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Benchmark indices ended lower in the volatile session on November 24 dragged by the auto, IT, FMCG stocks, while banks provided some support.

At close, the Sensex was down 323.34 points or 0.55% at 58,340.99, and the Nifty was down 88.30 points or 0.50% at 17,415. About 1950 shares have advanced, 1249 shares declined, and 142 shares are unchanged.

Tata Consumer Products, Eicher Motors, Infosys, Maruti Suzuki and Grasim Industries were among major losers on the Nifty. Gainers included ONGC, Adani Ports, Coal India, Kotak Mahindra Bank and BPCL.

Among sectors, auto, FMCG and IT indices fell 1 percent each, while buying was seen in the oil & gas and banking names. BSE midcap index fell 0.5 percent, while smallcap index added 0.4 percent.

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Topic :- Time:3.00 PM

Nifty failed to trade above its critical resistance of 17600 and finally crashed and is now trading in red zone down 43 points from its previous close. Nifty spot if closes below 17520 level then expect more pain in the market as nifty still seems to be bearish. Only close above 17520 will result in some pull back.

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Topic :- Time:3.00 PM

Just In:

GAUTAM ADANI SURPASSES MUKESH AMBANI AS ASIAS & INDIAS RICHEST PERSON BASED ON GROUP MARKET CAP

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Topic :- Time:2.30 PM

COPPER Trading View:

COPPER is trading at 739.If it manages to trade and sustain above 740 level then expect some quick upmove in it and if it breaks and trade below 737.80 level then some decline can follow in it.

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Topic :- Time:1.40 PM

Just In:

1. Ipca Labs board approves acquisition of 26.57% of Lyka Labs & enter into a joint management control agreement.

2. Telecos : Govt To Give Back Bank Guarantee worth Rs 35000 cr to Telecos

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Topic :- Time:1.30 PM

GOLD Trading View:

GOLD is trading at 47550.If it manages to trade and sustain above 47580 level then expect some rise in it and if it breaks and trade below 47480 level then some decline is expected to follow in it.

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Topic :- Time:1.15 PM

Digital currencies slump in India as bill to ban private cryptos spooks markets:

Digital currencies on Indian exchanges slumped into a discount of up to 25% compared to their global peers amid panic selling as the government listed a bill to ban all private cryptocurrencies in the country. Crypto prices in India usually trade at a premium against global markets.

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Topic :- Time:1.00 PM

Nifty is looking little tired now. Nifty spot if break and trade below 17540 level then expect some decline in the market and if it manages to trade and sustain above 17580-17600 levels then some upmove can follow. Nifty need to cross and sustain above 17600 spot level in order to show more upmove.

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Topic :- Time:12.30 PM

NATURALGAS Trading View:

NG DEC is trading at 377.60. If it manages to hold above 375 level then expect it to test 383-385 levels quite soon and once it breaks and trade below 375 level then it is likely to slide.

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Topic :- Time:12.30 PM

Just In:

Star Health IPO to open on November 30; sets price band at Rs 870-900/share.

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Topic :- Time:12.15 PM

Just In:

Panic laced with optimism grips investors as House sets table for Crypto Bill.

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Topic :- Time:12.00 PM

Nifty is in mute state and is likely to show breakout soon. Nifty spot if manages to trade and sustain above 17580 level then expect some quick upmove and if it breaks and trade below 17540 level then some decline can follow in it.

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Topic :- Time:11.30 AM

News Wrap Up:

1. MARKETS: Sensex, Nifty at days high; energy stocks in focus; ONGC up 4%

2. Hinduja family feud puts century-old business empire in jeopardy

3. Spoiling the party: Paytm debacle roils market for unlisted shares

4. Bill to ban private crypto to come up in Parliament Winter Session

5. Mobikwik defers its Rs 1,900 cr IPO, says will list at the right time

6. BlackRock says its time to buy China stocks and trim India exposure

7. Sugar shares in demand; Triveni, Dhampur, Balrampur surge up to 11%

8. Bharti Airtel rallies 9% in 3 days after tariff hike; zooms 50% in 6 months

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Topic :- Time:11.00 AM

After positive start nifty is trading in green zone. Nifty spot if manages to trade and sustain above 17560 level then expect some quick upmove and if it breaks and trade below 17520 level then some decline can be seen in the market.

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Topic :- Nifty Opening Note

Indian Stock Market Trading View For 24 Nov, 2021:

Nifty to remain volatile with global cues acting as trend decider.

Nifty spot if manages to trade and sustain above 17560 level then expect some quick upmove and if it breaks and trade below 17480 level then some decline can follow in the Nifty. Please note this is just opening view and should not be considered as the view for the whole day.

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The road transport and highways minister also asserted that the pace of highways construction in the country will cross 40 km per day in the current financial year.

Amid concerns over the proposed Chardham project, Union minister Nitin Gadkari on Wednesday termed allegations that road construction triggered landslides in Uttarakhand as 'misinformation' and asserted that the government is sensitive about ecology and environment while carrying out development projects.

The road transport and highways minister also asserted that the pace of highways construction in the country will cross 40 km per day in the current financial year.

The pace of highways construction in the country touched a record 37 km per day in the financial year 2020-21.

Recently, the Supreme Court reserved its verdict on pleas with respect to the ambitious project. The strategic 900 kilometre-long Chardham project worth Rs 12,000 crore aims to widen roads and provide all-weather connectivity to four holy places — Yamunotri, Gangotri, Kedarnath and Badrinath — in Uttarakhand.

"This is all misinformation (Ye galat prachar hai). Earlier there used to be flash floods and cloud bursts which used to cause damages and deaths," Gadkari, who is known for expressing frank views on any matter, told PTI.

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Benchmark indices ended on positive note in the highly volatile session on November 23 with Nifty closing above 17500.

At Close, the Sensex was up 198.44 points or 0.34% at 58,664.33, and the Nifty was up 86.80 points or 0.50% at 17,503.30. About 2346 shares have advanced, 829 shares declined, and 153 shares are unchanged.

JSW Steel, Coal India, Power Grid Corp, NTPC and Tata Steel were among major gainers on the Nifty. Losers included IndusInd Bank,

Asian Paints, Infosys, Bajaj Auto and Wipro.

Except IT, all other sectoral indices ended in the green, with power, metal, realty, pharma, capital goods, oil & gas, PSU bank indices up 1-3 percent. BSE midcap and smallcap indices rose over 1 percent each.

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Topic :- Time:3.00 PM

Nifty spot close above 17460 level will result in some further upmove in coming session and if it closes below above mentioned level then some sluggish movement is likely to follow in the market. Avoid open positions for tomorrow.

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Topic :- Time:1.20 PM

Just In:

Paytms IPO flop may embitter millions of retail investors.

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Topic :- Time:1.00 PM

Nifty is in green now. Nifty spot if manages to trade and sustain above 17440 level then expect some quick upmove in the market and if it breaks and trade below 17400 level then some decline can follow in Nifty.

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Topic :- Time:12.30 PM

COPPER Trading View:

COPPER is trading at 733.15.If it breaks and trade below 732 level then expect some decline in it and if it manages to trade and sustain above 734.20 level then some upmove can follow in it.

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Topic :- Time:12.20 PM

Just In:

NCLT to hear Dish TV-Yes Bank matter on December 22.

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Topic :- Time:12.00 PM

Nifty is showing good bounce back. Nifty spot if manages to trade and sustain above 17480 level then expect some further upmove in the market and if it breaks and trade below 17440 level then some decline can follow in the Nifty.

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Topic :- Time:11.30 AM

News Wrap Up:

1. Broader indices outperform; breadth favours buyers in 2:1 ratio

2. Startups may have to rethink IPO plan after Paytms market crash

3. Mukesh Ambani looks to Walton family plan on succession

4. Paytm bounces back, gains 7% after a 37% fall in two trading sessions

5. With Rs 7,000 cr stuck, over 20k PMC Bank depositors play waiting game

6. Vedanta up 8% as Moodys sees no impact on credit quality post biz spin-off

7. Singapores Broad Peak, partner to invest $300 mn in Indian stressed assets

8. Go Fashion IPO subscribed 135 times on closing day despite Paytm fiasco

9. Jesons Industries files draft IPO papers; aims to raise to raise Rs 900 cr

10. Latent View sees bumper debut, lists at 169% premium against issue price

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Topic :- Time:11.00 AM

After negative start nifty is slowly recovering now however its still trading in red zone. Nifty spot if manages to trade and sustain above 17420 level then expect some quick upmove and if it breaks and trade below 17380 level then some decline can be seen.

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Topic :- Nifty Opening Note

Indian Stock Market Trading View For 23 Nov, 2021:

Nifty to remain volatile with global cues acting as trend decider.

Nifty spot if manages to trade and sustain above 17480 level then expect some quick upmove and if it breaks and trade below 17380 level then some decline can follow in the Nifty. Please note this is just opening view and should not be considered as the view for the whole day.

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After India's economy contracted by a sharp 7 percent in 2020, Goldman Sachs pegged the economy to grow at 8 percent in 2021 and 9.1 percent in 2022.

It earlier estimated India's economic growth to 11.1 percent in fiscal year to March 31, 2022.

It expects consumption and investment to be the key drivers of growth in 2022.

"We expect consumption to be an important contributor to growth in 2022, as the economy fully re-opens driven by a notable improvement in the virus situation and adequate progress on vaccination," Goldman Sachs said in a report.

"We also expect government capital spending to continue, see nascent signs of a private corporate capex recovery, and a revival in housing investment," it added.

The brokerage also forecasts the headline CPI inflation to increase to 5.8 percent in 2022 from 5.2 percent in 2021, led by an increase in core inflation as manufacturers pass on input cost increases to consumers as demand recovers with full economic re-opening.

Santanu Sengupta, India economist, Goldman Sachs said," Given higher oil prices and the domestic demand recovery, the current account is going to open up and the deficit in our estimation is going to go up from 0.9 percent of GDP to 1.5 percent of GDP."

The brokerage also expects cumulative 75 basis points of repo rate hikes in 2022. 

"India did a lot in terms of  liquidity loosening, keeping the banking system liquidity in surplus throughout the Covid period, and it had cut reverse repo rate. So, what you're seeing now is the reversal of that liquidity loosening. So, the banking system liquidity will get tighter over time. And at some point of time, the policy corridor will be narrowed that that is the reverse reverse repo rate will be hiked," said Sengupta.

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The Union minister inaugurated work pertaining to health, education, urban infrastructure and disaster management — amounting to Rs 130.49 crore, an official spokesman said.

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Reasons Why Nifty is falling like anything:

Covid lockdowns: 

Austria said it would reintroduce lockdowns -- and make vaccination mandatory from February -- to fight a worrying jump in new infections. Other countries including Germany, Slovakia, the Czech Republic and Belgium were also bringing in measures.

Rate hikes earlier than expected: 

Bundesbank president Jens Weidmann publicly contradicted the European Central Banks official line on Friday, warning that inflation may stay above 2 per cent for some time and that the ECB should avoid any commitment to keeping the money taps open.

Crude oil falls: 

Oil extended losses as major consumers including the United States considered releasing some of their reserves to keep a lid on prices, which have been a key reason for the jump in inflation this year.

Broader markets:

Broader market indices were trading down, underperforming their headline peers in morning trade. Nifty Smallcap was down 0.84 per cent while Nifty Midcap declined 0.83 per cent. Broadest index on NSE, Nifty 500 was down 0.58 per cent.

Global markets:

Asian markets mostly fell Monday. In early trade, Tokyo, Hong Kong, Sydney, Wellington, Taipei, Manila and Jakarta were all down, though there were gains in Seoul and Singapore.

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The GST hike was notified by the Central Board of Indirect Taxes and Customs (CBIC) on November 18

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The European Commission, which conducted the investigation, has set duties of 10.2% for Indonesia’s IRNC and 20.2% for other Indonesian producers, the EU official journal said on Thursday.

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Several decisions that are part and parcel of monetary policy are no longer within the purview of the RBI’s monetary policy committee 

The Report on Currency and Finance published in February 2021 made an extraordinary statement that, “in its endeavour to achieve the policy rate voted upon by the MPC (Monetary Policy Committee), decisions involving a change in the RR (Reverse Repo) and the MSF (Marginal Standing Facility) rate and announcements thereof may be shifted out of the MPC resolution to the Reserve Bank’s Statement on Developmental and Regulatory Policies”.  Accordingly, while the Policy Repo Rate (PRR) alone remains in the preserve of the Monetary Policy Committee,  the MSF rate, Fixed Reverse Repo Rate (FRRR) as also the width of the corridor move to the domain of RBI.  This means that, with no public debate, the powers of the Monetary Policy Committee were drastically clipped.

Indeed, Jayanth Varma’s exasperation in the MPC minutes on August 6, 2021 was evident when he said, “if the reverse repo rate does not fall within the remit of the MPC, then the announcement of this rate should be in the Governor’s statement and not in the MPC’s statement”.

While such a step is flawed and the powers should be restored to the MPC at the earliest, it could be interesting to understand the possible compulsions that drove RBI to such an extreme step and its ramifications.

The one year ahead mean inflation expectations of urban households started breaching 9 per cent from November 2019 onwards.  From May 2020 onwards, they increased to 10 per cent consistently before reaching 11.5 per cent in July 2021.  In sync, retail inflation, which had breached 4 per cent in October 2019, surged ahead to 7.6 per cent by January 2020.  Thereafter, during 2020-21, average retail inflation at 6.2 per cent stood stubbornly higher than the upper tolerance threshold level of 6.0 per cent for eight consecutive months ending November 2020.  Core inflation has also persisted at around 6 per cent during recent times.

Amid this rising inflationary backdrop for almost two years (though it owed much to supply disruptions and other extraneous factors), apparently RBI was unable to convince some external members of MPC to continue with unprecedented accommodative monetary policies, which probably led to constraining the MPC’s jurisdiction.

Though no reason was offered behind such an unprecedented step, one elite argument is sometimes heard that the MPC’s jurisdiction is narrow i.e., achieving 4 per cent inflation in a stable manner while supporting growth.  The mandate for RBI is, however, very wide e.g., achieving financial stability, issuance of currency, maintaining integrity in the banking system, financial market and payment system, etc.  On closer scrutiny, this argument merely tries to create a smokescreen and puff up the role of RBI while undermining that of the MPC.  We often forget the simple truth that achieving low and stable inflation is the best medicine for ensuring financial stability, as also help achieving the RBI’s other mandates.

The RBI initially made the width of the corridor between the repo and reverse repo rates asymmetric--the gap between PRR and FRRR (the lower part of the corridor) was widened from 25 bps to 40 bps on March 27, 2020, leading to increase in total width of the corridor from 50 bps to 65 bps.  On April 17, 2020, FRRR alone was further reduced by 25 bps to 3.75 percent thereby taking the total width wider to 90 bps, without consulting the MPC.

Apart from not changing the PRR at 4.00 per cent since May 22, 2020, RBI started injecting enormous amount of liquidity. It introduced discretionary sector-specific measures from 2020-21 e.g., Targeted Long Term Repo Operations (TLTRO) 1.0 and TLTRO 2.0, Government Securities Acquisition Programme (G-SAP) including OMO purchases, Refinance to NABARD, SIDBI, etc., term liquidity for emergency health services and so on.  These led to a primary liquidity injection of as much as Rs. 10 lakh crore thereby generating, with a money multiplier of 1.5, additional system liquidity of about Rs. 15 lakh crore during this period, on top of substantial amount of foreign inflows into the economy.

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That accommodative monetary policy is required during the unprecedented pandemic years is incontrovertible.  What is, however, puzzling is that despite keeping PRR unchanged, RBI’s extra-ordinary accommodative stance continued even with adjusted non-food credit growth stagnating around a mere 6 percent and then sterilizing surplus liquidity.  In fact, RBI had to progressively increase its Variable Reverse Repo Rate (VRRR) auctions from Rs. 2 lakh crore during April-July 2021 to Rs. 4 lakh crore on September 24, 2021 apart from using fine tuning operations and fixed rate Reverse Repo operations for sterilizations. Nevertheless, outstanding net durable surplus liquidity skyrocketed from Rs. 3.9 lakh crore on May 22, 2020 to Rs. 11.8 lakh crore on October 22, 2021.

The pertinent point is, therefore, whether such over-activism in liquidity injection was warranted.  In fact, RBI’s resolve to anchor retail inflation to 4 per cent is getting contaminated with its over-activism.  However, such over-activism has been a win-win-win situation for the Government (financing of the ballooning of net borrowing in 2020-21, and in 2021-22 by RBI through G-SAP and OMOs), the banking sector (exchanging of its illiquid securities with liquid securities from RBI) as well as RBI (building of additional stock of government securities for sterilising surplus liquidity in the absence of Market Stabilisation Scheme (MSS).

Further, RBI’s diligence in anchoring the operating target (weighted average call rate) to the PRR has got unhinged, as it has been prevailing consistently below the FRRR for long now.  Similarly, its transmission of monetary impulse flows rather from discretionary liquidity injections to lending/deposit rates of banks instead of from PRR.

On instruments of sterilization, VRRR auctions up to 14/28 days, fine tuning operations and FRRR are poor substitutes compared to the longer term securities issued under MSS.  Shelving MSS is leading to RBI becoming the likely depository of illiquid securities.  It is difficult for a government with a large deficit to launch MSS, but given the geo-political situation, India could receive huge inflows going forward.  Hence, RBI’s incremental approach may prove inadequate.

The least the RBI should do now is retreat from exceptional liquidity, anchor inflation expectations, retrieve its operational independence and of course restore the MPC’s powers.

Article Source:- Moneycontrol

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Many of the iPhone 13 models, including the iPhone 13 and iPhone 13 Pro Max, have a longer wait time on several online and offline channels.

Apple may sell over 80 million units of the new iPhone 13 models during the first fiscal quarter of 2022, according to Wedbush analyst Daniel Ives. The analyst believes that the company will achieve the feat despite the ongoing chip shortage.

Ives in his investor note viewed by AppleInsider stated that the demand for iPhone 13 series is surpassing supply by 15 percent. Many of the iPhone 13 models, including the iPhone 13 and iPhone 13 Pro Max, have a longer wait time on several online and offline channels. A recent report claimed that the gap between supply and demand will last until February 2022. However, despite the constraints, Ives estimates over 80 million units being shipped by Appel during the fiscal quarter.

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“Despite the chip shortage and Rubik's Cube logistics that Apple (and every other technology, auto, and retail vendor) is dealing with we are seeing tremendous demand trends both in the US and China for iPhone 13 which is a positive sign that Apple could exceed selling 80 million iPhone units in the quarter with stronger Pro versions driving higher ASPs," Ives said. The analyst further stated that Apple is on track to sell around 40 million iPhone units between Black Friday and Christmas, which could represent a record holiday pace for the company.

The iPhone 13 models received some major upgrades in the camera and battery department, with the Pro models getting major display upgrades as well. Apple launched the four iPhone 13 models with a larger battery, a faster A15 Bionic chip, up to three camera sensors on the back, each packing a larger sensor.

The iPhone 13 price in India starts at Rs 79,900 for the base 128GB storage. iPhone 13 mini, on the other hand, is available for Rs 69,900. iPhone 13 Pro Max price in India starts at Rs 1,29,900 for the base 128GB model, whereas the iPhone 13 Pro India price starts at Rs 1,19,900.

Article Source:- Moneycontrol