance denied speculation of the Company acquiring British Telecom.

▫️LIC received RBI nod to increase its stake in Kotak Mahindra Bank.

▫️ Comptroller and Auditor General of India, raised that government understated the liability in FY18 and FY19.

▫️ Dr Reddy in talks to export Sputnik V, vaccine.

▫️Coal India announced 90% interim dividend for FY22. Govt. to receive ₹8,667 crore as dividend.

▫️Pfizer to produce 80 million dose of Covid 19 pills.

▫️RBI imposed ₹1 crore penalty on Union Bank.

▫️In a bid to clean up the balance sheet, banks wrote off ₹46,382 crore NPAs in 1H’22.

▫️ Investments worth ₹91,000 crore is expected for airport development.

▫️Coal stocks at power plants sufficient for 9 days.

▫️ Wedding services demand increased by 49.7% quarter on quarter.

Market Update

▫️Indian markets rebounded sharply after negative start, thanks to buying in blue chip stocks.

▫️Sensex ended 0.27% higher at 57,260. Nifty 50 closed with gain of 0.16% at 17,053.

▫️All the sectors witnessed selling, except IT and healthcare, which supported the market.

▫️ Market breadth was bearish. On NSE, only 349 stocks rose against 1518 stocks which declined.

▫️Broader Markets underperformed, with midcap and small indices falling more than 1% each.

▫️Gold remained range bound at 47,500 levels.

▫️ Crude oil prices fell to $70 (WTI Crude), as US is poised to release more oil from strategic reserves and emergence of Omicron variant. However, OPEC is considering to hold the output hike decision, which has provided some support to the oil prices.

▫️Ruppee dived by 18 paise to 5 week low of 75.07, due to concerns over new variant and continuous sell off by FPIs.

▫️As interest rate hikes got postponed, US tech companies rallied and banking stocks sinked. Further, Biden’s announcement of no new lockdown due to Omicron variant, lifted the wall street sentiment.

▫️As a result, Dow Jones ended with gain of more than 200 points and tech heavy Nasdaq with gains of nearly 400 points.

▫️ Today morning US futures were trading with slight gains. Asia has opened mixed. SGX Nifty is reflecting flat opening for Indian markets.

▫️Stocks in F&O ban: IBULHSGFIN

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