Equity indices reversed intraday gains and ended with modest losses on Tuesday. The Nifty closed below the 17,000 mark, reversing from the day's high of 17,324.65 hit in morning trade. Sentiment was dented as the Dow Jones index futures tumbled 437 points, indicating a negative start in US stock market today. Banks and metal shares declined. On the other hand, IT and consumer durables stocks advanced.

The barometer index, the S&P BSE Sensex, fell 195.71 points or 0.34% at 57,064.87. The Nifty 50 index fell 70.75 points or 0.41% at 16,983.20.

Tata Steel (down 3.87%), Kotak Mahindra Bank (down 2.87%), Reliance Industries (down 1.46%) and HDFC Bank (down 0.51%) were major drags.

Broader market outperformed the main indices. The S&P BSE Mid-Cap index rose 0.29% while the S&P BSE Small-Cap index gained 1.45%.

Buyers outpaced sellers. On the BSE, 1,778 shares rose and 1,471 shares fell. A total of 153 shares were unchanged.

Economy:

India's Q2 GDP numbers are slated for release later today, 30 November 2021.

Numbers to Track:

The yield on 10-year benchmark federal paper rose to 6.328% as compared with 6.335% at close in the previous trading session.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 75.1700, compared with its close of 75.0750 during the previous trading session.

MCX Gold futures for 3 December 2021 settlement rose 0.87% to Rs 48,000.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, fell 0.65% to 95.70.

In the commodities market, Brent crude for January 2022 settlement fell $2.71 or 3.70% to $70.51 a barrel.

Global Markets:

European shares tumbled while most Asian stocks ended lower on Tuesday amid fresh concerns about the effectiveness of the current vaccines in combating the newly discovered Omicron Covid-19 variant.

The World Health Organization said that the Omicron variant is likely to spread further and poses a very high global risk.

Meanwhile, China's factory activity unexpectedly picked up in November, growing for the first time in three months as raw material prices fell and power rationing abated. The official manufacturing Purchasing Manager's Index (PMI) was at 50.1 in November, up from 49.2 in October, data from the National Bureau of Statistics showed.

New Listing:

Shares of Go Fashion (India) settled at Rs 1252.60 on the BSE, at a premium of 81.54% compared with the issue price of Rs 690. The scrip was listed at Rs 1316, representing a premium of 90.72% to the issue price. The scrip has hit a high of 1341 and a low of 1144.15. The counter clocked 10.39 lakh shares on the BSE.

The initial public offer (IPO) of Go Fashion (India) was subscribed 135.46 times. The issue opened for bidding on 17 November 2021 and it closed on 22 November 2021. The price band of the IPO was fixed at Rs 655-690 per share.

Stocks in Spotlight:

Reliance Capital hit a lower circuit of 5% at Rs 18.10 after the Reserve Bank of India (RBI)superseded the company's board yesterday. In a statement issued on Monday (29 November 2021), RBI said that it has superseded the board of directors of Reliance Capital (RCL) in view of the defaults by RCL in meeting the various payment obligations to its creditors and serious governance concerns which the board has not been able to address effectively. RBI has appointed Nageswar Rao Y (ex-executive director, Bank of Maharashtra) as the administrator of the company.

Mastek rose 6.16% after the company said its wholly-owned UK subsidiary has been awarded a healthcare contract worth 45 million pounds by National Health Services Digital.

Axis Bank rose 0.95% after Fitch Ratings affirmed the bank's long-term issuer default rating (IDR) at 'BB+'.

Union Bank of India slipped 0.58%. The Reserve Bank of lndia (RBI) has imposed a total penalty of Rs 1 crore on Union Bank of India for violating certain provisions related to sale of stressed assets and reporting of frauds.

V-Mart Retail jumped 4.87% after the company said it has opened one new store in Haryana in November 2021. With the opening of the new store, the total number of stores now stands at 376 stores as at 30 November 2021.

Earum Pharmaceuticals hit an upper-circuit of 5% at Rs 70.35 after the company fixed Saturday, 18 December 2021 as the record date for determining eligibility of members for the purpose of sub-division of the equity shares of the company.

Primary Market:

The initial public offer (IPO) of Star Health and Allied Insurance Company received bids for over 52.57 lakh shares as against 4.49 crore shares on offer, according to stock exchange data at 16:45 IST on Tuesday (30 November 2021). The issue was subscribed 12%.

The issue opened for bidding on 30 November 2021 and it will close on 2 December 2021. The price band of the IPO is fixed at Rs 870-900. The IPO consists of a fresh issue to raise Rs 2,000 crore and an offer of sale (OFS) comprises issuing 5.83 crore equity share.

Star Health and Allied Insurance Company is the largest private health insurer with 15.8% market share in the overall healthy industry. The company has strong retail health insurance market share at 31.3% in FY2021.

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