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Can Reliance support Nifty to avoid further fall?

Good Morning Everyone, As discussed in the weekly meeting yesterday, Global markets continue to be weak and most Asian markets have fallen further this morning.


The Indian market has already seen a major correction of 8% from its all-time high, However, 17000 is an important level, if broken, can lead to the fall to 16700 and if that too is broken, we could see a fall to 16500.


Reliance Jio has hiked its tariff rates by 20%, can this lead to supporting the Nifty is to be seen today.


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Global Markets:

The three main Wall Street indices slumped 2.2-2.5 percent on Friday after a new coronavirus mutation was found. Pandemic-hit sectors that had gained from a reopening fell sharply. Earlier that day, European shares also tanked, with the Stoxx 600 index closing 3.7 percent lower.


Asian markets are trading lower with Straits Times, Taiwan Weighted down over 1 percent each, while Shanghai Composite, Kospi, and Hang Seng are down 0.5 percent each.


Oil prices plunged more than 10 percent on Friday, the largest one-day drop since April 2020, as a new COVID-19 variant spooked investors and added to concerns that a supply surplus could swell in the first quarter.


Indian Market:

Trends on SGX Nifty indicate a flat to a positive start for the broader index in India, with a gain of 37 points or 0.32 percent.


Foreign portfolio investors (FPI) have pumped in a net sum of Rs 5,319 crore in Indian capital markets despite a massive correction seen in equities over the last fortnight. In October, they were net sellers to the tune of Rs 12,437 crore.


As per depositories data, overseas investors put in a net Rs 1,400 crore into equities and Rs 3,919 crore into the debt segment between November 1-26. This translated into total net investment of Rs 5,319 crore.


FII and DII data

Foreign institutional investors (FIIs) net sold shares worth Rs 5,785.83 crore, while domestic institutional investors (DIIs) net bought shares worth Rs 2,294.11 crore in the Indian equity market on November 26


Stock Specific News:

Reliance Industries | India's largest telecom operator Reliance Jio announced on November 28 an increase in prepaid mobile tariff rates by 20 percent


PNB Housing Finance | Baring Private Equity Asia has offered to buy Carlyle's stake in PNB Housing Finance and give it an exit from the investment.


State Bank of India | Reserve Bank of India has imposed a penalty of Rs 1 crore on State Bank of India for deficiencies in regulatory compliance.


Hero MotoCorp | The company has appointed Rajnish Kumar as an Additional and Independent Director, and Vasudha Dinodia as an Additional and Non-Executive Director.


Sterlite Technologies | The company has completed the divestment of a minority stake in Metis Eduventures.


Welspun Corp | The company has acquired Mahatva Plastic Products and Building Materials, a newly incorporated company with objects of Polymer products business, from an unrelated party with an intention to make it a Special Purpose Vehicle for organic/inorganic growth.


Paytm | The company posted a loss of Rs 473 crore, up 8.5 percent from Rs 382 crore compared to the corresponding quarter last year. Its revenue from operations for the second quarter jumped 63.6 percent to Rs 1,086.4 crore on a Year-On-Year basis.


Salasar Techno Engineering | The company has secured orders worth Rs 170 crore from RITES.


Bhageria Industries | The company has completed the acquisition of 51 percent equity shares of Bhageria and Jajodia Pharmaceuticals. BJPPL has become a subsidiary of the company.


Sharika Enterprises | The company has received order from LS Cable India for supply of optical ground wire amounting Rs 10.47 crore.


Punjab Alkalies & Chemicals | The company's board of directors will meet on December 2 to consider and approve the sub-division of face value of equity shares of the company.


Aro Granite Industries | Lodha Chanchal Devi bought additional 1 lakh shares in the company at Rs 78.45 per share on the NSE, the bulk deals data showed


Meghmani Organics | Abakkus Asset Manager LLP bought 27,41,787 equity shares in the company at Rs 82 per share, however, DBS Nominees Private Limited sold 46.1 lakh equity shares in the company at Rs 82.15 per share on the NSE, the bulk deals data showed.


Tarsons Products | Pacific Assets Trust PLC acquired 6,14,773 equity shares in the company at Rs 751.8 per share, and First Sentier Investors ICVC SI Indian Subcontinent Sustainability Fund bought 8,17,029 equity shares in the company at Rs 751.8 per share on the NSE, the bulk deals data showed.


Welspun Corp | Capri Global Holdings bought 15 lakh equity shares in the company at Rs 167.45 per share on the NSE, the bulk deals data showed.


Bhageria Industries | The company has completed the acquisition of 51 percent equity shares of Bhageria and Jajodia Pharmaceuticals. BJPPL has become a subsidiary of the company.





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