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Trends on SGX Nifty indicate a positive opening for the broader index in India with a gain of 84 points.

December 07, 2021 / 08:09 AM IST
GSS Infotech | The company acquired 100 percent of 'farm to store' company Polimeraas with a combination of stock and cash.

GSS Infotech | The company acquired 100 percent of 'farm to store' company Polimeraas with a combination of stock and cash.

The Indian stock market is expected to open in the green as trends on SGX Nifty indicate a positive opening for the broader index in India with a gain of 84 points.

The Nifty50 closed below the crucial 17,000 mark, declining 284.40 points or 1.65 percent to close at 16,912.30 and formed large bearish candle on the daily charts. The BSE Sensex was down 949.32 points or 1.65 percent at 56,747.14.

According to pivot charts, key support levels for the Nifty are placed at 16,797, followed by 16,681.8. If the index moves up, the key resistance levels to watch out for are 17,122.1 and 17,332.

Stay tuned to Moneycontrol to find out what happens in the currency and equity markets today. We have collated a list of important headlines across news platforms which could impact Indian as well as international markets:

US Markets

Close

Wall Street's major indices closed higher on Monday with economically sensitive sectors and travel-related stocks soaring as investors were encouraged by some optimistic comments from a top U.S. official on the latest COVID-19 variant.

The S&P 500 gained 52.37 points, or 1.15%, to end at 4,590.80 points, while the Nasdaq Composite gained 137.12 points, or 0.91%, to 15,222.59. The Dow Jones Industrial Average rose 642.29 points, or 1.87%, to 35,222.37.

Asian Markets

Stocks across Asia-Pacific rose on Tuesday, after Wall Street rallied on optimism that the omicron variant risk might not be as bad as feared.

Japan’s Nikkei 225 rose 0.25%, while the Topix was up 0.34%. Over in Australia, the S&P/ASX 200 rose 0.44%. South Korea’s Kospi, however, edged down 0.17%.

SGX Nifty

Trends on SGX Nifty indicate a positive opening for the broader index in India with a gain of 84 points. The Nifty futures were trading around 17,024 levels on the Singaporean exchange.

Oil rebounds by almost 5% on easing Omicron fears, Iran talks

Oil prices climbed by nearly 5% on Monday on hopes that the Omicron coronavirus variant would have a less damaging economic impact if its symptoms proved mostly mild and as some OPEC member countries signaled confidence in the market.

Brent crude rose $3.20, or 4.6%, to settle at $73.08 a barrel. U.S. West Texas Intermediate crude rose $3.23, or 4.9%, to settle at $69.49 a barrel.

Govt to fast-track clearance of FDI proposals from bordering countries

In a bid to boost foreign investment, the central government is getting ready to ease norms to expedite the approval process for Foreign Direct Investment (FDI) from bordering countries including China, sources said.

In the last week of November, a crucial meeting was held on the issue under the chairmanship of Cabinet Secretary Rajiv Gauba. During the meeting, DPIT Secretary Anurag Jain made a presentation on the progress of FDI proposals. According to sources, the cabinet secretary expressed his displeasure at the pending FDI proposals.

After reviewing the pending FDI proposals, the cabinet secretary asked the ministries concerned to take quick decisions once the proposals were cleared from the inter-ministerial committee (IMC).

India's airlines incurred loss of Rs 19,564 crore in 2020-21: Govt

The airlines and airports in India incurred an estimated loss of Rs 19,564 crore and Rs 5,116 crore, respectively, in 2020-21 due to severe disruption caused by the COVID-19 pandemic, Minister of State for Civil Aviation V K Singh said on Monday.

Due to the outbreak of COVID-19, scheduled domestic flights were suspended in India from March 25, 2020 to May 24, 2020. "The aviation sector in India has been affected due to severe disruption caused by the COVID-19 pandemic," the minister said.

Indian economy shows strong signs of recovery

The Indian economy is showing strong signs of recovery from the devastation caused by the pandemic, with an upswing being reported in 19 out of the 22 economic indicators as compared to pre-Covid levels. High-frequency indicators (HFIs) are being monitored to track the progress of economic recovery in India since the first COVID-19 case was reported in the country in January 2020.

The latest information indicates that among 22 HFIs, full recovery has been achieved in 19 HFIs, as their latest levels in the months of September, October and November this year are higher than their pre-pandemic levels in the corresponding months of 2019, official sources said. Among the 19 HFIs, there are some indicators whose recovery is way beyond 100 per cent, such as e-way bill by volume, merchandise exports, coal production and rail freight traffic, which suggests that not only the recovery is complete, the economic growth is now gathering momentum over the pre-pandemic levels of output.

Weaker foreign demand sinks German industrial orders in October

Weaker demand from abroad drove a much bigger-than-expected drop in German industrial orders, including cars, in October, data showed on Monday, further clouding the growth outlook for manufacturers in Europe's largest economy.

Orders for goods 'Made in Germany' dropped 6.9% on month in seasonally adjusted terms after a revised rise of 1.8% in September and a plunge of 8.8% in August, figures from the Federal Statistics Office showed.

FII and DII data

Foreign institutional investors (FIIs) net sold shares worth Rs 3,361.28 crore, while domestic institutional investors (DIIs) net bought shares worth Rs 1,701.56 crore in the Indian equity market on December 6, as per provisional data available on the NSE.

Stocks under F&O ban on NSE

One stock - Indiabulls Housing Finance - is under the F&O ban for December 7. Securities in the ban period under the F&O segment include companies in which the security has crossed 95 percent of the market-wide position limit.

With inputs from Reuters & other agencies
Sandip Das
first published: Dec 7, 2021 08:09 am

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