Most Asian share indices were trading in green, tracking overnight gains on Wall Street ahead of the outcome of the U.S. Federal Reserve policy, due post market hours today.
Markets in Japan, China, and Australia rose, while in South Korea shares were in red.
The U.S. central bank is expected to hold the benchmark federal fund rate steady at 5.25-5.50% at the end of the policy meeting today. However, market participants will closely monitor Chair Jerome Powell's speech for further cues about the rate trajectory of the Federal Reserve going forward.
Data from the U.S. Labor Department showed Wednesday, consumer price index in the world's largest economy came at 3.1% in November in line with Bloomberg Survey's forecast. The core CPI, which excludes food and energy costs, was at 4.0% in November.
However, Wednesday's U.S. CPI print showed price rise in energy and rent, which made traders pull back their bets on aggressive rate cuts by the U.S. Federal Reserve next year.
Market participants expect the Federal Reserve to cut rates as early as March 2024, according to CME FedWatch tool.
The S&P 500 index and Nasdaq 100 rose by 0.46% and 0.82%, respectively, as of Tuesday. The Dow Jones Industrial Average rose by 0.48%.
Brent crude was trading 3.67% lower at $73.24 a barrel. Gold was up by 0.06% at $1,980.78 an ounce.
The GIFT Nifty was 15.5 or 0.07% up at 21,040.5 at 06:29 a.m.
India's benchmark indices snapped their two-session rally and closed lower as heavyweights HDFC Bank Ltd., Reliance Industries Ltd. and Infosys Ltd. dragged.
The NSE Nifty 50 closed 91 points, or 0.43%, lower at 20,906.40, while the S&P BSE Sensex ended 378 points, or 0.54%, down at 69,551.03. Intraday, the Nifty hit a record high of 21,037.90 points and the Sensex rose to 70,033.64, crossing the 70,000 level for the second consecutive session.
Overseas investors remained net buyers of Indian equities for the third consecutive session on Tuesday. Foreign portfolio investors mopped up stocks worth Rs 76.9 crore, while domestic institutional investors turned net buyers and bought equities worth Rs 1,923.3 crore, the NSE data showed.
The Indian rupee closed flat at Rs 83.39 against the U.S. dollar on Tuesday.
Stocks To Watch
Indian Bank: The bank opened its qualified institutional placement to raise up to Rs 4,000 crore. The floor price for the QIP is set at Rs 414.44 per share, which indicates a discount of 5.28% to the stock's previous close of Rs 437.55 on the NSE.
Reliance Industries: The company invested Rs 418 crore in five subsidiaries of Mercury Holdings. Mercury Holdings is a joint venture between Brookfield Infrastructure and Digital Realty.
Shilpa Medicare: The company received approval from TGA, Australia, for the manufacturing, labelling, packaging, and testing of medicinal oral mouth-dissolving films.
UNO Minda: The National Company Law Tribunal has sanctioned the scheme of amalgamation of Minda iConnect Private with itself, formerly known as Minda Industries Ltd.
Cummins India: The company collaborated with Repos Energy and launched DATUM, an innovative fuel management system for diesel applications.
Bank of Baroda: The bank's capital-raising committee will be meeting on Dec. 15 to discuss fundraising.
Laurus Labs: The U.S. FDA inspection at the Andhra Pradesh plant between Dec. 4 and Dec. 12 ended with five observations.
Wipro: The IT major and RSA signed a new multi-year contract to accelerate RSA’s cloud migration.
KIOCL: The company has temporarily suspended Mangalore plant operations due to the non-availability of iron-ore fines.
Shalby: The company is availing of an enhanced and renewed SBLC facility of Rs 1,700 million from ICICI Bank to guarantee the scheduled principal and interest payments of the step-down subsidiary of the company under the working capital facility arrangement sanctioned by IBG‐ New York Branch.
Zydus Wellness: The company's arm, Heinz India, gets an assessment order worth Rs 5.66 crore from the Punjab Tax Authority for FY2016–17.
Axita Cotton: The company has fixed Dec. 25 as the record date for the issue of bonus shares in the ratio of 1:3.
Life Insurance Corporation of India: The company increased its stake in Atul from 4.997% to 5.117%.
Allcargo Terminals: The company's November CFS volume stood at 47.1 TEUs, up 2% year-on-year.
Infibeam Avenues: The company announced that its flagship payment gateway brand, CCAvenue, is gearing up to introduce Bandhan Bank's EMI facilities to over 10 million merchants.
Cyient: The company inaugurates the CyientifIQ Experience Centre, an immersive showcase of intelligent engineering and technology solutions in action.
Jammu & Kashmir Bank: The bank will consider raising funds in its board meeting on Dec. 14.
Orient Green Power: The company will consider raising funds in its board meeting on Dec. 15.
IPO Offerings
DOMS Industries: The pencil-maker’s public issue will open for bids on Wednesday. The company plans to raise Rs 1,200 crore, consisting of a fresh issue of Rs 350 crore and an offer for sale of Rs 850 crore. The price band is in the range of Rs 750–790 per share. It has raised Rs 537.7 crore from anchor investors.
India Shelter Finance Corp: The company's public issue will open for bids on Wednesday. It plans to raise Rs 1,200 crore, which consists of a fresh issue of Rs 800 crore and an offer for sale of Rs 400 crore. The price is in the range of Rs 469–493 per share. It has raised Rs 360 crore from anchor investors.
Bulk Deals
Mankind Pharma: Beige sold 1.44 crore shares (3.59%) at Rs 1,832.43 apiece and 35 lakh shares (0.87%) at Rs 1,832.3 apiece; Cairnhill Cipef sold 69.62 lakh shares (1.73%) at Rs 1,832.3 apiece; and Hema Cipef (I) sold 56.26 lakh shares (1.4%) at Rs 1,832.8 apiece. Kotak Funds India Midcap Fund bought 20.29 lakh shares (0.5%) at Rs 1,832.3 apiece.
Zee Entertainment Enterprise: Plutus Wealth Management bought 90 lakh shares (0.93%) at Rs 292.34 apiece.
Karur Vysya Bank: SBI Mutual Fund bought 45 lakh shares (1.49%) at Rs 162 apiece.
Insider Trades
Dhanuka Agritech: Promoter Ram Gopal Agarwal bought 10,100 shares on Dec. 8. Promoter Group Satya Narain Agarwal and Abhishek Dhanuka sold 10,000 and 100 shares, respectively, between Dec. 6 and 7.
KCP: Promoter group Subbarao Vallabhaneni sold 14,000 shares on Dec. 14.
Who’s Meeting Whom
Vishnu Chemicals: To meet investors and analysts on Dec. 15.
Quick Heal Technologies: To meet investors and analysts on Dec. 15.
JTL Industries: To meet investors and analysts on Dec. 15.
Sansera Engineering: To meet investors and analysts on Dec. 15.
ASK Automotive: To meet investors and analysts on Dec. 14.
Advanced Enzymes Technologies: To meet investors and analysts on Dec. 15.
Agi Greenpac: To meet investors and analysts on Dec. 13.
Persistent Systems: To meet investors and analysts on Dec. 13.
Crisil: To meet investors and analysts on Dec. 13.
Can Fin Homes: To meet investors and analysts on Dec. 15.
Trading Tweaks
Price band revised from 20% to 10%: IREDA.
Price band revised from 10% to 5%: Netweb Technologies India, GTL Infrastructure, Cupid.
Ex/record date dividend: Rashtriya Chemicals and Fertilizers.
Ex/record date AGM: Rashtriya Chemicals and Fertilizers, IFCI.
Moved into a short-term ASM framework: Sandur Manganese & Iron Ores, Patel Engineering, Genesys International Corp.
F&O Cues
Nifty December futures down by 0.35% to 21,099.75 at a premium of 193.35 points.
Nifty December futures open interest down by 0.7%.
Nifty Bank December futures down by 0.46% to 47,275 at a premium of 177.45 points.
Nifty Bank December futures open interest up by 4.7%.
Nifty Options Dec. 14 Expiry: Maximum call open interest at 21,000 and maximum put open interest at 20,900.
Bank Nifty Options Dec. 13 Expiry: Maximum Call Open Interest at 47,500 and Maximum put open interest at 46,000.
Securities in the ban period: Balrampur Chini Mills, Delta Corp, Hindustan Copper, Indiabulls Housing Finance, India Cements, National Aluminium, SAIL, Zee Entertainment.
Money Market Update
The Indian rupee closed flat at 83.39 against the U.S. dollar on Tuesday.
Research Reports
India Shelter Finance IPO - Investment Rationale, Issue Details, Financials, Risks: Anand Rathi
Spandana Sphoorty - Articulation Of Next Five-Year Target From A Position Of Strength: Motilal Oswal
Camlin Fine Sciences - China Dumping A Near Term Hindering Factor: Nirmal Bang
Trent - Creating New Growth Engines, Expanding Offerings: Motilal Oswal
Gold Loans - Prospective Balance Between Yield, AUM Growth Seems Better: ICICI Securities
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