Opening Bell:
Gift Nifty is up by 34.0 points in the early morning trade, indicating a positive opening for Indian stock market.
Asian markets traded mostly lower after minutes of the last US Federal Reserve meeting showed the officials had low appetite for interest rate cuts. Japan’s Nikkei 225 rose 0.12%, while the Topix gained 0.20%. South Korea’s Kospi declined 0.56% and the Kosdaq fell 0.11%. Hong Kong’s Hang Seng index futures were lower at 17,702 compared with the HSI’s close of 17,733.89. Australia’s S&P/ASX 200 gained 0.05%.
On Tuesday, the US stock market indices closed lower, ending five-session winning streaks for the S&P 500 and Nasdaq. Retail and tech shares saw selling pressure, contributing to the decline. Sentiment weakened further following cautious notes in the latest US Federal Reserve meeting minutes regarding future interest rate hikes. Specifically, the Dow Jones Industrial Average fell by 0.18%, the S&P 500 declined by 0.20%, and the Nasdaq Composite dropped by 0.59%.
European markets closed with a mixed tone, Stoxx 600 down 0.1% after quiet trading following a flat Monday. Retail stocks gained 0.7%, while autos dropped 1.6%. Asia-Pacific markets mostly rose, driven by tech and Chinese property stocks. Early U.S. trading saw lower stock values on Tuesday.
Stocks News:
👉 TCS: The US Supreme Court has rejected the company’s petition to file an appeal against the orders passed by the US Court of Appeals in the Epic Systems Corporation matter. It confirmed the punitive damages award of $140 million passed by the District Court of Wisconsin. With this, the company intends to make the balance provision of about $125 million in its financial statements as an exceptional item for the third quarter and the nine months to December 2023.
👉 Titan Company: The Competition Commission of India has approved Titan’s acquisition of an additional 27.18% stake in CaratLane Trading. Titan will acquire the shares from Mithun Padam Sacheti, Siddhartha Padam Sacheti and Padamchand Sacheti.
👉 Wipro: The company announced a collaboration with Nvidia to help healthcare companies accelerate the adoption of generative artificial intelligence through AI-driven strategies, products and services.
👉 Maruti Suzuki India: The automobile major said the board of directors will be meeting on November 24 to consider the allotment of 1,23,22,514 equity shares of the company to Suzuki Motor Corporation (SMC) on a preferential basis.
👉 Foreign institutional investors net offloaded shares worth Rs 455.59 crore, while domestic institutional investors bought Rs 721.52 crore worth of stocks on November 21, provisional data from the National Stock Exchange showed.
Domestic and International Events
- FDI equity inflows for July-September FY24 decreased by 7.7% to $9.5 billion, down from $10.3 billion the previous year. Total FDI, encompassing equity inflows and more, dropped 7.8% year-on-year to $15.3 billion in the second quarter. First-half FY24 saw a 24% decline in equity inflows at $20.4 billion, primarily sourced from Singapore and Mauritius according to DPIIT data.
- The finance ministry’s October report acknowledges ongoing inflation risks, but highlights factors like declining global oil prices and moderating core inflation that could help manage these pressures. The RBI also notes this trend, suggesting potential policy adjustments when monetary transmission is more effective. India’s crude oil prices averaged lower in November at $83.93 per barrel versus $90.08 in October. Retail inflation fell to 4.87%, staying within the RBI’s 2-6% tolerance band for the second consecutive month. Food inflation remained steady at 6.61%, while core inflation dropped to 4.2% from 4.5% in September.
- Oil prices retreated on Tuesday after recent gains, with investors exercising caution ahead of an upcoming OPEC+ meeting on Sunday. Concerns about slowing global growth prompted speculation about potential deepening supply cuts. Brent crude for January declined by 0.39% to $82 per barrel, and West Texas Intermediate for January dropped by 0.54% to $77.41 a barrel.
- Gold prices climbed over key $2,000 an ounce ceiling on Tuesday, buoyed by expectations that the Federal Reserve has concluded interest rate hikes, pressuring the dollar, while investors awaited minutes from the U.S. central bank’s latest meeting for further policy cues. Spot gold last gained 1.05% to $1,997.99 per ounce, after earlier hitting $2,007.29, its highest level since Nov. 3. U.S. gold futures gained 1% to $2,000.20.
Key Equity Indices
| EMERGING | LATEST | % 1D |
| Hang Seng | 17,734 | (0.3) % |
| Shanghai Composite | 3,068 | (0.0) % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 35,088 | (0.2) % |
| DAX | 15,901 | 0.0 % |
| FTSE 100 | 7,482 | (0.2) % |
| Nikkei | 33,354 | (0.1) % |
| Straits Times | 3,096 | (0.5) % |
