Markets turned wildly volatile on Tuesday with Nifty making sharp U-turn after initial rally towards 17300 and finally ending in the negative terrain at day’s low. The Bank Nifty has confirmed major breakdown below crucial 200 DMA of 35700 on closing basis thus opening gates for 25-30% cut in the near term. Going forward, markets are likely to shift gears for a speedy decline with broader markets set for a vertical dive in the coming days. For Nifty, the immediate target is seen at 13600 and Bank Nifty is seen at 28000 respectively.
US stocks extended the decline on Tuesday after the Federal Reserve Chairman Jerome Powell said the central bank will discuss speeding up bond-buying taper at its December meeting and as concerns about the Omicron variant reemerged. The Dow Jones plunged 1.9% to close at 34,484 the lowest level since October 13th, also the S&P 500 dropped 1.9% to end at 4,567 near to levels observed on October 27th
Stocks in news
NMDC slashes lump ore prices by Rs 750 per tonne, fines by Rs 200 per tonne
Shakti Pumps makes foray into manufacturing of motors, chargers for EVs
Infosys to transfer Daimler’s HPC workloads to green data centre in Norway
JSW e-com biz JSW One Platforms starts fulfillment ops in Tamil Nadu
Coal India to infuse Rs 19,650 cr to strengthen rail infrastructure
Tata Steel Europe will see one of best years of EBITDA – Koushik Chatterjee, CFO
SC stays FIR filed against YES Bank by Subhash Chandra in Dish TV case
Seven firms, including JSW Steel, submit bids for coal blocks, “second attempt” of auction process for 11 mines for commercial mining
Credit rating agency Fitch Ratings has affirmed Axis Bank Limited’s Long-Term Issuer Default Rating (IDR) at ‘BB+’
Economy & Policy
Q2 GDP grows at 8.4%, after a record growth of 20.1% in the previous quarter; fiscal deficit at 36.3% of FY22 target
Companies bullish on their hiring plans this quarter – Team Lease Services
Eight core sectors’ output grows to 7.5% in October, grew 6.9 per cent, compared with the pre-Covid month of October 2019
Unemployment rate at 9.3% in January-March 2021 – NSO survey
India likely to have double-digit growth this fiscal – CEA
S&P keeps India GDP growth forecast unchanged at 9.5% in FY22
Govt debt at 62% of GDP; capable of repaying liabilities – MoS Finance
Non-food credit growth of banks accelerated to 6.9 per cent in October as against 5.2 per cent in the same month of last year – RBI data
Govt’s excise mop-up from petrol, diesel doubles to Rs 3.7 trillion in FY21
FM says Crypto Bill will be introduced in Parliament after Cabinet nod
Seven companies plan to launch their initial public offerings in the next 10-15 days to raise more than Rs 19,000 crore, companies raise record Rs 36,720 cr in Nov via IPOs
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