Rupee pares initial losses, settles 2 paise up at 74.40 against USD

Pre-market Movers: RMTI, ENSC, PROG, MULN, SPI…

The following are some of the stocks making big moves in Wednesday’s pre-market trading (as of 07.05 A.M. ET).

In the Green

Rockwell Medical, Inc. (RMTI) is up over 45% at $0.70
Ensysce Biosciences, Inc. (ENSC) is up over 22% at $1.86
Progenity, Inc. (PROG) is up over 19% at $5.78
Mullen Automotive, Inc. (MULN) is up over 17% at $15.40
SPI Energy Co., Ltd. (SPI) is up over 17% at $7.24
Asia Pacific Wire & Cable Corporation Limited (APWC) is up over 16% at $3.12
Bakkt Holdings, Inc. (BKKT) is up over 10% at $21.11
Camber Energy, Inc. (CEI) is up over 9% at $1.22
Innoviz Technologies Ltd. (INVZ) is up over 8% at $6.43
Bit Brother Limited (BTB) is up over 6% at $1.90

In the Red

Cyclo Therapeutics, Inc. (CYTH) is down over 17% at $6.03
Atea Pharmaceuticals, Inc. (AVIR) is down over 14% at $9.75
PAVmed Inc. (PAVM) is down over 13% at $4.28
DLocal Limited (DLO) is down over 12% at $41.00
CNS Pharmaceuticals, Inc. (CNSP) is down over 9% at $1.16
Creative Realities, Inc. (CREX) is down over 8% at $2.24
Bilibili Inc. (BILI) is down over 7% at $82.69
Second Sight Medical Products, Inc. (EYES) is down over 7% at $3.14
BIMI International Medical Inc. (BIMI) is down over 7% at $0.93
Altamira Therapeutics Ltd. (CYTO) is down over 5% at $2.22

International flight services to normalise very soon: Civil Aviation Secretary Rajiv Bansal

Currently, India has air bubble arrangements with more than 25 countries for operating international flights

International passenger flight services are expected to be normalised “very soon” and possibly by the end of this year, Civil Aviation Secretary Rajiv Bansal said on November 24.

Scheduled international passenger flights to and from India remain suspended since March 2020 amid the coronavirus pandemic. The suspension has been extended till November 30.

Normalisation of international flights is expected “very soon” and by the end of this year, Mr. Bansal said in New Delhi.

Currently, India has air bubble arrangements with more than 25 countries for operating international flights.

Under an air bubble arrangement between two countries, international passenger flights can be operated by their respective carriers into each other’s territories subject to certain conditions.

Last week, Civil Aviation Minister Jyotiraditya Scindia said the government was evaluating the process for normalising international operations and asserted that it wants to return to normalcy while keeping in mind the coronavirus pandemic situation in certain parts of the world.

“I am all for regaining our space in the civil aviation arena in the world and making a hub in India and for more wide body aircraft. We will get there but bear with me and trust me, I am on your side. We will work together but in a safe environment,” he had said.

Sensex plunges 323 points in late sell-off; Infosys, RIL top drags

Likewise, the NSE Nifty fell 88.30 points or 0.5% to end at 17,415.05

Market benchmark Sensex tumbled over 323 points after an intense last-hour sell-off on Wednesday, triggered by losses mainly in index heavyweights Infosys, Reliance and HDFC.

After trading in the green for most part of the session, the BSE gauge settled 323.34 points or 0.55% lower at 58,340.99 — marking its fifth decline in the last six days.

Likewise, the NSE Nifty fell 88.30 points or 0.5% to end at 17,415.05.

On the Sensex chart, Maruti, Infosys, Tech Mahindra, ITC, Reliance, L&T, UltraTech Cement and HDFC were the major losers, dropping as much as 2.62%.

On the other hand, ICICI Bank, NTPC, Kotak Bank, Bajaj Finance, and PowerGrid closed with gains.

Of the Sensex constituents, 22 shares ended in the red.

Elsewhere in Asia, stock markets closed with moderate to deep losses, tracking a rise in U.S. bond yields and volatility in global crude oil prices in the wake of price-cooling efforts by the U.S. and other countries.

Offloading of shares by foreign institutional investors continued on Tuesday, as they sold shares worth ₹4,477.06 crore on a net basis.

Oil Slips In Choppy Trade

Oil prices held steady on Wednesday amid skepticism about the effectiveness of a U.S.-led release of oil from strategic reserves.

Benchmark Brent crude futures slipped 0.2 percent to $82.11 a barrel, while WTI crude futures were down 0.1 percent at $78.39.

Oil prices rebounded from earlier losses to end sharply higher at a one-week high on Tuesday after major oil-consuming economies announced a smaller-than-expected release from their strategic petroleum reserves.

The United States said it would release 50 million barrels from the U.S. Strategic Petroleum Reserve (SPR), which will start hitting the market in mid to late December.

The decision came after OPEC+ producers repeatedly ignored calls for more crude output.

India has decided to release 5 million barrels of crude oil from its SPR, which is equivalent to a day of oil consumption by the country.

Tokyo plans to release oil reserves that exceed its target of storage in value of 160 days of consumption.

China will release crude oil from state reserves according to its own actual needs, a foreign ministry spokesman said today, adding that the country was in close communication with oil-producing and oil-consuming countries to ensure the long-term stability of the oil market.

Traders look ahead to the weekly oil report from the U.S. Energy Information Administration after American Petroleum Institute figures reportedly showed a build of 2.31M barrels of oil for the week ending November 19.

Rupee pares initial losses, settles 2 paise up at 74.40 against USD

The dollar index advanced 0.22% to 96.70

The rupee recovered its initial losses and settled 2 paisa up at 74.40 (provisional) against the U.S. dollar on Wednesday, ahead of the release of the minutes of the latest Federal Reserve meeting.

At the interbank forex market, the local unit opened on a weak note at 74.53 against the greenback and witnessed an intra-day high of 74.31 and a low of 74.54.

It finally ended at 74.40 against the American currency, registering a gain of just 2 paise over its previous close of 74.42.

According to Emkay Global Financial Services, the forex market is stuck in a lacklustre trading range, with focus being on Fed minutes and a slew of U.S. economic data.

"Only an upbeat data with marginally hawkish Federal Open Market Committee (FOMC) minutes will bolster the case that the US consumer is in good shape and increase bets for an earlier than expected rate hike, appreciating the USD-INR spot," it said.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, advanced 0.22% to 96.70.

Brent crude futures, the global oil benchmark, fell 0.24% to $82.11 per barrel.

Foreign institutional investors were net sellers in the capital market on Tuesday as they offloaded shares worth ₹4,477.06 crore, as per exchange data.