AIM plans to sell its entire 10.21% stake in the HDFC AMC

Opening Bell:

SGX Nifty is down by 18.5 points in the early morning trade, indicating a negative opening for Indian stock market.

Asia-Pacific indices slipped on Wednesday after major U.S. indexes fell more than 1 percent each overnight as recession concerns weigh on markets. The Japanese Nikkei is down by 0.42 percent. South Korea’s Kospi is down by 0.08 percent. Hong Kong’s Hang Seng is up by 0.3 percent in the early morning trades.

Wall Street ended lower on Tuesday, with the S&P 500 extending its losing streak to four sessions, as skittish investors fretted over Federal Reserve rate hikes and further talk of a looming recession. S&P 500 lost 1.44 percent whereas Nasdaq composite dropped 2.0 percent.

Stocks News:

?UK-headquartered investment firm and promoter Abrdn Investment Management plans to sell its entire 10.21% stake in the HDFC Asset Management Company on Wednesday via block deal and will cease to be a co-sponsor of the company.

?Bajaj Consumer Care to consider share buyback on December 9. The company said its board of directors will consider a proposal for buyback of equity shares of the company on December 9.

?BCL Industries bags orders from OMCs, Reliance Industries for supply of ethanol. The company has received order worth Rs 285 crore for supply of 4.9 crore litres of ethanol to oil marketing companies. Additionally, its distillery unit has also bagged an order to supply 1.65 crore litres of ethanol to Reliance Industries with an order value of Rs 107 crore.

?DreamFolks in pact with Vidsur Golf to offer customers access to premium golf courses across India & Asia Pacific. The largest airport service aggregator signed strategic partnership with Vidsur Golf to offer customers access to Golf courses across India & Asia Pacific.

?Foreign institutional investors (FIIs) have net-sold shares worth Rs 635.35 crore, while domestic institutional investors (DIIs) net-offloaded shares worth Rs 558.67 crore on December 6, as per provisional data available on the NSE.

Domestic and International Events

• The Reserve Bank of India will raise interest rates by a smaller 35 basis points to 6.25 percent in December, according to economists polled by Reuters who expect another modest move up early next year to curb lingering inflation pressures.
• The Reserve Bank of India (RBI) may increase the repo rate by 25 basis points on December 7 and then stay on hold in all of 2023, Fitch Ratings has said.
• Capital markets regulator Sebi can relax regulatory norms for the central government in relation to strategic disinvestment of public sector undertakings (PSUs), according to a notification.
• US oil prices fell in frenzied trading on Tuesday to their lowest settlement levels this year, with Brent finishing below $80 per barrel for the second time in 2022, as investors fled the volatile market in an uncertain economy.

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