The benchmark indices were trading with modest gains in afternoon trade. At 13:30 IST, the barometer index, the S&P BSE Sensex, surged 361.36 points or 0.63% at 57,468.51. The Nifty 50 index jumped 91.54 points or 0.54% at 17,118.15.
Reliance Industries (RIL) (up 2.34%), Tata Consultancy Services (TCS) (up 1.98%) and Infosys (up 0.69%) boosted the indices.
The broader market was trading lower. The S&P BSE Mid-Cap index fell 0.37%. The S&P BSE Small-Cap index lost 1.13%.
Sellers outnumbered buyers. On the BSE, 1,010 shares rose and 2,309 shares fell. A total of 174 shares were unchanged.
COVID-19 Update:
On 26 November 2021, World Health Organization designated the variant B.1.1.529 a variant of concern, named Omicron. WHO said that it is not yet clear whether Omicron is more transmissible (e.g., more easily spread from person to person) compared to other variants, including Delta. The number of people testing positive has risen in areas of South Africa affected by this variant, but epidemiologic studies are underway to understand if it is because of Omicron or other factors.
Commenting on the severity of the new variant, WHO said that it is not yet clear whether infection with Omicron causes more severe disease compared to infections with other variants, including Delta. However, preliminary data suggests that there are increasing rates of hospitalization in South Africa, but this may be due to increasing overall numbers of people becoming infected, rather than a result of specific infection with Omicron.
Meanwhile, India reported 236 fatalities in the last 24 hours. According to the Union Health Ministry, the number of active cases in the country have declined to 1,03,859.
Winter Session of Parliament:
The Winter Session of Parliament will begin from today. It is scheduled to conclude on 23rd December. The Session will 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.
Today, Farm Laws Repeal Bill 2021 has been listed for introduction and passing in the Lok Sabha. The Bill will repeal 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, the Essential Commodities (Amendment) Act, 2020 and to amend the Essential Commodities Act, 1955.
Other important Bills which are listed in business schedule include the Cryptocurrency and Regulation of Official Digital Currency Bill, the Insolvency and Bankruptcy (Second Amendment) Bill and the Banking Laws (Amendment) Bill.
The Electricity (Amendment) Bill, The National Anti-Doping Bill and the Pension Fund Regulatory and Development Authority (Amendment) Bill will also be taken up during the session.
In Financial Business, the Second Batch of Supplementary Demands for Grants for the 2021-22 has been listed for discussion and voting. Three bills will also be taken up to replace the ordinances promulgated during inter-session.
Gainers & Losers:
Hindalco Industries (up 2.94%), HCL Technologies (up 2.29%) and Bajaj Finserv (up 1.79%) were major gainers in Nifty 50 index.
ONGC (down 2.14%), Hero MotoCorp (down 1.95%), Adani Ports & Special Economic Zones (APSEZ) (down 1.78%), UPL (down 1.66%) and NTPC (down 1.44%) were major losers in Nifty 50 index.
Stocks in Spotlight:
Asian Paints rose 0.37%. On Monday, the paint manufacturer informed that it will invest Rs 960 crore to expand its existing manufacturing capacity at company's Ankleshwar facility situated in Gujarat. The company has signed a memorandum of understanding with the Government of Gujarat commencing the proposed expansion of manufacturing capacity of paint from 1,30,000 kilo litre to 2,50,000 kilo litre and resins and emulsions from 32,000 metric ton to 85,000 metric ton, Asian Paints said in a regulatory filing.
The said expansion is to be completed over a period of next 2 -3 years at a total investment of Rs 960 crore (approx.) on plant and machinery at the current prevailing prices. The expansion will be carried out on the existing land owned by the company.
Shakti Pumps (India) soared 9.03% after the company said its board approved incorporating a wholly owned subsidiary to foray in electric vehicles (EV) segment. The board of Shakti Pumps (India) on 29 November 2021 approved the incorporation of wholly owned subsidiary to foray in segment of EV motor, EV charger, EV controller, multi application variable-frequency drive (VFD) for automobiles.
Global Markets:
Asian stocks declined across the board on Monday, 29 November 2021, as investors in the region continue to watch for developments surrounding the recently discovered omicron COVID-19 variant. Britain and European countries have restricted travel from southern Africa, where the variant was detected.
WHO said in a Sunday statement that it was still unclear whether infection with the omicron COVID-19 variant causes more severe disease as compared with other strains, including delta.
US stocks dropped sharply on Friday as a new COVID-19 variant found in South Africa triggered a global shift away from risk assets. Friday was a shortened trading day because of the Thanksgiving holiday.
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