Stocks and bonds across the world rallied on signs of Federal Reserve rate cut next year, reigniting a bullish pulse across markets as inflation eases.
Other Asian indices opened mixed with Australia's S&P/ASX 200 and South Korea's Kospi gaining over 1% tracking dovish comments from the US Federal Reserve at the Wednesday meeting. Meanwhile, indices in Japan opened lower.
In the U.S., while the Dow Jones Industrial Average index closed at its highest level, S&P 500, and Nasdaq gained over 1% after the Federal Reserve's dot plot signaled that officials anticipate cutting rates 75 basis points in 2024 — a sharper pace of cuts than indicated in September.
Brent crude was trading 0.63% higher at $74.73 a barrel. Gold was up by 0.24% at $2,032.68 an ounce.
India's benchmark indices settled largely flat on Wednesday, ahead of the outcome of the U.S. Federal Reserve's two-day policy meeting.
The NSE Nifty 50 ended 20 points, or 0.1%, higher at 20,926.35, while the S&P BSE Sensex settled at 34 points, or 0.05%, higher at 69,584.60.
Overseas investors stayed net buyers of Indian equities for the fourth consecutive session on Tuesday. Foreign portfolio investors mopped up stocks worth Rs 4,710.9 crore, while domestic institutional investors turned net sellers and offloaded equities worth Rs 958.5 crore, the NSE data showed.
The Indian rupee depreciated nearly 2 paise to close at its all-time weakest level of 83.402 against the U.S. dollar on Wednesday.
Stocks To Watch
State Bank of India: The lender will be signing a 70 million Euro line of credit with KfW (German Development Bank) for supporting solar PV projects in India.
NBCC: The company received an order worth Rs 1,500 crore from the National Cooperative Development Corporation for the construction of 1,469 warehouses and other agri-infrastructure across India.
RBL Bank: The company acquired an 8.51% stake in ONDC for Rs 40 crore.
HDFC Bank: HDFC Life received an exchange's nod for reclassifying Abrdn Mauritius Holdings to the 'Public' category from 'Promoter'.
Reliance Industries: Moody's Investors Service affirmed the company's 'Baa2' domestic long-term issuer rating and foreign currency senior unsecured rating.
Biocon: The company unit Bicara completed $165 million in Series C funding. Post-funding, the company’s shareholding in Bicara on a fully diluted basis will fall below 20% and thereby, Bicara will cease to be an associate company of Biocon Ltd.
Indian Railway Catering and Tourism Corporation: The company eyes major expansion in the non-railway catering business pan-India. It has already signed MoUs with various governments and autonomous bodies.
Religare Enterprises: The Securities and Exchange Board of India suspended the company's unit, Religare Commodities, as a commodities derivatives broker for three months.
Vedanta: The company will consider and approve the second interim dividend on equity shares on Dec. 18.
GMM Pfaudler: The Patel Family acquired a 1% stake in the company through an inter-se transfer at Rs 1,700 per share. The Patel family shareholding now stands at 25.18% and remains the largest shareholder of the company.
Signatureglobal India: The company completed the purchase of a 19% stake in Gurugram Commercity as part of its first tranche. It had acquired a land parcel measuring 25.14 acres in Gurugram with a development potential of approximately 5.49 million square feet.
South Indian Bank: During a preliminary internal investigation, certain fraudulent acts were committed in one of the branches by an employee of the bank, involving an amount of Rs 28.07 crore.
Gokul Agro Resources: Unit Maurigo Indo Holdings acquired a 25% stake in Indonesian palm oil processing company PT. Riya Pasifik Nabati to expand business.
Dreamfolks Services: The company approved the proposal for voluntarily striking off the name of its unit, Dreamfolks Hospitality, which has been inoperative since FY17.
PNC Infratech: The company accepted the Rs 394 crore offered by NHAI to settle a dispute raised by its subsidiary.
Anant Raj: The company informed the exchanges about board meeting to be held on Dec. 14, 2023 to consider fundraising.
J&K Bank: The bank has informed the exchanges about board meeting to be held on Dec. 14, 2023 to consider fundraising.
Jindal Saw: The company's board will meet on Dec. 14, 2023 to consider fundraising.
IPO Offerings
Inox India: The cryogenic tank maker’s public issue will be open for bids on Thursday. It plans to raise Rs 1,459 crore and only has an offer-for-sale component. The price band has been fixed in the range of Rs 627–660 per share. The company raised Rs 438 crore from anchor investors ahead of the IPO.
DOMS Industries: The pencil-maker’s public issue was subscribed to 5.72 times on day one. The bids were led by retail investors (19.16 times), a portion reserved for employees (9.26 times), non-institutional investors (7.96 times) and institutional investors (0.06 times).
India Shelter Finance Corp: The company's public issue was subscribed 1.48 times on day one. The bids were led by retail investors (1.89 times), non-institutional investors (1.74 times) and institutional investors (0.57 times).
Bulk Deals
Axis Bank: BC Asia Investments VII sold 1.45 crore shares (0.47%), BC Asia Investments III sold 1.04 crore shares (0.33%) and Integral Investment South Asia IV sold 83.50 lakh shares (0.27%) at Rs 1,119.7 apiece. Societe Generale-ODI bought 57.75 lakh shares (0.18%), Morgan Stanley Asia Singapore bought 39.75 lakh shares (0.12%), Goldman Sachs (Singapore) PTE ODI bought 30.02 lakh shares (0.09%), Goldman Sachs Investments Mauritius I Ltd bought 24.23 lakh shares (0.07%), UBS Global Emerging Markets Opportunity Fund bought 20.49 lakh shares (0.06%), UBS Investment Funds ICVC UBS Global Emerging Markets Equity Fund bought 17.26 lakh shares (0.05%), UBS (Us) Group Trust bought 16.98 lakh shares (0.05%), among others, at Rs 1,119.7 apiece.
Sunteck Realty: Satguru Infocorp Services sold 30 lakh shares (2.04%) at Rs 482 apiece and Starlight Systems sold 30 lakh shares (2.04%) at Rs 479.47 apiece. Mansi Share and Stock Advisors bought 13.55 lakh shares (0.92%) at Rs 482 apiece.
GMR Power and Urban Infra: ASN Investments sold 1.4 crore shares (2.31%) at Rs 53 apiece. Monet Securities bought 70 lakh shares (1.15%) at 53.27 apiece and Sahastraa Advisors bought 61.36 lakh shares (1.01%) at 53 apiece.
Updater Services: Birla Sunlife Insurance bought 3.58 lakh shares (0.53%) at Rs 304.65 apiece.
Insider Trades
Paisalo Digital: Promoter group Equilibrated Venture CFLOW bought 9.99 lakh shares on Dec. 13.
Usha Martin: Promoter group Neutral Publishing House sold 64,550 shares on Dec. 12. Promoter group Usha Martin Ventures sold 1.06 lakh shares between Dec. 11 and 12.
Who’s Meeting Whom
Metro Brands: To meet investors and analysts on Dec. 18, 19, 26, 28, 29.
Garware Hi-Tech Films: To meet investors and analysts on Dec. 19.
Jindal Saw: To meet investors and analysts on Dec. 18.
Godrej Properties: To meet investors and analysts on Dec. 18.
Hitachi Energy: To meet investors and analysts on Dec. 19.
Eicher Motors: To meet investors and analysts on Dec. 19 and 20.
Neogen Chemical: To meet investors and analysts on Dec. 18.
HCLTech: To meet investors and analysts on Dec. 14.
Welspun Enterprise: To meet investors and analysts on Dec. 18.
Barbeque-Nation Hospitality: To meet investors and analysts on Dec. 15.
Polycab: To meet investors and analysts on Dec. 18.
Trading Tweaks
Price band revised from 20% to 10%: Inox Wind.
Price band revised from 10% to 5%: Adani Power.
Ex/record date dividend: Hindustan Zinc.
Ex/record date Right Issue: Lloyds Engineering Works.
Moved into a short-term ASM framework: Asian Energy Services, Inox Green Energy Services, and Netweb Technologies India.
Moved Out of short-term ASM framework: Solar Industries.
F&O Cues
Nifty December futures up by 0.05% to 21,033.95 at a premium of 107.6 points.
Nifty December futures open interest down by 3.8%.
Nifty Bank December futures up by 0.46% to 47,396.25 at a premium of 304 points.
Nifty Bank December futures open interest down by 4.35%.
Nifty Options Dec 14 Expiry: Maximum call open interest at 21,000 and maximum put open interest at 20,500.
Bank Nifty Options Dec 20 Expiry: Maximum Call Open Interest at 48,000 and Maximum Put Open Interest at 47,000.
Securities in ban period: Balrampur Chini Mills, Delta Corp, Hindustan Copper, Indiabulls Housing Finance, India Cements, National Aluminium, and Zee Entertainment.
Money Market Update
The Indian rupee depreciated nearly 2 paise to close at all-time weakest level of 83.402 against the U.S. dollar on Wednesday.
Research Reports
India Shelter Finance IPO - Play On Affordable Housing Segment: IDBI Capital
ITC - Making Right Moves For Sustainable Growth: Prabhudas Lilladher
HUL - Channel Checks Suggest An Upturn In Demand; Retaining A 'Buy': Anand Rathi
NMDC - Volume Growth, Capacity Expansion To Drive Performance: Motilal Oswal
Chemcon Speciality - Volume Player In Niche Chemicals: HDFC Securities
Chalet Hotels - Asset Ownership Led Growth: ICICI Securities
Thyrocare - Stimulating Model To Restore Profitability: ICICI Securities
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