Stock Market Live: Nifty, Sensex Fall Shortly After Open As ICICI Bank, RIL Share Prices Drag

The NSE Nifty 50 and BSE Sensex declined right after a muted open as ICICI Bank Ltd. and Reliance Industries Ltd. share prices dragged. The India rupee declined sharply to record low before the market opened also pressured the benchmark indices.

As of 09:17 a.m., the Nifty 50 was 79.05 points or 0.33% down at 24,052.05, and the Sensex was 353.16 points or 0.44% down at 79,449.63.

Stock Market Today: Nifty, Sensex Flat At Pre–Open

At pre–open, the NSE Nifty 50 was 0.04% higher at 24,410.85, and the BSE Sensex was 0.07% down at 79,743.87.

Rupee Weakens To Record Low Against US Dollar

Rupee weakened by 10 paise to a fresh low of 84.59 against US Dollar. The local unit opened at 84.58 against US Dollar. It closed at 84.49 on Friday, according to data on Bloomberg.

US Money Market Update: Dollar Index & US Treasury Yield Rise 

The dollar index regained its strength after snapping a eight–week winning session as the US President–elect Donald Trump warned BRICS nations that it will face 100% tariff in case it tries to replace the US currency.

The benchmark yield on the 10–year US Treasury note rose over 1% in Asia session on Monday due to Trump’s tariff threat.

As of 08:28 a.m., the dollar index was 0.50% higher at 106.28, and the yield on the10–year US Treasury note rose 4 basis points to 4.21%.

BRICS is an intergovernmental organisation comprises nine countries. Brazil, Russia, India, China, South Africa, Iran, Egypt, Ethiopia and the UAE.

Gold Prices Decline As Dollar Index, US Treasury Yields Rise 

Gold prices declined in Asia trade, snapping a two–day decline as the dollar index and US treasury yields rose. As of 08:27 a.m., the spot Gold price was 0.57% lower $2,628.98 an ounce.

A rise in the dollar index makes the bullion expensive for other currency holder, and a rise in the US Treasury yields makes it charm as a safe haven asset less attractive.

Oil Prices Rise As Demand Outlook Improves On China Recovery Hope 

Crude oil prices rose in Monday’s Asia session after the demand outlook brightened for the commodity on hopes of economic recovery in China, th second largest oil consumer country in the world.

Data showed factory activity expanded in China for second month in November, Reuters reported.

Moreover, geopolitical tension in the West Asia rose again as both the Israel and Lebanon accused each other of violating the ceasefire agreement.

As of 08:11 a.m., the brent crude’s January contract was 0.61% higher at $72.27 a barrel.

UBS On Tata Motors: Takeaways From UBS European Auto Head Call

  • Retain ‘Sell’ with a target price Rs 780, which implied a 1% downside.

  • Global Auto cos including premium brands face downside earnings risk in CY25

  • Downside risk led by geopolitical tensions, weak demand environment

  • German Carmakers indicate further margin compression in CY25

  • Don’t see Chinese EV penetration risk in Europe and USA

  • Global light vehicle production forecasted at 2% fall in CY24, 1% rise in CY25

  • JLR’s H225 guidance quite contrary to other car makers

  • JLR’s all EV strategy is a risky strategy given setbacks to Porsche and Volvo

Nuvama on Adani Ports & SEZ 

  • Maintain Buy with a target price Rs 1,960, which implied a 63.3% upside

  • Reiterated guidance of 1bnt handling volume by 2030

  • Revenue/EBITDA to grow at CAGR of 20%/18% in FY24–29

  • Logistics business expected to be key growth driver

  • Expect 46%/48% CAGR in revenue/EBITDA over FY24–29 for logistics

  • Net debt to EBITDA improved from 3.3x in FY21 to 2.0x in H1FY25

  • Cumulative OCF of Rs 1.3 lk cr in FY24–29 to cover capex and debt repayments

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Stock Market Today: Goldman Sachs On HUL

  • Rates Neutral with a target price of Rs. 2,775, which implied a 11% upside.

  • Expects HUL’s earnings growth to lag gowth as compare to peers

  • HUL’s slower growth on account of:

Rise in competition in beauty care

Health food drinks segment initiatives around distribution and low price points yet to revive

Most Asian Stocks Gain 

Most markets in Asia–Pacific were trading higher on Monday, tracking gains on Wall Street. The S&P ASX 200 and KOSPI were trading 0.3% and 0.19% higher, respectively as of 07:25 a.m.

Bucking the trend, the Nikkei 225 was 0.4% down as of 07:25 a.m.

US Market Update: Stocks End Friday’s Short Session Higher 

US stocks ended higher in a short Black Friday session as technology stocks rose.The Dow Jones Industrial Average and S&P 500 ended 0.42% and 0.52% higher, respectively. The Nasdaq Composite ended 0.52% higher.

GIFT Nifty Near 24,300; Cipla, Coal India, KEC International, RVNL Share Prices In Focus

The GIFT Nifty was trading above 24,300 in early trade on Monday. Cipla Ltd., Coal India Ltd., KEC International Ltd., and Rail Vikas Nigam Ltd. share prices are in focus.

The GIFT Nifty was trading 0.12% or 28.50 points lower at 24,371.00 as of 6:51 a.m.

The indices recovered from their steep falls in the previous session as Bharti Airtel Ltd. and Reliance Industries Ltd. shares contributed the most. They had witnessed steepest intraday fall in over last three weeks on Thursday.

The Nifty ended 0.91% or 216.95 points higher at 24,131.10 and Sensex closed 0.96%, or 759.05 points up at 79,802.79.

. Read more on Markets by NDTV Profit.Rupee weakened by 10 paise to a fresh low of 84.59 against US Dollar. Get live updates on Indian stock markets here on Dec. 2.  Read MoreMarkets, Notifications 

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