Sensex, Nifty LIVE Updates on December 1: Market indices opened on a positive note on Tuesday, in line with global equities. Sensex gained 410 points higher to 44,559 and Nifty gained 89 points higher to 13,058. SGX Nifty on the Singapore Exchange was rising by 10 points, indicating flat trend in domestic grounds today. Asian equities were buoyed today as investors react to the release of a private survey of China's manufacturing activity. Although, European and US equities closed in red territory amid immediate concerns about the spiking coronavirus pandemic. Yesterday, markets were closed on account of Gurunanak Jayanti. On November 27, BSE Sensex ended 110 points lower at 44,149 and NSE Nifty fell 18 points to close at 12,968. During last week, Sensex and Nifty gained 267 points or 0.61% and 117 points or 0.91%, respectively.
Here's a look at the updates of the market action on BSE and NSE today
11. 19 AM: Reddy outlook
Yash Gupta Equity Research Associate, Angel Broking said," Dr. Reddy's Laboratories Ltd stock down by 1% on news to acquire selected Anti-Allergy brand from Glenmark pharmaceuticals. Dr. Reddy's Laboratories announced that it has entered into a definitive agreement with Glenmark pharma to acquire brand Momat & its Products for Russia, Kazakhstan, Uzbekistan, Russia, Kazakhstan, Uzbekistan and Ukraine along with rights to the trademarks, dossiers and patents for the territories mentioned. The divested brand and its extensions represent two types of products, (a) Mometasone mono product and (b) combination of Mometasone with Azelastine, and are indicated for the treatment of Seasonal and Perennial Allergic Rhinitis. This is positive development for the company. This acquisition will help Drreddy to expand its business in Russian, Ukraine, Kazakhstan and Uzbekistan market. Dr. Reddy's strong presence in the anti-allergy segment in these countries after adding this product in its portfolio company will gain market share in Russia, Ukraine etc.
11. 09 AM: PMI falls to three-month low of 56.3
PMI fell to three-month low of 56.3 in November. The seasonally adjusted IHS Marki India Manufacturing Purchasing Managers' Index (PMI) highlighted a strong improvement in business conditions. However, the headline number was down from 58.9 in October to a three-month low.
10. 51 AM: Bitcoin surges to all-time high at $19,864.15
Bitcoin soared to a record high against the dollar on Monday, as its 2020 rally steamed ahead, boosted by increased demand from both institutional and retail investors that saw the virtual currency as a safe-haven and a hedge against inflation.
The digital unit touched an all-time peak of $19,864.15, breaking its prior record set nearly three years ago. It was last up 6.1% at $19,306.35.
Last Friday, however, bitcoin dropped more than 8%, below $17,000, before rebounding on Monday.
Bitcoin surges to all-time high at $19,864.15 as 2020 rally powers on
10. 47 AM: Market update
Market indices opened on a positive note on Tuesday, in line with global equities. Sensex gained 410 points higher to 44,559 and Nifty gained 89 points higher to 13,058.
10.33 AM: Global markets
Asian equities were buoyed today as investors react to the release of a private survey of China's manufacturing activity. Although, European and US equities closed in red territory amid immediate concerns about the spiking coronavirus pandemic.
10. 26 AM: Nifty Outlook
Nifty Outlook, Geojit Financial Services said:" The struggles near 13000 is eating away at the prospects of 13400, but will remain in contention as long as 12940 holds. A collapse is less likely, but a push beyond 12670 could open door for 12300-11850."
10.12AM: Market outlook
On markets opening --Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said:
13050 is the resistance for the Nifty - we need to keep above this level to continue the upward journey. If we can get past 13050, we should achieve 13200. The support is at 12800 and till this level holds, we can continue buying on dips for higher targets.
10. 02 AM: Market update
Market indices opened on a positive note on Tuesday, in line with global equities. Sensex gained 250 points higher to 44,407 and Nifty gained 68 points higher to 13,036.
9. 53 AM: Global markets
Asian markets were trading higher as investors reacted to Chinese PMI numbers which came in at 54.9. RBA rate decision is also expected today.
US markets closed lower on Monday on the back of profit booking post recent big gains. However, index futures have bounced back sharply with good gains.
European markets closed lower on Monday but ended the month on strong footing. Talks between UK and EU are at a significant stage which could act as triggers in coming days.
9.42 AM: Stocks to watch today on December 1
ICICI Lombard, Unichem Labs, Indiabulls Housing, Tata Motors, Hero MotoCorp, Dr Reddy among others are the top stocks to watch out for in Tuesday's trading session
9. 30 AM: Market weekly outlook
Ajit Mishra, VP - Research, Religare Broking said," On the data front, the auto sales numbers start pouring in from the beginning of the month. Besides, the Markit Manufacturing PMI and Services PMI data are scheduled for December 1 and December 3 respectively. Lastly, the RBI's MPC will announce its stance on key rates on December 4.
Indications are in the favour of further consolidation in the Nifty index and the probable range could be 12,600-13,100. Meanwhile, we expect volatility to remain high due to scheduled data and events. Since the short term is up, the prudent approach is to accumulate quality stocks on dips. Almost all the sectors are participating in the rally but we're seeing mixed trends within the sector so traders should focus more on the selection of stocks. We feel the recent traction in the broader market will continue but only fundamentally sound midcap and smallcap counters should be preferred for trading or investment."
9. 23 AM: FII action
Foreign portfolio investors (FPIs) bought shares worth Rs 7,712.98 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 4,968.90 crore in the Indian equity market on 27 November, provisional data showed. Stock markets were closed on Monday, 30 November 2020 on account of Gurunanak Jayanti.
9. 19 AM: Opening session
Market indices opened with positive bias on Tuesday, in line with global equities. Sensex gained 150 points higher to 44,333 and Nifty gained 44 points higher to 13,013. SGX Nifty on the Singapore Exchange was rising by 10 points, indicating flat trend in domestic grounds today. Asian equities were buoyed today as investors react to the release of a private survey of China's manufacturing activity. Although, European and US equities closed in red territory amid immediate concerns about the spiking coronavirus pandemic. Yesterday
9.07 AM: Key marco economic data
In economic data, the National Statistical Office (NSO) released the estimates of Gross Domestic Product (GDP) in the July-September period. Provisional estimates of gross domestic product for the second quarter of the year ending in March 2021 show economic output shrank by 7.5%, following the 23.9% contraction in the first quarter.
India's eight core industries growth for October was at -2.5%. The September growth number has been revised to -0.1% from -0.8% earlier.
Markit Manufacturing PMI for November will be declared today, 1 December 2020.
8. 50 AM: Rupee closing
The currency benchmark rupee snapped its five-day winning streak and settled 17 paise lower at 74.05 per US dollar on Friday amid subdued domestic equities and demand for the greenback from banks and importers. Every week, the rupee gained 11 paise.
8. 40 AM: Are Sensex, Nifty overvalued?
The stock market is hot and running. The benchmark Sensex hit its all-time high of 44,825.37 last week, while Nifty crossed 13,000 for the first time. However, the stock market is not really reflecting the true picture of how businesses are doing. "I don't know why the market levels are where they are right now, when the economy is in the mess. It's the same globally. But I have not seen it in my 35 years of career," says Nithin Kamath, Founder & CEO at Zerodha.
BT Insight: Are Sensex, Nifty overvalued? Here's what metrics show
8. 30 AM: Last closing
Yesterday, markets were closed on account of Gurunanak Jayanti. On November 27, BSE Sensex ended 110 points lower at 44,149 and NSE Nifty fell 18 points to close at 12,968. During last week, Sensex and Nifty gained 267 points or 0.61% and 117 points or 0.91%, respectively.
Financial markets closed today on account of Gurunanak Jayanti