Sensex, Nifty Log Gains After Two Weeks Of Losses
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India's stock benchmarks declined on Friday, but logged gains for the week for the first time since the week-ended November 12, aided by gains in information technology stocks. Investors await November jobs report in the U.S. even as markets ended gains amid concerns over omicron variant and possibility of faster tapering.
On Friday's session, the S&P BSE Sensex fell 1.31% to 57,696.46. The NSE Nifty 50 also declined by similar magnitude to 17,196.70. Reliance Industries Ltd. contributed the most to the index decline, decreasing 3.0% Power Grid Corp. of India had the largest drop, falling 3.9%. Today, 38 of 50 shares fell, while 12 rose.
The broader indices outperformed their larger peers with the S&P BSE MidCap little changed on Friday while S&P BSE SmallCap added 0.33%. Sixteen of the 19 sectoral indices compiled by the BSE Ltd. declined with S&P BSE Energy index slipping over 2%.
The market breadth was skewed in the favour of bulls. About 1,802 stocks advanced, 1,449 stocks declined and 146 remained unchanged.
"10-12 new covid-19 variant of omicron cases were reported in India and its impact was visible in the market with Nifty50 to decline by 200 points on the last trading day of the week . Tech stocks are witnessing profit booking followed by FMCG and Infra to decline by 1% while auto, metal and cement stocks are trading flat. The NSE Nifty 50 has declined by 9% from its all time high and bounced from the support in range of 16700-16800 levels being the recent bottoms", Vikas Jain, Sr. Research Analyst, Reliance Securities wrote in a note and added "on the higher side crossover of 17,800 would give a breakout from this corrective action as the previous support of 17,800 will act as resistance now. Any negative news flow from the global or domestic markets could breach 16,700 and might attempt to test the long term 200 day average of 16,100 levels".
Analyst Actions: BPCL, Indian Oil
BPCL raised to 'buy' from 'accumulate' at Elara Securities; price target: Rs 493
Indian Oil raised to 'buy' from 'accumulate' at Elara Securities; price target: Rs 148
Vodafone Idea Jumps To Highest In Two Years; RSI Above 70
Shares of Vodafone Idea added 15% in intraday trade to Rs 14.7 apiece to the highest in two years (higher than any close since May 13, 2019).
Trading volume on the stock was triple the 20-day average volume, for this time of the day.
Relative strength index on the stock was above 70, indicating it may be overbought.
Analysts have no 'buy', six 'hold' and 15 'sell' recommendations on the stock.
Nifty Bank Index Sheds Nearly 1%
SPARC Enters Into Licensing Agreement With Biomodifying To Acquire Exclusive Rights For Antibody Against Unique Oncology Target
Sun Pharma Advanced Research Company Ltd. (SPARC) announced an agreement with Biomodifying LLC to exclusively license Biomodifying's intellectual property, including patents and patent applications.
Under the agreement, Biomodifying is eligible for an up-front payment, milestone payments on pre-specified clinical, regulatory and commercialised milestones, as well as royalties on sales, the company said in an exchange filing.
SPARC will also pay Biomodifying a percentage of payments received for sublicenses of the licenses IP.
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Adani Ports April-November Cargo Volume At 209.45 MMT; Up 43% YoY
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India Is Said To Plug Gaps For 'Reliable' Jobs Data By Next Year, Reports Bloomberg
Zee Entertainment, Sony Closer To Signing Binding Merger Agreement: Economic Times
Star Health Cuts IPO Size On Tepid Demand
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- Gujarat Fluorochemicals Up 25% In Three Sessions
- IEX Jumps Nearly 15% In Intraday Trade As Stock Turns Ex-Date For 2:1 Bonus Shares
- Tega Industries IPO Subscription Status: Day 3 Live Updates
- Anand Rathi Wealth IPO Subscription Status: Day 2 Live Updates
- Larsen & Toubro Advances After Announcing Tie Up With ReNew Power For India Green Hydrogen Projects