Top news today as stock market opens on December 1

BSE Sensex rose 87 points to 66,988, while the Nifty50 was up 37 points at 20,133 and formed a small-bodied bullish candlestick pattern with a long lower shadow on the daily timeframe, indicating the buying interest at lower levels.

Key support and resistance levels on the Nifty

The pivot point calculator indicates that the Nifty is likely to see immediate resistance at 20,157, followed by 20,191 and 20,245, while on the lower side, it can take support at 20,048, followed by 20,014 and 19,960 levels.

Key support and resistance levels on Nifty Bank

According to the pivot point calculator, the index is anticipated to encounter resistance levels at 44,695, 44,816, and 45,011. Conversely, on the downside, it is expected to find support at 44,306, 44,185, and 43,990.

India Q2 GDP growth at 7.6%, sharply above forecasts

India’s Gross Domestic Product (GDP) growth rate came in at 7.6 percent for July-September, beating all estimates, data showed.

At 7.6 percent, the latest quarterly growth number is significantly higher than expectations.

The last quarter’s higher-than-expected growth was driven by significant increases in manufacturing and construction activity.

The manufacturing sector’s gross value added (GVA) grew by 13.9% (up from 4.7% in the previous quarter). The construction sector rose by 13.3% (compared to 7.9% in the previous quarter).

Stocks on the radar

• Flair Writing Industries: The debut of the writing instruments manufacturing company on the BSE and NSE is slated for December 1. The issue price fixed at Rs 304 per share.
• Biocon: Subsidiary Biocon Biologics has completed the integration of the Viatris’ biosimilars business in 31 European countries. The subsidiary acquired all the global biosimilar business of Viatris in November 2022.
• Whirlpool of India: Promoter Whirlpool Corporation intends to enter into one or more transactions to sell up to 24 percent of its ownership interest in Whirlpool of India in 2024. It expects to use transaction proceeds to reduce debt levels, which will enhance balance sheet flexibility.
• Power Grid Corporation of India: The government-owned electric services company has emerged as the successful bidder for the establishment of two inter-state transmission system projects in Rajasthan.
• LTIMindtree: Metasphere, a specialist in wastewater applications, has selected the technology consulting and digital solutions company as its strategic partner to scale the smart sewers management platform.

FII and DII data

According to provisional data from the National Stock Exchange, foreign institutional investors purchased shares amounting to Rs 8,147.85 crore. Domestic institutional investors sold stocks worth Rs 780.32 crore on November 30.

Dow rallies to year’s highest close

The Dow Jones Industrial Average wrapped up the month on a strong note, reaching its highest level since January 2022. It capped off a significant and positive period for the stock market. Investors interpreted cooling inflation data as a signal of potential Federal Reserve monetary policy easing, contributing to the positive market sentiment.

The Dow Jones Industrial Average rose 520.47 points, or 1.47%, to 35,950.89, the S&P 500 gained 17.22 points, or 0.38%, at 4,567.8 and the Nasdaq Composite dropped 32.27 points, or 0.23%, to 14,226.22.

_{Disclaimer: The information provided in this blog post is for informational purposes only and should not be construed as investment or trading advice. The author is not a financial advisor and does not have any professional qualifications in this area. The author does not guarantee the accuracy or completeness of the information provided. Any action you take based on the information in this blog post is done at your own risk. Please consult with a financial advisor before making any investment decisions.}