Indian markets open in the red on mixed global cues – Adani Enterprises, NDTV, M&M, L&T among stocks to watch out for today
- Indian benchmark indices opened in the red on Tuesday, a day after closing at new all-time highs, tracking mixed global cues.
- SGX Nifty, an early indicator of how the markets may perform, was down 0.33% ahead of the markets opening on Tuesday.
- The 30-stock index Sensex opened 143 points lower at 62,362 while the Nifty50 opened 10 points lower at 18,553.
- Adani Enterprises, NDTV, M&M, L&T and others will be among the stocks to watch out for on Tuesday.
AdvertisementIndian benchmark indices opened in the red on Tuesday, a day after closing at new all-time highs, tracking mixed global cues. While markets in the US and Asia slid on Monday on growing protests in China against the country’s zero-Covid policy, there was a clawback on Tuesday morning in some of the Asian markets.
SGX Nifty, an early indicator of how the markets may perform, was down 0.33% ahead of the markets opening on Tuesday.
The 30-stock index Sensex opened 143 points lower at 62,362 while the Nifty50 opened 10 points lower at 18,553.
On Monday, the Sensex closed at a new all-time high of 62,505 while the Nifty50 closed at 18,563 points.
“The undertone of the Indian market remains bullish despite the global headwinds. Indian markets could continue to do well with some intermittent corrections till the forthcoming Union Budget,” said Dhiraj Relli, MD & CEO, HDFC Securities
Rupee opened 6 paise higher at 81.60 per US Dollar on Tuesday as against 81.66 on Monday. Brent crude oil prices edged up to $84.6, from $81 on Monday.
Asian markets edge up
Most Asian indices were trading higher with Hong Kong’s Hang Seng surging 3.20% followed by China’s Shanghai SE Composite Index up 1.66% and Taiwan TSEC 50 Index up 0.22%. At the same time, Japan’s Nikkei 225 was down 0.58%.
This comes after Beijing’s move to support the developers boosted the property sector despite public unrest remaining over zero COVID-19 policy.
US markets decline amid protests in China
AdvertisementUS markets declined on Monday with the S&P 500 sliding 1.54%, while the Dow Jones Industrial Average closed 1.45% in the red.
The tech-heavy Nasdaq Composite was the most affected, with a decline of 1.58%, with the primary trigger being Apple’s iPhone production being affected by the zero-Covid protests in China.
Sensex at 80,000 by December 2023 a possibility, says Morgan Stanley
Analysts at Morgan Stanley said in a note on Monday that Sensex could touch 80,000 by December 2023.
However, for this, India will have to be included in the global bond indices, which would help in bringing flows worth $20 billion in the Indian markets. It is worth noting that India’s inclusion in the global bond indices has already been delayed due to tax complexities.
AdvertisementOther factors which could give Indian markets a boost next year include a correction in commodity prices and India Inc.’s earnings compounding at 25% through FY25.
Stocks in focus
Adani Enterprises: The Adani Group in an exchange filing has declined reports that said the flagship firm is looking to raise $5 billion from wealth funds.
NDTV: The news media company’s promoter firm RRPR Holding has transferred shares constituting 99.5% of its equity capital to the Adani-owned entity Vishvapradhan Commercial (VCPL).
HCL Technologies: The IT major has signed a multi-year contract with Switzerland-based SR Technics, a leading maintenance, repair and overhaul (MRO) service provider in the civil aviation industry, to digitally transform SR Technics’ operations.
AdvertisementM&M: The automaker has reportedly recalled the recently launched Mahindra Scorpio-N and XUV700 SUVs on grounds of quality control glitch at the vendor’s end.
L&T: The company has announced on exchanges that its arm L&T Energy Hydrocarbon has been awarded with significant projects in the range of ₹1,000 crore to ₹2,500 crore.
Stocks in F&O ban on Tuesday
Bharat Heavy Electricals (BHEL), Delta Corporation, and Indiabulls Housing Finance are in the F&O ban list on Tuesday, according to the National Stock Exchange.
|Top gainers||Change||Top losers||Change|
|Tata Steel||1.95%||Power Grid||-0.81%|
|Apollo Hospital||1.59%||IndusInd Bank||-0.47%|
Source: NSE, Nifty50, as at 10:05 a.m., November 29, 2022
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