Morning Update :– BPCL, Adani Ports, Maruti Suzuki, Dr Reddy’s Labs, and Asian Paints were among the major gainers on the Nifty, while Bharti Airtel, HUL, ONGC, Apollo Hospitals, and Axis Bank were among the major losers.
Sensex – loss -262 Points at 69,390
Nifty 50 – loss -66 Points at 20,871
Indian Market
FII AND DII
| FII Sold | 79.88 Cr |
| DII Bought | 1,372.18 Cr |
Indian Market News
- On negative global indications, Sensex and Nifty are set to open lower; GIFT Nifty is down.
- Wall Street closes down as buyers consider the most recent job statistics.
- Euro close to three-week low, dollar stable, with rate-cut bets increasing
- Oil prices rebound from their six-month lows.
- As investors evaluated trade statistics from China and Australia, Asian markets were trading down, following Wall Street’s actions.
- Deutsche Bank predicts that the RBI won’t lower rates until June.
- Components of the BSE and NSE GIFT City will unite by January 2024; direct listing by April
- Warburg Pincus is expected to offer a $100 million block deal for 1.3% of IDFC First Bank.
- Warburg Pincus is expected to use a block deal to sell its interest in Bharti Airtel.
- Network 18 will combine TV18 and E18
- Shree Cement intends to place a bid in the lithium auction.
- Dr. Reddy inks agreement with Coya for ALS experimental treatment
- Prices for passenger and commercial vehicles will increase by Mahindra & Mahindra starting in January 2024.
Global Markets updates
GIFT Nifty
The GIFT Nifty, which lost 50 points, or 0.24 percent, suggests that the Indian index as a whole is off to a bad start. The 21,046.50 level was the trading range for the Nifty futures.
US Markets
Megacaps and energy shares led the decline in U.S. stocks on Wednesday’s closing bell, while indications of a cooling labour market furthered predictions that the Federal Reserve may begin reducing interest rates early in the upcoming year.
The S&P 500 finished at 4,549.34 points, down 0.39%.
The Dow Jones Industrial Average (.DJI) dropped 0.19% to 36,054.43, while the Nasdaq Composite Index (.IXIC) dropped 0.58% to 14,146.71.
Asian Markets
Asian markets were trading lower, matching Wall Street’s decline, as investors weighed trade data from China and Australia.The Nikkei 225 fell 1.2 percent, while the Kospi fell 0.5 percent.
Dollar Index
The U.S. dollar reached a two-week high on Wednesday, while the euro was weak due to increased bets on the European Central Bank’s interest rate cut as early as March. Despite pricing at least 125 basis points of interest rate cuts from the U.S. Federal Reserve next year, the dollar held steady as rate cut bets for other central banks intensified. The dollar index was last down 0.01% at 103.95.
Gold Prices
Gold rose on Wednesday as Treasury yields fell, stabilising following a sharp drop from a record high earlier this week, as investors awaited the U.S. employment data for more hints on how soon interest rates would rise.
By 10:13 a.m. ET (1513 GMT), spot gold was up 0.3% to $2,025.09 per ounce. Gold futures in the United States rose 0.3% to $2,043.10.
News Updates
RBI unlikely to lower rates before June: Deutsche Bank
The Reserve Bank-led Monetary Policy Committee (MPC) is unlikely to modify repo rates till June next year, according to a foreign brokerage report.The bi-monthly MPC meeting commenced on December 6 and the decision on rates will be published on December 9.According to the study by Deutsche Bank, the interest rate cycle appears to have peaked and the Reserve Bank of India (RBI) is unlikely to opt for future hikes, unless absolutely essential. The rate is likely to be decreased in June, it said.The RBI hiked the repo rate last on February 23, when it was raised to 6.5 percent.
BSE, NSE GIFT City units to be combined by Jan 2024; direct listing by April
The two functioning international exchanges at GIFT City — BSE’s India INX and NSE’s International Exchange — would be amalgamated by January end, said IFSCA chairperson K Rajaraman on December 6.”The process is in the advanced stage and the merger should be completed in a month,” he said while addressing to the media on the sidelines of the event.The move is expected to produce increased volumes in Gifty City exchanges.
Shree Cement aims to bid in lithium auction
Shree Cement aims to bid for lithium mining rights under a government strategy to secure vital minerals output through auctions that are estimated to raise more than $5 billion.A source with direct knowledge of the situation told Reuters the company would seek for the rights to lithium mining blocks in Jammu and Kashmir, the federally administered territory where an estimated 5.9 million tonnes of reserves were found in February. Shree Cement, India’s second biggest cement business by market capitalisation, will also bid for blocks in the eastern state of Chhattisgarh, said the source, who asked not to be identified because to the commercial sensitivities
Stocks in news
IRCON International: On December 7-8, the Government of India will conduct an offer-for-sale (OFS) to sell 7.52 crore equity shares, or eight percent of the infrastructure business, at a floor price of Rs 154 per share.
Dr. Reddy’s Laboratories: Coya Therapeutics Inc. and its subsidiary, Dr. Reddy’s Laboratories SA, have partnered to develop and licence COYA 302, an experimental combination medication, for the treatment of amyotrophic lateral sclerosis (ALS).
Bharat Electronics: The Indian Army has placed an order of Rs 580 crore with Bharat Electronics, a state-owned defence industry, for the AMC of radars. Since the last declaration on September 15, 2023, it has also received orders totaling Rs 3,335 crore. Thus far in FY24, BEL has accumulated orders valued at Rs 18,298 crore.
One 97 Communications: In collaboration with big banks and NBFCs, the Paytm operator will grow its clientele even more by introducing higher-end personal and merchant loans. These loans will be directed towards lower-risk and highly credit-worthy consumers.
IDFC First Bank: According to sources cited by CNBC-TV18, Clover dell Investment, a subsidiary of international private equity company Warburg Pincus, is anticipated to sell a 1.3 percent share in the bank through a block deal. A $100 million deal with a floor price of Rs 85.7 per share is possible.
TV18 Broadcast: A Scheme of Arrangement was launched between TV18 Broadcast and Network18 Media & Investments. TV18 and e-Eighteen.com (E18), which runs the Moneycontrol website, will combine with Network18 in accordance with the plan.
Adani Ports and Special Economic Zone: The Adani Group company announced that its Board of Directors will convene on December 12 to discuss the issuance of non-cumulative redeemable preference shares and non-convertible debentures, either on a preferential or private placement basis in one or more tranches.
Alok Industries: As part of a financial reorganisation, the textile business has secured agreements with the State Bank of India for a term loan of Rs 1,750 crore, which would be used to repay previous bank debts. In order to meet working capital requirements, it also signed agreements with SBI for a working capital facility of Rs 90 crore.
Swan Energy: Through open market sales, foreign investor 2I Capital PCC has sold shares in Swan Energy for Rs 151.04 crore. At an average price of Rs 437.51 per share for 15.9 lakh shares and Rs 428.81 per share for 19 lakh shares, it sold both kinds of shares. It sold 1.32 percent of the shareholding in total. Furthermore, 2I Capital has previously sold off 30 lakh shares on December 5 and an additional 20 lakh shares on November 13. It owned 2.29 crore, or 8.7 percent, of Swan’s shares as of September 2023.
Brigade Enterprises: To construct upscale “A Grade” office space in Bengaluru’s Central Business District (CBD), the Bengaluru-based firm and the landowner have agreed into a joint development agreement. With a gross development value (GDV) of approximately Rs 500 crore, the project will have a developable area of about 0.20 million square feet.
Servotech Power Systems: In an effort to transform the EV charging infrastructure, Servotech Power Systems, a provider of solar solutions and EV chargers, has submitted two patent applications in the field of EV charger technology. These patents allow customers to use a modest extra device to quickly charge any GB/T Bharat DC 001 vehicle that is based on 72v/96VDC over a CCS2 connector.
Cantabil Retail India: At an average price of Rs 225 per share, BofA Securities Europe SA, a division of Bank of America Corporation, purchased 12.63 lakh shares, or 7.73 percent, of Cantabil. But at an average price of Rs 225.27 per share, Authum Investment & Infrastructure sold 10 lakh shares, or 6.12 percent, in the business.
JTL Industries: Societe Generale, a financial services company based in Europe, bought 17 lakh shares, or 1 percent, at an average price of Rs 196.78 per share. Pranav Vijay Singla, a member of the promoter group, bought 9.14 lakh equity shares, or 0.53 percent, in the company via open market transactions at an average price of Rs 200.62 per share. Nevertheless, Build Ash Constructions LLP, a business entity, sold all 50 lakh shares of its shares at an average price of Rs 195.82 to depart the firm. By selling 13.45 lakh shares at an average price of Rs 196.99 per share and 32 lakh shares at an average price of Rs 204.03 per share, high-net-worth individual (HNI) Shilpa Bansal also left JTL.
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