Opening Bell:
Gift Nifty is down by 5.0 points in the early morning trade, indicating a negative opening for Indian stock market.
Positive trend in Asian markets continued on Tuesday, with Japan’s Nikkei leading the gains for a second consecutive session. The Nikkei rose by 0.66%, accompanied by a 0.4% increase in Taiwan’s Weighted index and a 0.3% rise in Korea’s Kospi. These gains came ahead of the final US Federal Reserve meeting of the year, reflecting a sense of anticipation among investors.
Ahead of the Federal Reserve’s year-end meeting, stock markets experienced a slight uptick on Monday. The S&P 500 climbed 0.4%, hitting its highest level in two years after wavering between minor gains and losses. The Nasdaq rose 0.2%, and the Dow Jones Industrial Average saw a 0.4% increase by day’s end.
Stocks News:
👉 Infosys: India’s second-largest IT services company on Monday said Nilanjan Roy, its chief financial officer has tendered his resignation. Jayesh Sanghrajka, a member within the company, will be taking over the role. Roy chose to resign to pursue personal ambitions beyond the scope of the company.
👉 Sun Pharma: The pharma major has increased its bid to purchase the outstanding shares of its US subsidiary, Taro Pharma. The revised offer stands at $43 per share in cash, an increase from the previous offer of $38 per share. This move is part of Sun Pharma’s strategic plan, announced in May, to acquire 100% ownership of Taro.
👉 Rail Vikas Nigam: The state-owned company has secured an order worth ₹543 crore from the Madhya Pradesh Metro Rail Corporation. This project, involving the construction of elevated stations for the Indore Metro Rail Project, is scheduled for completion in 1,092 days.
👉 Sterling and Wilson Renewable Energy: The company has announced the launch of a qualified institutional placement (QIP) issue on Monday. The company’s Securities Issuance Committee has set the floor price for the QIP at ₹365.02 per share.
👉 Foreign institutional investors (FIIs) net bought shares worth Rs 1,261.13 crore, while domestic institutional investors (DIIs) sold Rs 1,032.92 crore worth of stocks on December 11, provisional data from the National Stock Exchange (NSE) showed.
Domestic and International Events
- India, having held the title of the world’s fastest-growing major economy, is projected to maintain its lead in 2024 as urbanization and industrialization enter a rapid expansion phase. The International Monetary Fund’s forecast anticipates a more than 6% increase in real gross domestic product for both 2023 and 2024, surpassing China’s growth at 4-5%, doubling the global average of 3%, and quadrupling that of advanced economies at 1.5%.
- EPFO had invested Rs 53,081 crore in the ETFs during the fiscal 2022-23, higher than Rs 43,568 crore in 2021-22, Minister of State for Labour and Employment Rameshwar Teli said in a written reply to the Lok Sabha. The reply showed that the EPFO has invested Rs 27,105 crore in the ETFs so far in the current fiscal 2023-24 till October 2023.
- Oil prices held steady on Tuesday ahead of key interest rate policy and inflation data announcements, and amid doubts that production cuts by OPEC+ next year would offset crude oversupply and weaker fuel demand growth. Brent crude futures for February were flat at $76.03 a barrel as of 0103 GMT, while U.S. West Texas Intermediate crude futures for January delivery were up 3 cents at $71.35 a barrel.
- Gold prices declined on Monday, pressured by a firmer US dollar, as investors looked ahead to several major central bank meetings and the US inflation data this week for further clarity on the interest rate path. Spot gold was down 0.5 percent at 1,993.44 per ounce, as of 1148 GMT. The US gold futures eased 0.3 percent to $2,009.30.
Key Equity Indices
| EMERGING | LATEST | % 1D |
| Hang Seng | 16,201 | (0.8) % |
| Shanghai Composite | 2,991 | 0.7 % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 36,405 | 0.4 % |
| DAX | 16,794 | 0.2 % |
| FTSE 100 | 7,545 | (0.1) % |
| Nikkei | 32,792 | 1.5 % |
| Straits Times | 3,090 | (0.7) % |
