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Trends on SGX Nifty indicate a negative opening for the index in India with an 33-points loss.

December 27, 2021 / 08:58 AM IST

The Indian stock market is expected to open in the red as trends on SGX Nifty indicate a negative opening for the index in India with a 33-points loss.

On December 24, the BSE Sensex was down 191 points and closed at 57,124.31, while the Nifty50 managed to hold 17,000 mark, down 68.80 points at 17,003.80 and formed a bearish candle on the daily charts.

According to pivot charts, the key support levels for the Nifty are placed at 16,890.4 followed by 16,777. If the index moves up, the key resistance levels to watch out for are 17,136.4 and 17,269.

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:

Asian Markets

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Shares in Asia-Pacific were mixed in Monday morning trade, with multiple major markets in the region closed for holidays. Nikkei 225 in Japan slipped 0.22% while the Topix index shed 0.24%. South Korea’s Kospi climbed 0.26%. MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.07% higher.

SGX Nifty

Trends on SGX Nifty indicate a negative opening for the index in India with an 33-points loss. The Nifty futures were trading at 16,965 on the Singaporean Exchange at around 07:30 hours IST.

Oil prices mixed, US crude falls after COVID-19 flight cancellations

Oil prices were mixed on Monday, with Brent edging up while US crude futures slipped after airlines called off thousands of flights in the United States over Christmas holidays amid surging COVID-19 infections.

US West Texas Intermediate crude futures fell 41 cents, or 0.6%, to $73.38 a barrel by 0053 GMT. Brent crude rose 40 cents, or 0.5%, to $76.54 a barrel after settling down 0.92% on Friday.

China proposes tighter rules but no ban for offshore listings

China's securities watchdog on Friday proposed tightening rules governing Chinese companies listing abroad, which it said would improve oversight while allowing them to continue to do so, the latest in a spate of regulatory moves by Beijing in 2021.

The draft rules, which had been keenly awaited by investors and were posted by the China Securities Regulatory Commission (CSRC) on its website, extend the CSRC's oversight of offshore listings to Chinese firms with variable interest entity (VIE) structures.

World economy to top $100 trillion in 2022 for first time: Report

The world's economic output will exceed $100 trillion for the first time next year and it will take China a little longer than previously thought to overtake the United States as the number 1 economy in the world, a report showed on Sunday.

British consultancy Cebr predicted China will become the world's top economy in dollar terms in 2030, two years later than forecast in last year's World Economic League Table report.

India looks set to overtake France next year and then Britain in 2023 to regain its place as the world's sixth-biggest economy, Cebr said.

BofA expects 8.2% GDP growth for India next fiscal with more downside risks

Warning that the new year will be riskier than the previous two in terms of growth, inflation and the perils of monetary policy normalisation on consumption demand in particular, along with other external risks, a Wall Street brokerage has pencilled in an 8.2 percent GDP growth next fiscal, with more downside risks to the projection.

The biggest risk to the projection is a derailed consumption demand that has been the main growth driver in the past many years, said the Bank of America Securities India house economists who still believe that consumption demand will remain the key driver of growth next fiscal as well.

These economists expect higher growth next fiscal on the back of higher overall gross value add (GVA) growth due to the lower outgo onto subsidies next fiscal, along with stable agri growth at around 4 percent and robust services growth, adding up to an overall GVA growth of 7 percent, down from a likely 8.5 percent in FY22 and an 8.2 percent GDP growth in FY23, down from 9.3 percent in FY22.

Travel booking website TBO.com files draft papers to raise Rs 2,100 crore via IPO

B2B travel booking website TBO.com’s parent company TBO Teck Ltd has filed draft papers with capital markets regulator Sebi to raise Rs 2,100 crore via an initial public offering (IPO). The IPO consists of a fresh issue of Rs 900 crore and an offer for sale (OFS) of Rs 1,200 crore by its existing shareholders and promoters.

The OFS comprises up to Rs 78.05 crore by Gaurav Bhatnagar, Rs 100 crore by LAP Travel Pvt Ltd, up to Rs 21.95 crore by Manish Dhingra, up to Rs 361.40 crore by TBO Korea Holdings Ltd, and up to Rs 638.60 crore by Augusta TBO Singapore Pte Ltd.

FII and DII data

Foreign institutional investors (FIIs) net sold shares worth Rs 715 crore, while domestic institutional investors (DIIs) net offloaded shares worth Rs 43.24 crore in the Indian equity market on December 24, as per provisional data available on the NSE.

India's forex reserves dip by $160 million to $635.67 billion

The country’s foreign exchange reserves declined by $160 million to stand at $635.667 billion in the week to December 17, RBI data showed on Friday. In the previous week ended December 10, the reserves had decreased by $77 million to $635.828 billion.

It touched a lifetime high of $642.453 billion in the week ended September 3, 2021. During the reporting week ended December 17, the dip in the forex kitty was on account of a decline in foreign currency assets (FCAs), a major component of the overall reserves.

Stocks under F&O ban on NSE

Three stocks – Escorts, Indiabulls Housing Finance, and Vodafone Idea – are under the F&O ban for December 27. 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 27, 2021 08:12 am
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