STATE OF THE MARKETS

[Pages:3]FACTORS TO WATCH 10:00 am: Tega Industries IPO opens for subscription, Star Health and Allied Insurance IPO subscription continues. 11:00 am: Bank of Baroda Managing Director and Chief Executive Sanjiv Chadha at a press conference post the launch of a green ride initiative. 11:30 am: DIPAM Secretary Tuhin Kanta Pandey, Joint Secretary Parama Sen at the virtual launch of Bharat Bond Exchange Traded Fund. 12 noon: RateGain Travel Technologies virtual press conference on forthcoming initial public offering.

PROMOTION LIVECHAT-REUTERS GLOBAL MARKETS FORUM CP Gurnani, Chief Executive Officer & Managing Director at Tech Mahindra, joins the forum to discuss the future of smart cities, the ramifications of ultrafast, low latency 5G connectivity and the possible effects of new COVID-19 variants on the tech industry. To join the conversation at 9:00 am IST, click here

INDIA TOP NEWS India grows fastest among major economies, Omicron risks seen India grew at the fastest pace of any major economy in the July-September quarter but economists said disruptions from the emerging Omicron coronavirus variant risked slowing the recovery, especially given India's low vaccination rates.

POLL-Indian stocks unlikely to recoup recent losses, correction likely Indian equities will not recoup recent losses until after mid-2022 on worries over COVID-19 resurgence and global monetary policy tightening, according to a Reuters poll of strategists which showed a correction was likely in the next six months.

EXCLUSIVE-India faces record fertiliser subsidy in 2021/22 India plans to increase 2021/22 fertiliser subsidies to a record of more than 1.55 trillion rupees to avoid shortages amid a sharp increase in global prices of the chemicals, sources familiar with the matter said.

India's top carmaker flags drop in December output on chip crunch Maruti Suzuki India said on Tuesday vehicle production at two of its manufacturing locations in the country could be around 80% to 85% of normal capacity in December due to the ongoing semiconductor shortages.

India promises more COVID-19 shots to Omicron-hit Africa after Chinese move India stands ready to "expeditiously" send more COVID-19 vaccine to Africa to help fight the Omicron variant, New Delhi said late on Monday after China pledged 1 billion doses to the continent.

India advises states to step up COVID testing; Mumbai delays school reopening India's health ministry said on Tuesday states should ramp up COVID-19 testing as the world battles the new coronavirus variant Omicron, while some cities delayed the reopening of schools as a precautionary measure.

GLOBAL TOP STORIES Officials offer vaccine reassurance; WHO advises against travel bans The World Health Organization warned countries on Tuesday not to impose blanket travel bans over the new Omicron coronavirus variant as governments and scientists try to determine how much protection current vaccines would offer against the strain.

China's November factory activity slips back into contraction - Caixin PMI China's factory activity fell back into contraction in November as subdued demand, shrinking employment and elevated prices weighed on manufacturers, a business survey showed.

Powell places faster bond-buying taper on Fed's Christmas table U.S. central bankers in December will discuss whether to end their bond purchases a few months earlier than had been anticipated, Federal Reserve Chair Jerome Powell said on Tuesday, pointing to a strong economy, stalled workforce growth, and high inflation that is expected to last into mid-2022.

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STATE OF THE MARKETS SGX Nifty nearest-month futures were trading 0.2% higher at 17,102.50. - NewsRise

The Indian rupee may climb versus the dollar today amid a muted response in Asia trade to Federal Reserve Chair Jerome Powell's indication that the U.S. central bank may bring its bond purchase program to a quicker end. - NewsRise

Indian sovereign bond yields are seen steady in early trade after data showed the nation's second-quarter economic growth was in line with forecasts. The yield on the benchmark 6.10% bond maturing in 2031 may trade in the 6.30%-6.36% range. - NewsRise

Wall Street's main indexes closed lower on Tuesday after Federal Reserve Chair Jerome Powell signaled that the U.S. central bank would consider speeding up its withdrawal of bond purchases as inflation risks increase, piling pressure onto a market already nervous about the latest COVID-19 variant.

Asian stocks rose from a one-year low as U.S. share futures and oil recovered from the previous day's selloff, but uncertainty over the impact of the Omicron coronavirus variant kept investors on edge.

The safe-haven yen held steady, while the risk-sensitive Australian dollar languished near a one-year low after Federal Reserve Chair Jerome Powell signalled a faster taper of stimulus despite the risks around the Omicron COVID-19 variant.

Testimony by Federal Reserve Chair Jerome Powell on Tuesday struck a hawkish chord in the U.S. Treasury market, pushing up shorter-term yields, which had fallen earlier in the session as part of an across-the-curve rally sparked by concerns over the Omicron coronavirus variant.

Oil prices clawed back some losses after steep falls in the previous session, as major producers prepared to discuss how to respond to the threat of a hit to fuel demand from the Omicron variant.

Gold edged higher, hovering close to a one-month low, after the U.S. Federal Reserve Chair Jerome Powell said the central bank would discuss ending its bond purchases sooner.

PNDF spot 10-yr bond yield

CLOSE 75.07/75.1 6.326%

FII INVESTMENTS November 30 Month-to-date Year-to-date

EQUITIES (3,643.08) crores (5,945) crores 44,778 crores

DEBT 522.24 crores 983 crores 1,440 crores

(FII investment numbers are in Indian rupees. Source: National Securities Depository Limited)

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PICTURE OF THE DAY

Paramilitary women soldiers try to detain the supporters of the women's wing of India's main opposition Congress Party during a protest against what they say is rising inflation in the country, in New Delhi, November 30. REUTERS/Anushree Fadnavis

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