The benchmark indices further extended losses and hit fresh intraday low in afternoon trade. Banks, financial services and FMCG stocks dragged. The Nifty slipped below 17,300 mark. At 13:30 IST, the barometer index, the S&P BSE Sensex, dropped 488.46 points or 0.84% at 57,972.83. The Nifty 50 index tumbled 127.40 points or 0.73% at 17,274.25. Reliance Industries (RIL) (down 1.87%), HDFC (down 1.49%) and HDFC Bank (down 0.74%) put pressure on the indices. The broader market was trading higher. The S&P BSE Mid-Cap index rose 0.35%. The S&P BSE Small-Cap index gained 0.66%. Buyers outpaced sellers. On the BSE, 1,880 shares rose and 1,292 shares fell. A total of 144 shares were unchanged. COVID-19 Update: The Health Ministry on Thursday, 2 December 2021 reported two COVID-19 cases of the Omicron variant in Karnataka. On 26 November 2021, World Health Organization designated the variant B.1.1.529 a variant of concern, named Omicron. WHO said that it is not yet clear whether Omicron is more transmissible (e.g., more easily spread from person to person) compared to other variants, including Delta. The number of people testing positive has risen in areas of South Africa affected by this variant, but epidemiologic studies are underway to understand if it is because of Omicron or other factors. In last 24 hours, India reported 9,216 new COVID-19 cases and 391 deaths. India's active caseload now stands at 99,976 cases. Economy: The seasonally adjusted India Services Business Activity Index stood at 58.1 in November, down only fractionally from 58.4 in October, pointing to the second-fastest rise in output since July 2011. According to monitored companies, the upturn reflected sustained increases in new work and ongoing improvements in market conditions. Gainers & Losers: UPL (up 2.15%), Bharat Petroleum Corporation (BPCL) (up 1.98%), Tata Steel (up 1.53%), Ultratech Cement Co. (up 1.43%) and Indian Oil Corporation (IOCL) (up 1.41%) were major gainers in Nifty 50 index. Power Grid Corporation of India (down 2.70%), Sun Pharmaceutical Industries (down 1.88%), Bharti Airtel (down 1.67%) and Tech Mahindra (down 1.56%) were major losers in Nifty 50 index. Stocks in Spotlight: ABB India shed 1.50%. ABB India completed the divestment of its mechanical power transmission division (Dodge business) as a going concern on a slump sale basis to Dodge Industrial India, an affiliate of RBC Bearings Incorporated (Dodge India) for a total consideration of Rs 44.58 crore on 1 December 2021. Hindustan Zinc advanced 2.90% after the company said that its board will meet on Tuesday, 7 December 2021 to consider and approve interim dividend on equity shares for the financial year 2021-22. Global Markets: Most Asian markets advanced on Friday, 3 December 2021 as investors continue to monitor the situation surrounding the omicron COVID-19 variant. In Japan, the final au Jibun Bank Japan Services Purchasing Managers' Index (PMI) rose to a seasonally adjusted 53.0 from the prior month's 50.7 and a 52.1 flash reading. In US, futures on the Dow Jones Industrial Average rose about 87 points. The November jobs report is set for release Friday. The three major US stock indices rebounded in Thursday's session. The Dow gained 617 points. The S&P 500 rose 1.4% and the Nasdaq Composite gained 0.8%. On the data front, initial jobless claims climbed by 28,000 to 222,000 for the week ended 27 November, the Labor Department reported Thursday. Powered by Capital Market - Live News |