The domestic equities reversed intraday gains and settled with sharp losses on Wednesday, 24 November 2021. The Nifty ended near 17,400 mark after hitting the day's high of 17,600.60 in afternoon trade. Auto and IT stocks tumbled while private banks and oil & gas stocks bucked the trend.

As per provisional closing data, the barometer index, the S&P BSE Sensex, dropped 323.34 points or 0.55% at 58,340.99. The Nifty 50 index lost 88.30 points or 0.50% at 17,415.05.

In the broader market, the S&P BSE Mid-Cap index shed 0.57% while the S&P BSE Small-Cap index rose 0.44%.

The market breadth was positive. On the BSE, 1,932 shares rose and 1,358 shares fell. A total of 140 shares were unchanged.

Meanwhile, Securities and Exchange Board of India (Sebi) postponed the implementation of the 50% cash-margin rule for futures and options (F&O) traders and credit-default swaps (CDS) segment to 28 February 2022, from the earlier deadline of 1 December 2021. The regulator cited investor interest, and market regulation and development as reasons for the deferment, in its recently issued circular.

Buzzing Index:

The Nifty Auto index fell 1.38% to 11,297.70. The index rose 0.67% in the last trading session.

Maruti Suzuki India (down 2.60%), Eicher Motors (down 2.57%), Balkrishna Industries (down 1.85%), Bosch (down 1.81%) and TVS Motor Company (down 1.63%) declined.

Stocks in Spotlight:

Coal India rose 1.82% after the state-run coal producer has informed BSE that a meeting of board of directors of the company will be held on November 29, 2021, inter-alia, to consider and approve payment of interim dividend for 2021-22, if any.

TVS Srichakra gained 0.71%. The company intimated that TVS Eurogrip has joined hands with four-time IPL champions Chennai Super Kings as the Principal Sponsor for the next three years (2022-2024).

Balaji Amines added 0.21%. The firm said that production in the DMF plant has started after carrying out all the rectifications. The DMF plant was shutdown on 6 October because of a minor incident.

Larsen & Toubro (L&T) lost 1.81%. On Tuesday, the construction major announced that it signed a Memorandum of Understanding (MoU) with Tamil Nadu Government to establish a data center at Kanchipuram, Tamil Nadu. As part of the MoU, L&T will establish 90 MW capacity data centers and associated units in a phased manner in Kanchipuram over the next 5 years. The company envisages to employ around 1,100 people (600 direct and 500 indirect) in the project. The Government of Tamil Nadu will provide uninterrupted power supply and other infrastructure support on a best-effort basis that will bring tangible economic and social benefits to the people of Tamil Nadu.

Bharti Airtel slipped 0.46%. Moody's Investors Service has revised Bharti Airtel's (Bharti) and its subsidiary Bharti Airtel Int'l (Netherlands) B.V.'s rating outlook to positive from stable. At the same time, Moody's has affirmed Bharti's Ba1 corporate family rating (CFR) and senior unsecured rating, as well as the Ba1 rating on the backed senior unsecured notes issued by Bharti Airtel Int'l (Netherlands) B.V.

Global Markets:

Shares in Europe and Asia were mixed on Wednesday, 24 November 2021. Investors monitored the latest data out of the euro zone and the region's latest COVID-19 surge. Investors continued to monitor the acute COVID-19 crisis in the region this week, with more countries considering stricter restrictions and partial lockdowns to curb rising infections.

In Asia, Singapore's economy grew 7.1% in the third quarter as compared with a year ago, according to the Ministry of Trade and Industry. It was higher than an earlier official advance estimate for 6.5% year-on-year (Y-o-Y) growth.

Japan's factory activity grew at the fastest pace in nearly four years in November. The au Jibun Bank Flash Japan Manufacturing Purchasing Managers' Index (PMI) rose to a seasonally adjusted 54.2, its fastest pace of expansion since January 2018.

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