Share indices in Asia fell Tuesday tracking overnight losses on its Wall Street peers as traders assessed aggressive bets about rate cuts by the U.S. Federal Reserve might be a cheery thought.
Markets in Japan declined after consumer price index fell to 2.6% on year in November, compared to Bloomberg survey's expectation of 3.0% reading for the month, Bloomberg reported. In October, CPI was at 3.3%.
Markets in South Korea also fell as the country reported 3.3% on year CPI for November, which is less than Bloomberg's estimate of 3.5% reading for the month, Bloomberg reported. The CPI was at 3.8% in October.
The S&P 500 index and Nasdaq 100 fell by 0.54% and 0.84%, respectively, on Tuesday. The Dow Jones Industrial Average fell by 0.11%.
Brent crude was trading 1.08% lower at $78.03 a barrel. Gold was up by 0.36% at $2,036.00 an ounce.
India's benchmark indices ended at a fresh high, gaining 2% for the first time in a year, as investors cheered the Bharatiya Janata Party's win in three Hindi heartland states.
The NSE Nifty 50 ended 418.90 points, or 2.07%, higher at 20,686.80, while the S&P BSE Sensex gained 1,383.93 points, or 2.05%, to close at 68,865.12. The BSE Sensex and the NSE Nifty 50 had closed over 2% higher on Nov. 11, 2022 and Dec. 26, 2022, respectively.
Overseas investors remained net buyers of Indian equities for the seventh consecutive session on Monday.
Foreign portfolio investors mopped up stocks worth Rs 2,073.2 crore, while domestic institutional investors stayed net buyers in the last two sessions and bought stocks worth Rs 4,797.1 crore, the NSE data showed.
The Indian rupee weakened 7 paise to close at 83.37 against the U.S. dollar on Monday.
Stocks To Watch
HCL Technologies: The company is in talks with State Street Corp. to sell its entire 49% equity stake in joint venture State Street HCL Services for $170 million or around Rs 1,417 crore. The amount will be in addition to the JV's net book value.
Coal India: The coal ministry projects total income for the company at Rs 1.41 lakh crore for FY24.
ONGC: The company will start oil production from KG Block in May, a government minister said.
Hindustan Construction: The company's Swiss unit, Steiner AG, will divest its entire stake in Steiner Construction SA for Rs 928 crore.
JSW Infrastructure: The company's wholly owned subsidiary, JSW Dharmatar Port Pvt., has entered into a share purchase agreement to acquire over 50% of PNP Maritime Services Pvt. for Rs 270 crore.
Mahindra & Mahindra Financial Services: Estimated overall disbursement at approximately Rs 5,300 crore in November, delivering 16% growth over the previous year.
Thomas Cook (India): The company's promoter entity, Fairbridge Capital (Mauritius) Ltd., reduced its 8.5% stake in the company via an offer for sale.
Bajaj Group: The market capitalisation of Bajaj Group crossed the Rs 10 lakh crore mark on Monday, with Bajaj Finserv Ltd. and Bajaj Finance Ltd. contributing over Rs 7 lakh crore.
Brigade Enterprises: Brigade Group signed a joint development agreement to develop luxury residences of around 0.4 million sq. ft. in Mysuru, with a gross development value of Rs 300 crores.
Graphite India: The company acquired a 31% shareholding in Godi India for a cash consideration of Rs 50 crore.
TVS Holdings: The company applied for the status of 'core investment company' with the RBI.
Alembic Pharmaceuticals: The company appointed Pradeep Chakravarty, w.e.f. Dec. 4 2023, as Head of Global Quality (senior management personnel of the company).
Computer Age Management Services: Promoter entity Great Terrain Investment sold its 19.8% stake for Rs 2,700 crore via a block trade.
KP Energy: The company was awarded the contract for the development of a 464.10 MW balance of system package for an inter-state transmission system (ISTS) connected wind energy project to be developed in the state of Gujarat by NTPC Renewable Energy Ltd.
Gulshan Polyols: The company received an order worth Rs 572 crore to supply ethanol to OMC. The company will supply 89,404 KL of ethanol to BPCL, IOCL, and HPCL.
Indian Energy Exchange: The company's November volume stood at 9,136 million units, up 17.5% year-on-year. Total electricity volume for November was 8,371 million units, up 13% year-on-year.
MOIL: The company's manganese ore production jumped 35% year over year to 1.62 lakh MT in November.
DCB Bank: The bank's promoter has expressed its interest in investing up to $10 million by subscribing to additional equity shares of the bank.
KPI Green Energy: The company acquired a 99.90% stake in KPark Sunbeat Pvt. for a cash payment of Rs 2.26 lakh. It allotted 15.18 lakh equity shares with a face value of Rs 10 each at an issue price of Rs 830.15 per equity share.
Max Financial Services: Analjit Singh, the founder and chairman of Max Life Insurance Co., has formally stepped down from the position and as a member of the board as of Dec. 4.
Cupid: The company acquired a new land parcel in an industrial area near Mumbai. Through this, the annual production capacity will be augmented by approximately 770 million male condoms and 75 million female condoms.
Block Deals
Computer Age Management Services: Great Terrain Investment sold 97.59 lakh shares (19.86%) at Rs 2,766.47 apiece, while India Acorn Icav bought 11 lakh shares (2.24%), Morgan Stanley Asia Singapore Pte. bought 7.61 lakh shares (1.54%), Societe Generale bought 12.11 lakh shares (2.46%), Abu Dhabi Investment Authority bought 4.9 lakh shares (0.99%), and Kotak Mahindra Mutual Fund bought 4.88 lakh shares (0.99%) at Rs 2,766 apiece, among others.
Bulk Deals
360 ONE WAM: Nirmal Bhanwarlal Jain sold 50 lakh shares (1.39%) at Rs 600.24 apiece, Madhu N Jain sold 30 lakh shares (0.83%) at Rs 600 apiece, and Venkatraman R sold 20 lakh shares (0.55%) at Rs 600.03 apiece. ICICI Prudential Value Discovery Fund bought 35 lakh shares (0.97%) at Rs 600 apiece.
Bharat Wire Ropes: Authum Investment & Infrastructure bought 3.51 lakh shares (0.51%) at Rs 296.74 apiece.
MTNL: Giriraj Ratan Damani bought 15 lakh shares (0.23%) at Rs 32.04 apiece.
Paisalo Digital: Silver Stallion bought 23 lakh shares (0.51%) at Rs 94.47 apiece.
Tide Water Oil Co. (India): Standard Greases And Specialities bought 7.63 lakh shares (4.38%) at Rs 1,364.81 apiece. PQR Consultants sold 3.65 lakh shares (2.09%) at Rs 1,353.14 apiece.
Zomato: Alipay Singapore Holding sold 26 lakh shares (3.05%) at Rs 112.7 apiece.
Insider Trades
Thomas Cook: Promoter Fairbridge Capital (Mauritius) sold 4 crore shares between Nov. 30 and Dec. 1.
Bajaj Electricals: Promoter Niraj Holdings bought 4.71 lakh shares on Nov. 23. Promoter Rajivnayan Bajaj A/c Rishab Family Trust sold 4.71 lakh shares on Nov. 23
Jindal Stainless: Promoter JSL Overseas bought 15,425 shares on Dec. 1
Star Cement: Promoter Rajendra Udyog HUF sold 28,364 shares between Nov. 28 and Nov. 29.
Pledge Share Details
Emami: Promoter Suraj Finvest revoked a pledge of 36 lakh shares on Nov. 30 and promoter Diwakar Finvest created a pledge of 7.5 lakh shares on Nov. 28.
Who’s Meeting Whom
Tips Industries: To meet investors and analysts on Dec. 6.
Greenlam Industries: To meet investors and analysts on Dec. 6.
Metro Brands: To meet investors and analysts on Dec. 6.
Indo Count Industries: To meet investors and analysts on Dec. 6.
Hindustan Foods: To meet investors and analysts on Dec. 7 and 8.
Neuland Laboratories: To meet investors and analysts on Dec. 7.
IFGL Refractories: To meet investors and analysts on Dec. 11 and 12.
Saksoft: To meet investors and analysts on Dec. 7.
Barbeque-Nation Hospitality: To meet investors and analysts on Dec. 5.
Page Industries: To meet investors and analysts on Dec. 8
Thyrocare Technologies: To meet investors and analysts on Dec. 7.
Trading Tweaks
Price band revised from 10% to 5%: Alkali Metal, Inox Wind Energy.
Price band revised from 20% to 5%: Borosil.
Price band revised from 20% to 10%: Munjal Auto Industries.
Move into short-term ASM framework: Man Infraconstruction, Wonderla Holidays.
F&O Cues
Nifty December futures fell 2.11% at 20,804.05 at a premium of 117.25 points.
Nifty December futures open interest increased by 5.92% by 11,777 shares.
Nifty Bank December futures increased 3.62% at 46,701.20 at a premium of 269.8 points.
Nifty Bank December futures open interest fell by 1.98% by 2988 shares.
Nifty Options Dec. 7 Expiry: Maximum put open interest at 20500 and maximum call open interest at 21000
Nifty Bank Options Dec. 6 Expiry: Maximum put open interest at 45000 and maximum call open interest at 48,000.
Securities in the ban period: Delta Corp, Indiabulls Housing Finance, India Cements, Zee Entertainment Enterprises.
Money Market Update
The Indian rupee weakened 7 paise to close at 83.37 against the U.S dollar on Monday.
Research Reports
India State Elections - Modi Gains Momentum For 2024: Dolat Capital
India Politics - BJP’s Strong Show To Reinforce Market Momentum: Motilal Oswal
Capital Goods - Winds Of Change; Powering Up For Sustainable Growth: Motilal Oswal's Thematic View
HUL - Unilever Plc’s Power Brand Strategy, Implications For India: ICICI Securities
Praj Industries - Expanding Bioeconomy Canvas To Drive A Sustainable Future: Systematix
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