The benchmark indices continued trading in a narrow range with strong gains in afternoon trade. At 13:30 IST, the barometer index, the S&P BSE Sensex, surged 573.64 points or 1.01% at 57,638.51. The Nifty 50 index jumped 163.60 points or 0.96% at 17,146.80.
Reliance Industries (up 2.24%), ICICI Bank (up 1.81%) and Axis Bank (up 3.43%) boosted the indices.
The broader indices lagged the benchmarks. The S&P BSE Mid-Cap index rose 0.41%. The S&P BSE Small-Cap index gained 0.02%.
Buyers outpaced sellers. On the BSE, 1,765 shares rose and 1,403 shares fell. A total of 145 shares were unchanged.
Meanwhile, the S&P Global Ratings on Tuesday, 30 November 2021 kept India's economic growth forecast for the fiscal year to March 2022 unchanged at 9.5% but raised its predictions for the subsequent year on broadening out of the recovery.
India is learning to live with the virus. Following the peak in COVID-19 cases around mid-year, the stringency index has declined, mobility has recovered, and consumer and business confidence has improved, S&P Global Ratings said in a report.
Economy:
India's Gross domestic product (GDP) for the second quarter of the current fiscal logged fastest growth among major economies in the world. According to the government data released yesterday, GDP of the country grew by 8.4% from a year ago. As per the National Statistics Office (NSO) data, manufacturing output increased 5.5% during the period while construction segment grew 7.5% in the second quarter.
The NSO data suggest that household consumption rose in the second quarter, July-September, of FY22 despite the second wave of the COVID-19 pandemic, boosting hopes of a quicker recovery in consumer demand in the months ahead. Economy of the country has gained momentum during the quarter as demand in the economy gradually came back to normalcy after coronavirus related disruptions. The economy had contracted 7.5% in the same period last year.
The combined Index of Eight Core Industries stood at 136.2 in October 2021, which increased by 7.5% (provisional) as compared to the Index of October 2020. Final growth rate of Index of Eight Core Industries for July 2021 is revised to 9.9% from its provisional level 9.4%.
Manufacturing PMI:
The seasonally adjusted IHS Markit India Manufacturing Purchasing Managers' Index (PMI) increased to 57.6 in November from 55.9 in October, signalling the strongest improvement in the health of the sector for ten months. Moreover, the headline figure was well above its long-run average of 53.6.
GST Collection (November 2021):
The gross GST revenue collected in the month of November 2021 stood at Rs 1,31,526 crore of which CGST is Rs 23,978 crore, SGST is RS 31,127 crore, IGST is Rs 66,815 crore (including Rs 32,165 crore collected on import of goods) and cess is Rs 9,606 crore (including Rs 653 crore collected on import of goods).
For the second straight month gross GST collection crossed Rs 1.30 lakh crore. The revenues for the month of November 2021 are 25% higher than the GST revenues in the same month last year and 27% over 2019-20.
The government settled Rs 27,273 crore to CGST and Rs 22,655 crore to SGST from IGST as regular settlement. The total revenue of Centre and the States after regular settlements in the month of November 2021 is Rs 51,251 crore for CGST and Rs 53,782 crore for the SGST. Centre has also released Rs 17,000 crore to States/ UTs towards GST compensation.
Gainers & Losers:
IndusInd Bank (up 5.40%), Axis Bank (up 3.43%), Eicher Motors (up 3.10%), JSW Steel (up 2.98%) and Tech Mahindra (up 2.75%) were major gainers in Nifty 50 index.
Cipla (down 1.81%), Divi's Laboratories (down 1.78%), Indian Oil Corporation (IOCL) (down 1.77%), Dr Reddy's Laboratories (down 1.72%) and Oil & Natural Gas Corporation (ONGC) (down 1.51%) were major losers in Nifty 50 index.
Stocks in Spotlight:
Aurionpro Solutions hit an upper circuit limit of 5% at Rs 257.70 after the company said it bagged an order worth Rs 190 crore from High Court of Madhya Pradesh. The order is for complete digitisation and implementation of video surveillance systems and live audio-visual streaming system. This project comprises of supply, installation, commissioning and maintenance of Integrated Video Surveillance System (MPHC-IVSS) & Court Room Live Audio-Visual Streaming System (MPHC-CLASS) across 48 District and Session Courts and 160 Civil Courts under the High Court of Madhya Pradesh. The tenure of the project will include implementation followed by the maintenance & support for a period of 4 years.
Ashok Leyland rose 1.04%. The company's total commercial vehicle (CV) sales fell 2% to 10,480 units in November 2021 from 10,659 units sold in November 2020. On a sequential basis, the company's total CV sales fell 5.4% from 11,079 units sold in October 2021. While the total sales of medium & heavy commercial vehicles (M&HCV) rose 10% to 5,608 units, sales of light commercial vehicles (LCVs) declined 12% to 4,872 units in November 2021 over November 2020.
Global Markets:
Most Asian stocks were trading higher on Wednesday, 1 December 2021 following losses the day before that were triggered by renewed uncertainty on the omicron COVID-19 variant.
A private survey released Wednesday showed Chinese factory activity shrinking in November, with the Caixin/Markit manufacturing Purchasing Managers' Index coming in at 49.9 for that month. That was a decline from October's reading of 50.6.
US stocks tumbled Tuesday, reversing Monday's rebound on Wall Street, as investors reassessed risks associated with the new Covid variant, omicron. Major averages dropped to their session lows after Federal Reserve Chairman Jerome Powell said the central bank will discuss speeding up the bond-buying taper at its December meeting.
In an appearance before a Senate committee, the Fed chief said he thinks reducing the pace of monthly bond buys can move quicker than the $15 billion-a-month schedule announced earlier this month.
Meanwhile, Moderna CEO Stephane Bancel reportedly said that he expects existing vaccines to be less effective against the new variant. The CEO told there could be a “material drop” in the current vaccines' effectiveness against this variant. Bancel told on Monday that it could take months to develop and ship an omicron-specific vaccine.
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