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Budget News

  • Nifty hovers above 17,100 mark; breadth strong
  • November 30,2021  13:35
  • The benchmark indices were trading with modest gains in afternoon trade. The Nifty was trading above 17,100 level. Gains were capped as the Dow Jones index futures were down 385 points, indicating a negative start in US stock market today.

    At 13:30 IST, the barometer index, the S&P BSE Sensex, was up 246.58 points or 0.43% at 57,507.16. The Nifty 50 index was up 65.45 points or 0.38% at 17,119.40.

    Tata Consultancy Services (TCS) (up 2.06%), Bajaj Finance (up 2.38%) and Axis Bank (up 1.98%) boosted the indices.

    Broader market was trading firm. The S&P BSE Mid-Cap index rose 1.19%. The S&P BSE Small-Cap index gained 1.51%.

    Buyers outpaced sellers. On the BSE, 2,054 shares rose and 1,125 shares fell. A total of 142 shares were unchanged.

    Economy:

    India's Q2 GDP numbers are slated for release later today, 30 November 2021.

    Winter Session of Parliament:

    The Lok Sabha has been adjourned till 14:00 IST amid ruckus by Opposition members. As soon as the house met for the day, DMK and Congress members tried to raise farmers' issues. TRS members trooped to the well of the house raising slogans. As sloganeering took place, Speaker Om Birla asked Opposition members to remain quiet.

    Members of Congress and other Opposition parties walked out of the house in support of the 12 Rajya Sabha Members who were suspended yesterday for remaining part of the current session. Later, the Speaker adjourned the house till 14:00 IST.

    Parliament passed the Farm Laws Repeal Bill, 2021, with the Lok Sabha and the Rajya Sabha approving it on the first day of the Winter Session yesterday. The bill seeking to withdraw the three farm bills was moved in Lok Sabha by Agriculture Minister Narendra Singh Tomar amid ruckus by the Opposition. It was passed in the Lower House without discussion as Speaker Om Birla said debate is not possible in a noisy scene.

    The three Laws sought to be repealed include the Farmers (Empowerment and Protection) Agreement on Price Assurance and Farm Services Act, 2020, the Farmers' Produce Trade and Commerce (Promotion and Facilitation) Act, 2020 and the Essential Commodities (Amendment) Act, 2020.

    The Winter Session of Parliament began on Monday. It is scheduled to conclude on 23rd December. The Session will be spread over a period of 25 days and will have 19 sittings. Thirty-Six Bills and one financial item have been identified for being taken up during the Session.

    Gainers & Losers:

    Power Grid Corporation of India (up 2.87%), Bajaj Finserv (up 2.21%), Bajaj Finance (up 2.12%), Nestle India (up 2.11%) and SBI Life Insurance Company (up 1.95%) were major gainers in Nifty 50 index.

    Kotak Mahindra Bank (down 1.81%), Tata Steel (down 1.79%), Adani Ports & Special Economic Zones (APSEZ) (down 1.37%), Coal India (down 1.33%) and Oil & Natural Gas Corporation (ONGC) (down 1.28%) were major losers in Nifty 50 index.

    Stocks in Spotlight:

    Union Bank of India rose 0.23%. The Reserve Bank of lndia (RBI) has imposed a total penalty of Rs 1 crore on Union Bank of India for violating certain provisions related to sale of stressed assets and reporting of frauds. The RBI under Section 47A (l) (c) along with Section 46(4)(i) and Section 51 (1) of the Banking Regulation Act, 1949, has imposed a penalty of Rs 50 lakh for each section (aggregating to Rs 1 crore) on the bank under Reserve Bank of lndia (Frauds Classification and Reporting by Commercial Banks and select FIs) Directions, 2016 and 'Guidelines on Sale of Stressed Assets by Banks.'

    ITI rallied 2.81% after the company installed a 100 KW (kilo-watt) capacity captive rooftop solar power plant in Lucknow, Uttar Pradesh on 16 November 2021. The installed rooftop solar power plant has been set up using solar panels which have been manufactured at ITI's state-of-the-art solar panel manufacturing facility at Naini (Prayagraj), Uttar Pradesh.

    Global Markets:

    Asian indices were mixed on Tuesday, 30 November 2021, as Japanese stocks led gains regionally, with investors reacting to the release of Chinese factory activity data for November.

    China's factory activity unexpectedly picked up in November, growing for the first time in three months as raw material prices fell and power rationing abated. The official manufacturing Purchasing Manager's Index (PMI) was at 50.1 in November, up from 49.2 in October, data from the National Bureau of Statistics showed.

    Investors in the region also continued to track any developments surrounding the omicron variant, which the World Health Organization said is likely to spread further and poses a very high global risk.

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