10 things to know before you make your opening trade on November 29

The Indian market ended the day’s session on a negative note with massive selling as Sensex fell over 1650 points and Nifty closed below 17,050 level on Friday. Metal, Auto, Bank stocks lead the decline as each of them slipped between 3-6 per cent at the close.  

Nifty Bank has drifted more than 3.5 per cent, settling at 36,025.50 levels on Friday. On the sectoral front, except Pharma index, the rest of the indices have closed in negative territory with heavy selling pressure.   

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Pharma stocks like Cipla, Dr Reddy, & Divis Lab were the top gainers while Jsw Steel, Hindalco, Tata Motors, IndusInd Bank were the prime laggards.   

Sachin Gupta, AVP-Research, Choice Broking, “The index has continued the breakdown of the Head & Shoulder pattern after retesting the neckline, which indicates bearishness in the index.”  

He added, the index has moved below 100 days SMA and also formed a Bearish Marubozu candle on the daily chart. However, the momentum indicator RSI & Stochastic trading at oversold territory.   

At present, The Nifty has support at 16700 levels while resistance at 17300 levels. On the other hand, Bank nifty has support at 334800 levels and resistance at 36600 levels, Gupta mentioned.  

Stay tuned to Zeebiz.com to find out what could impact your trade today. We have collated a list of top 10 news points which could impact markets, companies, or economy:    

Global Markets:  

Amid threats of Covid 19 new Omicron variant detected in South Africa, the Wall Street indices tanked in the Friday's trade. Dow Jones shed 905 points to end at 24,899, Nasdaq Composite declined 354 points to 15,492 and S&P 500 corrected 2.27% to 4594 in the trading on Friday.  

Asian Markets:  

The Asian markets extended their loss from Friday to Monday as almost all exchanges saw negtaive trading. Japanese Nikkei 225 index was down nearly 1 per cent or 254 points at 28,497, while Hang Sen Index at Hong Kiong Exchange was also down 0.13% to 24,052, while Shanghai Composite corrected over 0.50% to 3,545 around 7.20 am on Monday.  

SGX Nifty 

Irrespective of the Asian markets trading in the red, SGX Nifty Futures was down 33.50 points to 17,077.00 around 7.20am , hinting at flat to positive opening for the Indian markets.   

Oil plunges 10% on new coronavirus variant concerns on Friday  

Oil prices plunged more than 10% 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.  

Oil fell with global equities markets on fears the variant could dampen economic growth and fuel demand. [MKTS/GLOB] Britain and European countries have restricted travel from southern Africa, where the variant was detected.  

Brent crude fell $8.77, or 10.7%, to $73.45 a barrel by 10:59 a.m. EDT (1459 GMT).  

U.S. West Texas Intermediate (WTI) crude was down $9.12, or 11.6%, at $69.27 a barrel, after Thursday`s Thanksgiving holiday in the United States.  

RBI revises current account norms with Rs 5 cr credit cap  

The Reserve Bank of India (RBI) on Friday issued revised guidelines to banks for opening new current accounts provided the customer has less than Rs 5 crore credit exposure, either in cash credit or over draft facility with the respective bank.  

The move is to enforce better credit discipline and to check fund diversion by way of opening multiple accounts, while at the same time allow banks and businesses to have some operational freedom.  

Besides, all non-lending banks have been barred from opening current accounts. The central bank has been tightening current account norms for long, in fact, as early as in 2000, to bring about better credit discipline.  

Sebi's proposed ESG disclosure to address risk of "green washing": Experts  

The proposed disclosure norms for mutual fund schemes with the ESG (environment sustainability and governance) theme will keep a tight rein on such products and provide transparency to enable investors take a more informed decision, industry experts said on Friday.  

Sebi came out with a consultation paper on Tuesday for introducing disclosure norms for ESG mutual fund schemes. The move aimed at ensuring that ESG-focused mutual fund schemes remain true to label.  

In its consultation paper, the regulator has proposed various disclosures in the Scheme Information Documents(SID) that will ensure that the type of strategy followed by the scheme, with regards to sustainability or ESG characteristics merit the nomenclature of an ESG fund.  

Two IPOs to hit market next week to raise Rs 7,868 cr  

Two companies Star Health and Allied Insurance Company and Tega Industries are set to float their initial public offerings (IPOs) next week to cumulatively raise Rs 7,868 crore.  

The three-day initial share-sale of Star Health will open on November 30 and conclude on December 2, while that of Tega Industries will be open for public subscription during December 1-3.  

This comes after 10 firms successfully concluded their initial public offerings in November. So far in 2021, as many as 51 companies have launched their IPOs to raise over Rs 1 lakh crore, according to analysis of data with exchanges.  

Apart from these, PowerGrid InvIT, the infrastructure investment trust (InvIT) sponsored by the Power Grid Corporation of India, mopped up Rs 7,735 crore through its IPO and Brookfield India Real Estate Trust raised Rs 3,800 crore via its initial share-sale.  

Sebi comes out with guidelines for investment, trading by AMCs' employees  

Markets regulator Sebi on Thursday came out with a new framework for investment and trading in securities by employees of Asset Management Companies (AMCs) and trustees of mutual funds.  

The framework will help in avoiding any actual or potential conflict of interest or any abuse of an individual's position of trust and responsibility.  

In a circular, the Securities and Exchange Board of India (Sebi) said it has tweaked the guidelines pertaining to 'access person' and 'cooling off' period of such a person in respect of investments made by them in securities traded through the secondary markets.  

WTO postpones ministerial meet in Geneva for indefinite period due to Covid  

The World Trade Organization (WTO) has postponed the ministerial level meet, scheduled from November 30 in Geneva, for an indefinite period due to an outbreak of a particularly transmissible strain of the COVID-19 virus.  

According to a WTO statement, no date has been set for the rescheduling of the 12th Ministerial Conference (MC).  

The announcement of travel restrictions and quarantine requirements in Switzerland and many other European countries led to the General Council Chair Ambassador. Dacio Castillo (Honduras) called an emergency meeting on Friday night of all WTO members to inform them of the situation.  

"Given these unfortunate developments and the uncertainty that they cause, we see no alternative but to propose to postpone the Ministerial Conference and reconvene it as soon as possible when conditions allow," Castillo told the General Council, which is the highest decision making body of the WTO after the ministerial conference.  

FII & DII Data:  

Foreign portfolio investors (FPIs) remained net sellers for Rs 5785.83 crore in the Indian markets while Domestic Institutional Investors (DIIs) were net buyers to the tune of Rs 2294.11 crore, provisional data showed on the NSE.  

Stocks under F&O ban on NSE    

One stock: Indiabulls Housing Finance placed under the F&O ban on Monday. Securities in the ban period under the F&O segment include companies in which the security has crossed 95 percent of the market-wide position limit.  

(With inputs from PTI, Reuters and other agencies)  

(Disclaimer: The views/suggestions/advices expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)