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Global weakness continues! Market turbulence to continue?

Good Morning Everyone, As discussed in the weekly meet yesterday, we might continue to see some jittery movements in the market for this week as this is the last week of Nov 2021 and leads to the monthly expiry of derivatives. Support at 17,600-17,640 levels is critical for the Nifty, which if compromised could be followed by a decline towards the 17,400-17,500 band.

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Global Markets:

The Dow Jones Industrial Average fell 268.97 points, or 0.75 percent, to 35,601.98; the S&P 500 lost 6.58 points, or 0.14 percent, at 4,697.96; and the Nasdaq Composite added 63.73 points, or 0.4 percent, to 16,057.44.

Equities in other Asian markets began the week on a positive note, as investors overlooked fresh lockdowns in Europe. MSCI's broadest index of Asia Pacific shares outside Japan was last up 0.3 percent. Japan's Nikkei 225 was down 0.2 percent.

Indian Market:

Trends on the SGX Nifty indicate a small positive opening today. However, the focus will be on Banking stocks and IT stocks that have corrected quite a lot from their recent highs.

Domestic air passenger volume spiked 70.46 percent in October to 89.85 lakh over the same month of 2020, DGCA data showed on Thursday.

The Indian carriers had flown 52.71 lakh passengers in October last year. It may be recalled that domestic traffic along with international flight services remained shut for two months until May 25, 2020, when scheduled air services were resumed in a graded manner. Scheduled international flight operations to and from India remain suspended as of now.

The Economic Advisory Council to the Prime Minister (EAC-PM) held its meeting on Thursday where it looked at the growth prospects of India’s economy in 2022-23 and beyond. The council members were optimistic about real and nominal growth prospects in 2022-23.

FII and DII data

Foreign institutional investors (FIIs) net sold shares worth Rs 3,930.62 crore, while domestic institutional investors (DIIs) net bought shares worth Rs 1,885.66 crore in the Indian equity market on November 18

Stock Specific News:

Reliance Industries Ltd | RIL said it is withdrawing its application to get necessary approvals to hive off its oil-to-chemicals (O2C) business into a separate unit due to the evolving nature of its business portfolio. The current application with NCLT for segregating the O2C business from RIL is being withdrawn, the company said.

Bharti Airtel | The telecom operator is rethinking its plan to separate digital and infrastructure businesses from telecom, as the government's redefinition of adjusted gross revenue has made the corporate restructuring less appealing, a news report said.

Motherson Sumi Systems | Ningbo SMR Huaxiang Automotive Mirrors, a 50:50 joint venture in China between Samvardhana Motherson Reflectec and Ningbo Huaxiang Electronic Co, has completed the acquisition of a 60 percent stake in Nanchang JMCG Mekra Lang Vehicle Mirror.

IRCTC | The Ministry of Railways has withdrawn its decision to terminate all existing contracts of mobile catering. In a separate release, the ministry has conveyed the decision to resume the services of cooked food in trains.

Cadila Healthcare | Zydus Cadila has received final nod from the US FDA to market Decitabine for injection.

ONGC Videsh, Indian Oil Corporation and Oil India | These three state-run companies from India are seeking to invest jointly in Rosneft's Vostok project, as per a report.

Amber Enterprises India | The company and its subsidiary IL JIN Electronics India have received approval from the Ministry of Commerce & Industry under the Production-Linked Incentive scheme for white goods (air conditioners).

HFCL | The company along with its subsidiary has secured purchase orders aggregating to Rs 412 crore, from one of the leading private telecom operators of the country for supply of optical fibre.

Laurus Labs | The company will acquire 26.62 percent stake in Immunoadoptive Cell Therapy Pvt Ltd for about Rs 46 crore.

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