- Indian benchmarks started the week on a negative note, tracking weakness in Asian markets due to unrest in China over zero-covid policies.
- The 30-bar index Sensex opened 277 points lower at 62,016, while the Nifty50 opened 82 points lower at 18,431.
- Nine of the top 10 most valued firms together added ₹79,798 crore in market valuation last week.
- Paytm, Adani Transmission, Hero MotoCorp and others will be among the stocks to watch out for on Monday.
Indian benchmarks started the week on a negative note, tracking weakness in Asian markets due to unrest in China over zero-covid policies. The SGX Nifty, an early indicator of how the Indian market may perform, showed weakness with a 0.38% drop on Monday morning.
The 30-bar index Sensex opened 277 points lower at 62,016, while the Nifty50 opened 82 points lower at 18,431.
On Friday, the Sensex closed 21 points higher at 62,293, while the Nifty50 ended the day up 29 points at 18,513.
Nine of the 10 most valued firms together added ₹79,798 crore in market valuation last week, with IT majors TCS, Infosys emerging as the biggest gainers, according to a report by Motilal Oswal.
“Indian markets could open flat to slightly higher despite mostly lower Asian markets today and in line with unchanged US markets on Friday,” said Deepak Jasani, head of retail research at HDFC Securities.
“Nifty gained 1.12% for the week, rising in 5 of the last 6 weeks. Global markets remained upbeat during the week as the US Federal Reserve hinted at slowing the pace of interest rate hikes. Nifty may continue its uptrend and challenge and break the all-time high of 18604 soon, while the 18261-18403 band may provide support in the near future,” Yasani added.
The rupee opened 10 paise lower at 81.78 per US dollar on Monday against 81.68 on Friday.
Asian markets lower on protests in China against zero-Covid policies
Asian markets have been under pressure due to protests erupting in several Chinese cities against zero-Covid policies. Most major Asian indices started the week in the red, with Hong Kong’s Hang Seng down 1.92%, while the Shanghai Composite fell 0.92%. Taiwan Weighted fell 1.21%, while South Korea’s KOSPI fell 0.92%.
Crude oil prices fell to a near 11-month low on demand concerns from China as a result of new COVID-19 restrictions with rising cases. Brent crude oil prices hovered around $81.65 a barrel on Monday, down from $85.2 on Friday.
FPIs continue to flock to Indian markets
Foreign portfolio investors continued to invest in Indian equities with a net investment of ₹31,630 crore in November so far, according to data from the National Securities Depositories (NSDL).
In the first two weeks of November, FPIs were net buyers of stocks with investments of ₹11,452 crore – in the 10 days since then, FPIs have added over ₹20,100 crore to their portfolios, showing a rapid increase in investment.
The benchmark Nifty50 index rose 2.78% between November 1 and November 25.
For context, FPIs were net sellers in October with withdrawals of Rs 8 crore and in September also with sales of Rs 7,624 crore.
Stocks to watch out for on Monday
Paytm: The Reserve Bank of India has asked the company to stop onboarding new online merchants for its payment services and reapply for a payment aggregator license.
Adani Transmission: Adani Group Company has sought license to expand its power distribution business in more areas of Mumbai.
Hero MotoCorp: It has announced an increase of up to ₹1,500 in the ex-showroom prices of its motorcycles and scooters with effect from December 1, 2022. The exact price increase will vary across models and markets.
Dharmaj Crop Guard IPO: The Ahmedabad-based company’s IPO will be open for subscription from November 28 to November 30. The price range is pegged at ₹216-237, while the issue size is ₹251 crore.
Stocks under F&O ban
There are no securities in the F&O ban for the day.
| Top earners | change | Top losers | change |
| BPCL | 3.25% | Hindalco | -2.19% |
| SBI Life | 2% | Apollo Hospital | -2.11% |
| Hero MotoCorp | 1.84% | HDFC | -1.65% |
| Reliance Industries | 1.77% | JSW steel | -1.58% |
| Bajaj Auto | 1.09% | HDFC Bank | -1.37% |
Source: NSI, as of 10 a.m., November 28, 2022
SEE ALSO:
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