Opening Bell:
Gift Nifty is up by 140.0 points in the early morning trade, indicating a positive opening for Indian stock market.
Asian markets traded higher on Monday tracking gains on Wall Street and ahead of key economic data releases this week. MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.6%. South Korea’s Kospi was up 0.6% and the small-cap Kosdaq gained 0.53%. Japan’s Nikkei 225 fell 1% and the Topix declined 1.23%. Hong Kong’s Hang Seng index futures pointed at a stronger open.
The US stock market indices ended higher on Friday with the S&P registering its highest close of the year after remarks from US Federal Reserve Chair Jerome Powell boosted the view that key policy rates have peaked. All three major US stock indexes gained, notching their fifth consecutive weekly percentage gains. The Dow Jones Industrial Average rallied 0.82%, while the S&P 500 surged 0.59%, its highest level since March 2022. The Nasdaq Composite closed 0.55%.
European markets closed higher Thursday, rounding off a bumper month as investors assessed euro zone inflation data that suggests pressures from rising prices are easing. The regional Stoxx 600 closed up 0.5% at a 10-week high.
Stocks News:
👉 Hero MotoCorp: The world’s largest two-wheeler manufacturing company recorded sales of 4.91 lakh units in November 2023, up by 25.6 percent over the 3.9 lakh units sold last year. Domestic sales grew by 25.4 percent YoY to 4.76 lakh units, and exports increased by 33 percent YoY to 14,764 units in November.
👉 Eicher Motors: Sales of Royal Enfield motorcycles in November rose 13% year-on-year to 80,251 units. Exports grew by 2% on year to 5,114 units last month.
👉 Tata Power: Has won the bid to acquire Bikaner-III Neemrana-II Transmission, a project special purpose vehicle set up by PFC Consulting, a subsidiary of Power Finance Corp. The project will be developed on a Build-Own-Operate-Transfer basis to provide transmission service for 35 years from the scheduled date of commercial operations, which is 24 months from the date of the SPV acquisition. The project cost is estimated at ₹1,544 crore.
👉 Suzlon Energy: Investment firm BlackRock Inc.’s equity holding has crossed the 5% mark in renewable energy solution provider Suzlon Energy Ltd. with the acquisition of about 24.73 lakh shares.
👉 Foreign institutional investors bought shares worth Rs 1,589.61 crore, while domestic institutional investors purchased Rs 1,448.08 crore worth of stocks on December 1, provisional data from the National Stock Exchange showed.
Domestic and International Events
- India’s foreign exchange reserves climbed to $597.935 billion by $2.538 billion for the week ending November 24, as per the Reserve Bank. Foreign currency assets, a major part of these reserves, rose by $2.14 billion to $528.531 billion during the same period. Additionally, gold reserves increased to $46.338 billion, up by $296 million, according to the RBI data.
- The Narendra Modi-led Bharatiya Janata Party (BJP) swept three out of four state elections, winning Madhya Pradesh, Rajasthan and Chhattisgarh BJP has added two more states – Rajasthan and Chhattisgarh – to its double engine team of governments, which already includes Madhya Pradesh, Uttar Pradesh, Uttarakhand, Gujarat, Maharashtra, Assam, Tripura and Manipur.
- In October, India’s service exports surged by 10.8% to $28.03 billion, as per RBI’s provisional data, while imports dipped by 0.4% to $13.46 billion. This contrasts slightly with the government’s prior report, indicating exports at $28.70 billion and imports at $14.32 billion. RBI’s figures are provisional, subject to updates, and are part of the country’s periodic balance-of-payments data.
- Gold prices hit a record led by softening US economic data and dovish commentary by Fed officials that raised expectations for rate cuts early next year. Gold rate rose as much as 3.1% to $2,135.02 an ounce in early trading on Monday surpassing all-time high it set on August 7, 2020, in the midst of the pandemic.
Key Equity Indices
| EMERGING | LATEST | % 1D |
| Hang Seng | 16,830 | (1.3) % |
| Shanghai Composite | 3,032 | 0.1 % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 36,246 | 0.8 % |
| DAX | 16,398 | 1.1 % |
| FTSE 100 | 7,529 | 1.0 % |
| Nikkei | 33,432 | (0.2) % |
| Straits Times | 3,090 | 0.6 % |
