Market opens on weak note; breadth weak

The benchmark indices are trading on a weak note in early trade on selling pressure in index pivotals. The Nifty index hovered below 17,300 mark. Asian stocks are trading lower. Concerns of a new virus variant weighed on the sentiment.

At 9:30 IST, the barometer index, the S&P BSE Sensex, dropped 540.30 points or 0.92% at 58,254.79. The Nifty 50 index lost 248.70 points or 1.42% at 17,287.55.

In the broader market, the S&P BSE Mid-Cap index declined 1.09% while the S&P BSE Small-Cap index shed 0.65%.

The market breadth was weak. On the BSE, 944 shares rose and 1,617 shares fell. A total of 79 shares were unchanged.

As per provisional data, Foreign portfolio investors (FPIs) sold shares worth Rs 2,300.65 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,367.80 crore in the Indian equity market on 25 November 2021.

Stocks in Spotlight:

Nazara Technologies declined 2.26%. The company has acquired 7,670 equity shares of Rs 10 each of OpenPlay Technologies and has paid the consideration by way of issue and allotment of 6,48,125 equity shares of Rs 4 each of the company to Unnati Management Consultants LLP. With this, the acquisition of equity shares of OpenPlay as per the acquisition agreement is completed and the company now holds 100% of the issued and paid up share capital of OpenPlay.

Engineers India advanced 2.72% after the company and Chempolis OY, Finland signed a strategic alliance for conversion of biomass to green fuels.

Mazagon Dock Shipbuilders slipped 0.02%. The Indian Navy commissioned the Fourth Scorpene Class Submarine i.e. (INS Vela) built by Mazagon Dock Shipbuilders on 25 November 2021.

Greenlam Industries surged 16.22% after the company scheduled a board meeting on 13 December 2021 to consider sub-division of equity shares.

Global Markets:

Asian stocks declined across the board on Friday, 26 November 2021 as a new virus variant added to swirling concerns about future growth and higher US interest rates.

The World Health Organization officials said Thursday they are monitoring a new variant with "a large number of mutations." A special meeting is scheduled for Friday to discuss its implications for vaccines and treatments. The variant, called B.1.1.529, has been detected in South Africa in small numbers, according to the WHO.

Markets in the U.S. were closed on Thursday for the Thanksgiving holiday.

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