6th December Market Report

Daily Market Report:

The Indian Equity benchmark indices BSE Sensex and Nifty 50 were closed negative at the end of the day. BSE Sensex was down by 764.83 points to 57696.46 and Nifty was down by 204.95 points to 17196.70

UPL, BPCL,IOC were the top gainers.

For Nifty support seen at 17000 levels while resistance seen at 17500 levels

Market volatility is likely to continue given the uncertainty around the new Omicron variant and Fed tapering

As per NSDL data updated till Friday, FPIs have sold equity worth Rs.8,300 crore in December.

Stretched valuations, Fed's observations on accelerating tapering and concern on inflation and the potential impact of the Omicron variant on economic activity and corporate earnings are the factors influencing FPI activity.

Participants should trade careful with hedged positions

RBI’s monetary policy meeting will be a key market driver as investors await MPC’s policy decision this week

Experts largely feel there could be a reduction in the gap between reverse repo and repo rate, though the RBI could continue with accommodative stance

Indian Banks May Lose Business To PhonePe, Google Pay: Uday Kotak

RBI new norms likely to increase NBFCs bad loans by one-third: Study

Two-wheeler market leader Hero MotoCorp on Friday announced the expansion of operations in Argentina with the opening of its flagship dealership in Buenos Aires in partnership with Gilera Motors Argentina.

India's forex reserves down by $2.713 million to $637.687 billion

China's ride-hailing giant Didi Global Inc's announcement on Friday that it plans to withdraw from the New York Stock Exchange 

India Nikkei Services Purchasing Managers Index (PMI) at 58.1 vs Expected 57.8

Eurozone Services Purchasing Managers Index (PMI) at 55.9 vs Expected 56.6

U.K. Services Purchasing Managers Index (PMI) at 58.5 vs Expected 58.6

India Bank loan growth at 7% vs Expected 7.1%

Indian Deposit growth 9.8% vs Expected 11.4%

U.S. Unemployment Rate at 4.2% vs Expected 4.5%

U.S. Nonfarm Payrolls at 210 k vs Expected 550k

Open Interest:

On open interest, Maximum put open interest was seen at 17000 followed by 16000. Maximum call open interest was seen at 18000 followed by 17500

Put Writing seen at 17400 followed by 16500

Call Writing seen at 17400India VIX up by 2.03% from 18.09 to 18.46 level.

Participant wise open interest data of FII Shows put selling in the index is Equal to call selling. FII's were 67.52% long in index future was decreased compared to the previous day.

In Cash Market, FII's are net sellers 3356.17 crores, and DII's are net buyers 1648.79 crores.

Options data suggests a trading range between 17000 to 17500

Global Markets:

U.S Markets were closed negative at the end of the Day

Dow Jones industrial average was down by 59.71 points or 0.17% to 34580.08

S&P 500 Index was down by 38.67 points or 0.84% to 4538.43

Nasdaq Composite was down by 295.85 points or 1.92% to 15085.47

European markets were negative at the end of the day

Asian markets are mixed right now 07.30 IST

SGX Nifty trading 29 points higher to 17264  07.30 IST

SGX Nifty indicates a flat start for Indian markets.

Keep an eye on these Economic Data:

U.K. Construction Purchasing Managers Index (PMI) Data at 15.30 IST

India Trade Balance Data after Indian market hours