Asia markets fell on Thursday tracking overnight losses in the U.S. share indices as investors await from GDP and Personal Consumption Expenditure data from the U.S.
Share indices in Japan, Australia, and South Korea declined, while share indices in Hong Kong rose. The Nikkei declined 1.31% down at 33,233.35, while the S&P/ASX 200 fell 0.36% to 7,511 as of 6:30 a.m.
The Hang Seng index was up 0.66% at 16,613.81 as of 6:30 a.m.
The S&P 500 index and Nasdaq 100 declined 1.47% and 1.53%, respectively on Wednesday. The Dow Jones Industrial Average fell by 0.64%.
Brent crude was trading 0.59% higher at $79.70 a barrel. Gold rose 0.12% to $2,033.77 an ounce.
The GIFT Nifty was trading 0.23% higher at 21,140 as of 6:33 a.m.
Indian stock benchmark Nifty 50 dropped the most in 10 months to retreat from all-time highs as investors booked profits, halting its record-setting burst.
The Nifty 50 ended 302.95 points, or 1.41%, lower at 21,150.15, while the Sensex closed 930.88 points, or 1.3%, down—the most since Oct. 26—at 70,506.31. Intraday, the Nifty hit a low of 21,087.35 and the Sensex fell to 70,302.60. The declines were broad-based, with all sectoral indices ending lower.
Overseas investors remained net sellers of Indian equities for the third consecutive session on Wednesday. Foreign portfolio investors offloaded stocks worth Rs 1,322.1 crore, while domestic institutional investors mopped up stocks worth Rs 4,754.3 crore, according to provisional data from the National Stock Exchange.
The Indian rupee closed at Rs 83.18 against the dollar.
Stocks To Watch
Mazagon Dock Shipbuilders: The company signed a contract worth Rs 1,615 crore with the Ministry of Defence for the construction and delivery of six next-generation offshore patrol vessels for the Indian Coast Guard.
Cochin Shipyard: The company received an order worth Rs 488.25 crore from the Defense Ministry to repair and maintain equipment and systems onboard the naval vessel.
Zee Entertainment: Culver Max and Bangla Entertainment have agreed to discuss the extension of the merger date. The deadline for the completion of the merger was set for Dec. 21.
BSE: The company received approval from the Securities Exchange Board of India for appointing Pramod Agrawal as chairman effective from Jan. 17, 2024.
UltraTech Cement: The company will buy a stake in renewable energy company Clean Max Terra for Rs 20.25 crore.
Adani Green Energy: The company will consider a proposal to raise funds via multiple instruments on Dec. 26.
ICICI Bank: The company received the Reserve Bank of India's nod for the re-appointment of Sandeep Batra as executive director.
Raymond: The company’s unit has incorporated the wholly owned subsidiary Ten X Realty East with the objective of undertaking real estate business.
Flair Writing: The company reported revenue of Rs 257 crore for Q2 FY24 and a net profit of Rs 33.15 crore for Q2 FY24.
REC: The company unit incorporated a wholly owned subsidiary, Kankani Power Transmission.
Sonata Software: The company signed a contract with AMMEGA Group, a global leader in conveyor belts and power transmission with manufacturing sites and customer solution centres around the world.
Tarsons Products: The company will acquire German medical distributor Nerbe for about €10–15 million.
Manali Petrochemical: The company has resumed its operations at the Chennai plant.
IPO Offerings
Motisons Jewellers: The public issue was subscribed to 159.61 times on day 3. The bids were led by non-institutional investors (233.91 times), institutional investors (157.40 times), and retail investors (122.28 times).
Suraj Estates: The public issue was subscribed 15.65 times on day 3. The bids were led by institutional investors (24.31 times), non-institutional investors (18.9 times), and retail investors (9.3 times).
Muthoot Microfin: The public issue was subscribed 11.52 times on day 3. The bids were led by institutional investors (17.47 times), non-institutional investors (13.20 times), retail investors (7.61 times), and employee reserved (2.87 times).
Credo Brands: The public issue was subscribed 6.95 times on day 2. The bids were led by non-institutional investors (233.91 times), institutional investors (157.40 times), and retail investors (122.28 times).
RBZ Jewellers: The public issue was subscribed 7.15 times on day 2. The bids were led by non-institutional investors (3.49 times), retail investors (13.14 times), and institutional investors (0.05 times).
Happy Forgings: The public issue was subscribed to 159.61 times on day 2. The bids were led by non-institutional investors (11.48 times), retail investors (8.78 times), and institutional investors (0.35 times).
Azad Engineering: The public issue was subscribed 3.31 times on day 1. The bids were led by non-institutional investors (6.13 times), retail investors (3.93 times), and institutional investors (0.05 times).
Innova Captab: The IPO will open for bids on Thursday. It will comprise a fresh issue of Rs 320 crore and an offer for sale of Rs 250 crore. The price band is fixed at Rs 426–448 apiece. The company has raised Rs 76.74 crore from anchor investors.
New Offering
Inox India: The company's shares will debut on the stock exchanges on Thursday at an issue price of Rs 660 apiece. The Rs 1,459.3-crore IPO was subscribed 61.28 times on its third and final day. Bids were led by institutional investors (147.80 times), retail investors (15.30 times) and non-institutional investors (53.20 times).
Block Deals
Astral: Saumya Polymers LLP sold 36.2 lakh shares (1.34%), Kairav Chemicals sold 10.6 lakh shares (0.39%), while Morgan Stanley Institutional Fund Emerging Markets Portfolio bought 13.22 lakh shares (0.49%), Nippon India Mutual Fund bought 12 lakh shares (0.44%), Government of Singapore bought 8.83 lakh shares (0.32%), Abu Dhabi Investment Authority bought 5.25 lakh shares (0.19%), and Morgan Stanley Asia Singapore PTE bought 2.2 lakh shares (0.08%), among others, at Rs 1,889.8 apiece.
Nippon Life India Asset Management: IndusInd Bank sold 1.7 crore shares (2.86%) at Rs 445.35 apiece, while SBI Mutual Fund bought 77.82 lakh shares (1.23%), ICICI Prudential Mutual Fund bought 47.01 lakh shares (0.92%), Norges Bank bought 9.34 lakh shares (0.14%), Societe Generale bought 9 lakh shares (0.14%), and Morgan Stanley Asia Singapore Pte bought 2.25 lakh shares (0.03%), among others, at Rs 445.35 apiece.
Shriram Piston and Ring: K S Kolbenschmidt GMBH sold 39 lakh shares (8.85%), while Abakkus Asset Manager LLP, through five of its funds, bought 34.63 lakh shares (7.86%), and AL Mehwar Commercial Investments LLC bought 4.36 lakh shares (0.99%) at Rs 1,103.6 apiece.
Bulk Deals
Tips Industries: Kumar Sadhuram Taurani sold 34 lakh shares (2.64%) at Rs 346.44 apiece, Ramesh Sadhuram Taurani sold 34 lakh shares (2.64%) at Rs 342.91 apiece, while F3 Advisors bought 14.14 lakh shares (1.1%) at Rs 345.78 apiece, Mansi Share and Stock Advisors bought 7.33 lakh shares (0.57%) at Rs 346.21 apiece, and Sahastraa Advisors bought 6.6 lakh shares (0.51%) at Rs 344.79 apiece.
India Shelter Finance: Goldman Sachs Funds bought 5.91 lakh shares (0.55%) at Rs 593.08 apiece. Nippon India Mutual Fund bought 10.10 lakh shares (0.94%) at Rs 572.81 apiece.
Symphony: HDFC Mutual Fund Multi Cap Fund bought 6 lakh shares (0.87%), while Swayat Trading Co. sold 6 lakh shares (0.87%) at Rs 880 apiece.
Landmark Cars: Bajaj Finance sold 3.2 lakh shares (0.79%) at Rs 805.58 apiece.
Insider Trades
Usha Martin: Promoter group Peterhouse Investments India sold 30,000 shares on Dec. 19.
ION Exchange: Promoter group Mahabir Prasad Patni sold 1 lakh shares between Dec. 11 and 19.
Ultramine and Pigments: Promoter Deepa Ajay sold 13,967 shares between Dec. 18 and 19. Promoter S. Narayanan sold 16,839 shares on Dec.19.
Who’s Meeting Whom
Khadim: To meet investors and analysts on Dec. 26.
Krsnaa Diagnostics: To meet investors and analysts on Dec. 26.
Jyoti Resins and Adhesives: To meet investors and analysts on Dec. 21.
Waaree Renewable Technologies: To meet investors and analysts on Dec. 26.
UltraTech Cement: To meet investors and analysts on Dec. 21.
Trading Tweaks
Moved into short-term ASM framework: Nintec Systems, PC Jeweller, and Spencer’s Retail.
Moved out of short-term ASM framework: AGS Transact Technologies, and Patel Engineering.
F&O Cues
Nifty December futures down by 1.66% to 21,169.5 at a premium of 19.35 points.
Nifty December futures open interest up by 2.49%.
Nifty Bank December futures down by 1.37% to 47,349.85 at a discount of 95.45 points.
Nifty Bank December futures open interest up by 0.9%.
Nifty Options Dec 21 Expiry: Maximum Call open interest at 21,500 and Maximum Put open interest at 21,000.
Bank Nifty Options Dec 28 Expiry: Maximum Call Open Interest at 48,000 and Maximum Put open interest at 46,000.
Securities in the ban period: Ashok Leyland, Balrampur Chini Mills, Delta Corp, Indus Tower, Manappuram Finance, National Aluminum, Piramal Enterprise, RBL Bank, SAIL.
Money Market Update
The Indian rupee closed at Rs 83.18 against the U.S. dollar on Wednesday.
Research Reports
Archean Chemical - Robust Long-Term Growth Outlook: Axis Securities Initiates Coverage With A 'Buy'
Happy Forgings IPO - Outlook, Valuation, Key Strengths, Risks, Peer Analysis And More: KRChoksey
Varun Beverages - Expanding Global Presence With Acquisition In South Africa: Motilal Oswal
PI Industries - Maintain Buy As 11% Fall Has Priced In Worries: Nirmal Bang
Manappuram Finance - Non-Gold Businesses Appear Promising If Executed Well: Motilal Oswal
Accenture’s Q1 FY24 Commentary Points To Unchanged Demand Environment: Motilal Oswal
(Disclamier: NDTV is a subsidiary of AMG Media Networks Limited, an Adani Group Company.)
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