The domestic equity markets nudged lower in early trade. The Nifty was trading below the 17,200 level. At 09:22 IST, the barometer index, the S&P BSE Sensex, was down 70.97 points or 0.12% to 57,625.49. The Nifty 50 index lost 41.30 points or 0.24% to 17,155.40.
In the broader market, the S&P BSE Mid-Cap index rose 0.29% while the S&P BSE Small-Cap index added 0.30%.
The market breadth was strong. On the BSE, 1550 shares rose and 992 shares fell. A total of 147 shares were unchanged.
The Reserve Bank of India (RBI)'s Monetary Policy Committee (MPC) is scheduled to meet during 6 to 8 December 2021. MPC's interest rate decision will be disclosed on Wednesday, 8 December 2021. In the previous meeting, MPC kept the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 4%.
Stocks in Spotlight:
Tech Mahindra rose 1.08% to Rs 1610.15. The IT firm announced has the acquisition of 100% stake in US-based Activus Connect, a provider of work at home customer experience management solutions. For the financial year ended 31 December 2020, it recorded revenue of $17 million.
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Godrej Properties advanced 1.85% to Rs 2060.65. The company said that it has entered into a Joint venture with TDI group to develop an ultra-luxury residential project in Connaught Place, one of the most premium location within the Central Business District of New Delhi.
Lupin rose 0.31% to Rs 875.85. The pharmaceuticals maker has entered into an exclusive distribution and marketing agreement with Biomm SA in Brazil. Under the terms of agreement, Biomm will distribute and market biosimilar Pegfilgrastim in Brazil.
Global markets:
Asian stocks are trading lower on Monday as Omicron emerged in more countries and investors faced a week-long wait for key U.S. inflation figures that could settle the course of interest rates.
Wall Street's major indexes closed lower on Friday, with the Nasdaq leading the declines as investors bet that a strong jobs report would not slow the Federal Reserve's withdrawal of support while they grappled with uncertainty around the Omicron coronavirus variant.
US employers added 210,000 jobs last month, a U.S. Labor Department report showed Friday. But average hourly earnings over the past 12 months rose 4.8%, the unemployment rate dropped to 4.2%, and the workforce grew by the most in 13 months.
Meanwhile, the World Health Organization on Friday said the Covid omicron variant has been detected in 38 countries, up from 23 two days ago, with early data suggesting the strain is more contagious than delta.
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