Market update: Sensex, Nifty begin volatile trading session; check details here

After initial losses, BSE Sensex rose by 0.41 percent or 233.25 points to 57,340.40, while NSE Nifty 50 opened at 17,055.80 and rose by 0.08 percent, gaining 12.90 points to 17,039.35

FP Trending November 29, 2021 12:59:44 IST
Market update: Sensex, Nifty begin volatile trading session; check details here

File photo of Bombay Stock Exchange. PTI

The domestic stock market indices BSE Sensex and NSE Nifty 50 on Monday, 29 November, opened in red, marking a volatile trading session. After initial losses, both indices registered minor gains. This comes after the market plunged almost three percent on 26 November, due to fears over a new COVID-19 variant first detected in South Africa.

After initial losses, BSE Sensex rose by 0.41 percent or 233.25 points to 57,340.40. Reliance, Dr Reddy, IndusInd Bank, HCL Tech and Tata Steel were trading in green, while Nestle India was the biggest loser, with a fall of 1.63 percent.

While NSE Nifty 50 had opened at 17,055.80, it rose by 0.08 percent, gaining 12.90 points to 17,039.35 at 10 am today. In Nifty, out of the 50 companies, 21 were trading in green. Reliance and Dr Reddy were the biggest gainers, while Hero Moto Corp was the biggest loser.

If we look at sectoral indices, bank, auto, media, and Fast Moving Consumer Goods (FMCG) were all in the red. India VIX rose by 5.29 percent to reach 21.91 levels.

As per proprietary index trader and technical analyst at Deen Dayal Investments, Manish Hathiramani, “If we trade below 17000 on a closing basis, the Nifty can slip further to 16500. On the upside, the resistance is at 17500 and unless we do not get past that on a closing basis, any up move can be strategically used to go short on the markets."

The Asian markets were also in the red as per Financial Express, leading to largely negative global cues. Nikkei 225, TOPIX, KOSPI, Shanghai Composite and KOSDAQ, were all in red this morning.

The Initial Public Offerings (IPOs) of Tega Health and Star Health and Allied Insurance Company are set to hit the market this week. Tega Health will open for subscription from 1 to 3 December while Star Health will open from 30 November to 2 December. The shares of both companies will be listed on the Bombay Stock Exchange and the National Stock Exchange, as per reports.

The IPO of Star Health includes an offer for sale (OFS) of up to 58,324,225 equity shares as well as fresh issue worth Rs 2,000 crore. The company aims to raise Rs 7,249.18 crore through its IPO.
Meanwhile Tega Health’s IPO aims to raise Rs 619.22 crore purely through an OFS of 1,36,69,478 equity shares by existing promoters and shareholders.

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