Indian markets open mixed tracking global cues – Reliance Industries, Kaynes Technology, NDTV, Nykaa among stocks to watch out for
- Indian benchmark indices made a mixed opening on Tuesday tracking global markets.
- While the 30-stock
Sensexopened 18 points lower at 61,126, the 50-stock Nifty50opened 20 points up at 18,179.
- Reliance Industries, Kaynes Technology, NDTV, Nykaa and others will be in focus on Tuesday.
Indian benchmark indices Nifty50 opened on a positive note while Sensex opened a tad lower amid mixed cues from
While the 30-stock Sensex opened 18 points lower at 61,126, the 50-stock Nifty50 opened 20 points up at 18,179.
Sensex ended 519 points lower at 61,145 points while Nifty50 fell 148 points to 18,160. In the last five days, the indices have fallen nearly 1% tracking cues from global peers.
Asian markets were mixed as investors remained concerned about the rising curbs in China due to Covid-19 cases shooting up.
China’s Shanghai SE Composite Index was down 0.20%, Hong Kong’s Hang Seng was down 1.14% while Taiwan TSEC 50 Index was down 0.05%.
“Indian markets could open flat to mildly higher, in line with mostly higher Asian markets today and despite lower US markets on Monday. U.S. stocks finished lower on Monday for the third time in the past four trading sessions, as a fresh round of COVID-19 shutdowns in China rattled investors,” said Deepak Jasani, head of retail research at HDFC Securities.
Brent crude oil prices rose on Tuesday after Saudi Arabia denied talks of a hike in oil output, and said OPEC+ might actually consider a further cut in output if needed. Brent crude oil prices gained 0.37%, hovering around $87.77 per barrel.
What happened in the US markets
Meanwhile, in the US, the Dow Jones Industrial Average closed 0.13% lower while the S&P 500 ended 0.39% down.
Stocks to watch today
Reliance Industries: The company’s telecom arm Reliance Jio has received NCLT approval to acquire Reliance Infratel, which is the holding company of Reliance Communications’ tower and fibre assets.
Nykaa: As per reports, private equity player Lighthouse India will sell shares worth ₹320 crore in FSN E-Commerce Ventures, owner of Nykaa, through a block deal today. It is expected to sell shares at around ₹180 – 183.5 per share at 2% discount from Monday’s closing price.
NDTV: Gautam Adani-led Adani Group’s open offer to acquire an additional 26% stake in the news broadcaster goes live on Tuesday. The offer opens today and will close on December 5 with a fixed price band of ₹294 per share.
Kaynes Technology: The Mysore-based company will make its market debut on exchanges on Tuesday. The IPO was open for subscription from November 10-14. The issue received strong demand from investors as it was subscribed 34.16 times.
India GDP growth estimates slashed
Ratings agency Crisil
lowered India’s FY23 GDP growth estimates by 30 basis points to 7%. ICRA lowered the Q2 GDP estimates to 6.5%.
“We have revised down our forecast for real gross domestic product growth to 7 percent for fiscal 2023 from 7.3 percent, primarily because of the slowdown in global growth that has started to impact our exports and industrial activity,” said Dharmakirti Joshi, chief economist, Crisil.
Stocks under F&O ban
Punjab National Bank, Indiabulls Housing Finance, Escorts, Sun TV Network, and Gujarat Narmada Valley Fertilizers are amongst the stocks under the F&O segment today.
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