Indian markets open the week on a mixed note – SBI, Maruti Suzuki, Inox Green Energy among stocks in focus

• Indian benchmark indices Sensex and Nifty50 started the week on a mixed note, reflecting the mixed openings in Asian markets.
• Sensex opened 3 points lower at 62,865 while the 50-stock Nifty50 opened 23 points higher at 18,720.
• Both the indices closed the previous week in the green – while Nifty50 gained 0.95%, Sensex gained 0.77%.
• SBI, Maruti Suzuki, Inox Green Energy and others are amongst the stocks to watch out for on Monday.

Indian benchmark indices Sensex and Nifty50 started the week on a mixed note, reflecting the mixed openings in Asian markets. SGX Nifty, an early indicator of the direction that market may take, rose 0.17% prior to the markets opening.

Sensex opened 3 points lower at 62,865 while the 50-stock Nifty50 opened 23 points higher at 18,720.

Analysts had expected the markets to open slightly higher. “Indian markets could open flat to mildly higher, in line with mostly higher Asian markets today and despite mostly lower US markets on Friday,” said Deepak Jasani, head of retail research at HDFC Securities.

Both the indices closed the previous week in the green – while Nifty50 gained 0.95%, Sensex gained 0.77%. Overall, Nifty50 gained 2.71% in the last one month, whereas Sensex gained 2.75%.

Earlier, India reported a rise in its forex reserves for the third consecutive week – the Reserve Bank of India reported $550.14 billion in forex reserves during the week ending November 25, up by $2.89 billion from the previous week.

Brent crude oil prices were up 1.16% at $86 per barrel after the OPEC+ decided to stick to its existing policy of reducing oil production by 2 million barrels per day from November until 2023 end.

Amongst the key events to watch out for this week will be the Reserve Bank of India’s Monetary Policy Committee’s rate decision on December 7.

Asian and US markets post a mixed week

Asian and US markets had a mixed week – while the US Fed chair Jerome Powell’s commentary suggested that slower rate hikes are possible, the jobs data could act against those hoping for slower rate hikes.

The S&P 500 and Nasdaq Composite indices posted a marginal decline of 0.12% and 0.18% respectively on Friday, while the Dow Jones Industrial Average gained 0.1%.

On the other hand, Asian markets experienced slight volatility during the week as tensions escalated in China due to the country’s zero-Covid policy.

Some of the key indices have begun the week on a mixed note, with Hang Seng gaining 3.33%, while KOSPI declined 0.41%. Shanghai Composite gained 1.27%, while Nikkei 225 gained 0.11%.

Stocks to watch out for on Monday

SBI: The public sector bank on Friday raised ₹10,000 crore through its maiden infrastructure bond issuance at a coupon rate of 7.51% with a tenor of 10 years. The proceeds will be utilized towards long term resources for funding infrastructure and affordable housing segments.

Maruti Suzuki: The largest automaker plans to hike the prices of its models from January 2023 while the increase will vary for different models. This is because it continues to witness cost pressure driven by inflation.

Inox Green Energy Services: The recently listed company reported a consolidated net loss of ₹11.87 crore loss for the September quarter while revenue from operations stood at ₹61.9 crore during the period.

Stocks in F&O ban on Monday

Delta Corp, Indiabulls Housing Finance and PNB are stocks in the F&O ban on Monday.

Top gainers	Change	Top losers	Change
Hindalco	2.86%	Adani Enterprises	-2.29%
Tata Steel	2.10%	SBI Life	-1.30%
JSW Steel	1.35%	Tata Motors	-1.25%
IndusInd Bank	1.32%	Britannia	-1.09%
Coal India	0.62%	Reliance Industries	-1.02%

Source: NSE, Nifty50, as at 10:50 a.m., December 5, 2022

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