Sensex, Nifty LIVE Updates on December 1: Market indices opened on a flat note with positive bias on Tuesday, in line with global equities. 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
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 on a flat note with positive bias on Tuesday, in line with global equities. 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