3i Infotech has received a contract from HPCL for managing and supporting IT infrastructure

Opening Bell:

SGX Nifty is down by 52.5 points in the early morning trade, indicating a negative opening for Indian stock market.

Asian share markets turned hesitant on Monday as investors fretted about the economic fallout from fresh Covid-19 restrictions in China, while bonds and the dollar braced for more updates on US monetary policy. The Japanese Nikkei added 0.01 percent and South Korea’s Kospi is down by 1.1 percent. Hong Kong’s Hang Seng is down by 3.05 percent in the early morning trades.

Wall Street’s benchmark S&P 500 index ended higher on Friday in a choppy trading session, as gains in defensive shares overshadowed energy declines, and investors shrugged off hawkish comments from Federal Reserve officials about interest rate hikes. S&P 500 gained 0.48 percent whereas Nasdaq composite added 0.01 percent.

Stocks News:

?BSE has decided to add Tata Motors in the S&P BSE Sensex index, in place of Dr Reddy’s Laboratories. Also, in the S&P BSE 100 and Sensex Next 50 indices, Adani Power and Indian Hotels Company will replace Adani Total Gas, and Hindustan Petroleum Corporation. The changes will be effective from December 19.

?3i Infotech stock will be in focus as the IT company has received a contract from Hindustan Petroleum Corporation, for managing and supporting IT infrastructure at HPCL offices, refinery including data centers across pan-India. Total contract value is approximately Rs 51 crore spread across three years.

?Five Star Business a Chennai based NBFC will also get listed at Dalal Street on Monday after the company raised Rs 1,960 crore via its primary offering which was sold in the range of Rs 450-474 apiece between November 9-11. The issue barely managed to sail through during the bidding process.

?ONGC India’s largest oil and gas producer will this year reverse years of decline in production and gradually raise output thereafter as it invests billions of dollars to produce from newer discoveries, company’s management told investors in a call.

?Foreign institutional investors (FIIs) have net sold shares worth Rs 751.20 crore, while domestic institutional investors (DIIs) net purchased shares worth Rs 890.45 crore on November 18, as per provisional data available on the NSE.

Domestic and International Events

• India is likely to post a 6.5 percent to 7.1 percent economic growth during the current financial year 2022-23 amid rising inflation and impending global slowdown, as per Deloitte India.
• India’s foreign exchange reserves soared by $14.72 billion to reach $544.72 billion for the week to November 11, making it the steepest accretion since August 2021. However, the reserves have fallen by over $110 billion since March as the RBI has been propping up the rupee amid global volatility.
• Reserve Bank of India (RBI) staff see downside risk to the central bank’s GDP forecast for the July-September period, with one of their models estimating a 20 basis points drop in growth at 6.1 percent. The GDP data for the second quarter of the financial year 2022-23 will be released on November 30.
• Japan’s core consumer inflation accelerated to a 40-year high in October, driven by currency weakness and imported cost pressures that the central bank shrugs off as it sticks to a policy of ultra-low interest rates.

Key Equity Indices

EMERGING	LATEST	% 1D
Hang Seng	17,993	(0.3) %
Shanghai Composite	3,097	(0.6) %

DEVELOPED	LATEST	% 1D
Dow Jones	33,746	0.6 %
DAX	14,432	1.2 %
FTSE 100	7,386	0.5 %
Nikkei	27,900	(0.1) %
Straits Times	3,272	(0.4s) %