The benchmark stock market indices opened with mild gains amidst negative global markets.
At 09:16 AM, the Sensex was up 48.12 points or 0.08 percent at 57,732.91. The broader Nifty50 was up 16.80 points or 0.10 percent at 17183.70. About 1,056 shares have advanced, 563 shares declined, and 99 shares are unchanged.
Among major gainers were M&M (+1.65%), HDFC (+1.55 percent), Titan (+1.29 percent), PowerGrid (+1.16%) Asian Paints (+0.90 percent) and HCL Tech (-0.89 percent). Larsen and Toubro (-0.79 percent), Axis Bank (-0.60 percent), ICICI Bank (-0.54 percent), Nestle (-0.45 percent) were among the major losers at the opening bell.
Nifty rose smartly on December 1, though accompanied by low volumes. Advance decline ratio ended in the positive. Positive momentum could continue in the near term and Nifty could rise towards 17,324-17,355. On downmoves, 17,051-17,064 could offer support.
US stocks close in red
The US stock market started December the same way it ended November, with a whipsaw trading session that saw the Dow Jones Industrial Average swing by nearly 1,000 points from peak to trough, ushering in an unsettling phase of volatility in the final month of 2021.
US markets closed in red after central bank commented on inflation and bond tapering amid a new covid variant threat. Asian markets are giving missed signals.
Equity indexes squandered what had been shaping up to be a solid rebound, falling after Dr. Anthony Fauci, President Joe Biden’s top medical adviser, said the US confirmed its first case of the omicron variant of the coronavirus that causes COVID-19. Private payrolls in the U.S. rose by 534,000 in November vs 506,000 expected. ISM Manufacturing index rose to 61.1 in Nov from 60.8 in the previous month.
Asia Pacific stocks trade low
Stocks in Asia-Pacific struggled for direction in Thursday trade, as concerns over the economic impact of the omicron COVID variant continue to weigh on investor sentiment.
Oil settles lower
Oil futures settled lower on Wednesday, erasing earlier gains, after the U.S. reported its first case of the omicron variant of coronavirus, which poses a risk of new lockdowns that may lead to lower energy demand. WTI crude fell 61 cents, or 0.9 percent, to settle at $65.57 a barrel. Investors were also focused on a pending decision on output levels by the Organization of the Petroleum Exporting Countries. OPEC and its allies, together known as OPEC+, will hold a ministerial meeting on Thursday.
India posts record merchandise trade deficit in November
India posted a record merchandise trade deficit of $23.27 billion in November compared with $10.19 billion a year ago, preliminary data released by the government showed on Wednesday. India's merchandise exports rose to $29.88 billion for the month from $23.62 billion in the same period last year, while imports rose to $53.15 billion in November from $33.81 billion last year.
Star Health IPO subscribed 20% on second day of offer
Star Health and Allied Insurance Company Ltd IPO was subscribed 20 percent on Wednesday, the second day of the offer. The IPO received bids for 89,67,776 shares against 4,49,08,947 shares on offer, according to an update on the NSE.
The category for Retail Individual Investors (RIIs) was subscribed 89 per cent, Qualified Institutional Buyers (QIBs) was subscribed 7 per cent and non-institutional investors portion received 2 per cent subscription.
The IPO has a fresh issue of up to Rs 2,000 crore and an offer for sale of up to 58,324,225 equity shares. The price range is Rs 870-900 per share.
On Monday, the company raised a little over Rs 3,217 crore from anchor investors.
At the upper end of the price band, the initial share sale is expected to fetch Rs 7,249.18 crore and the proceeds from the fresh issue will be used to augment the company's capital base.
Anand Rathi IPO to open today
The three day initial public offering of Anand Rathi-part of Mumbai-based financial services group Anand Rathi will commence today (December 2) and will close on December 6. Ahead of the IPO subscription opening the company raised Rs 194 crore from anchor investors.
It has decided to allocate 35.25 lakh equity shares to 12 anchor investors at Rs 550 apiece, valuing the transaction size at Rs 194 crore, according to a BSE circular.