Opening Bell:
Gift Nifty is down by 27.5 points in the early morning trade, indicating a negative opening for Indian stock market.
Asian stocks mirrored Wall Street’s drop, and Treasury bonds stabilized after a labor market-driven rally. Oil led a steep fall in commodity prices. Australia, Japan, and Hong Kong futures declined following the S&P 500’s third consecutive day of losses, the longest since October. Despite the 10-year yield hitting 4.1%, Treasury bonds remained steady. Short-term U.S. debt showed minimal movement after a slight rise in the two-year yield on Wednesday, Japan’s Nikkei down 1.2%, While Kospi down 0.5%.
U.S. stocks ended down on Wednesday, pulled lower by megacaps and energy shares as signs of a cooling jobs market reinforced expectations that the Federal Reserve could start cutting interest rates early next year. The S&P 500 declined 0.39% to end at 4,549.34 points. The Nasdaq Composite Index (.IXIC) fell 0.58% to 14,146.71, while the Dow Jones Industrial Average (.DJI) slid 0.19% to 36,054.43. .
Stocks News:
đ One97 Communications: The fintech firm which operates Paytm will focus on high-ticket loans and go slow on loans that are less than âš50,000. Paytm’s president and chief operating officer Bhavesh Gupta has said that the company’s merchant loan portfolio is performing better now compared to consumer loans.
đ Mahindra & Mahindra: Will raise prices of its passenger and commercial vehicles from January 2024, in response to the rising costs and increased commodity prices. Price increases will vary across models, the automaker said.
đ Network18 Media & Investments Ltd: The company and TV18 Broadcast Ltd have announced a scheme of arrangement under which TV18 and E18, which owns and operates the moneycontrol website and app, will merge with Network18. The move will consolidate the TV and digital news businesses of the Network18 group under one company and help create a platform-agnostic news media company with a footprint across languages.
đ IDFC First Bank: Cloverdell Investment, owned by Private equity firm Warburg Pincus, will likely sell a 1.3% stake in IDFC First Bank through a block deal for $100 million at âš85.7 per share on Thursday, according to media reports.
đ Foreign institutional investors (FIIs) turned net sellers for the first time in last 10 consecutive sessions, offloading shares worth Rs 79.88 crore, while domestic institutional investors (DIIs) bought Rs 1,372.18 crore worth of stocks on December 6, provisional data from the National Stock Exchange (NSE) showed.    Â
Domestic and International Events
- India’s coal imports decreased by 5% to 125.21 million tonnes in the April-September period of the current financial year, according to Coal and Power Minister Pralhad Joshi. He noted that if the production through auction and commercial coal auction had not started, the country would have needed to import 150 million tonnes based on compound annual growth rate projections.
- The government on Wednesday sought parliamentary approval for an additional net spending of âš58,378 crore in the first batch of supplementary demand for grants in this financial year. Despite the additional outgo, officials expect the government to meet its fiscal deficit target of 5.9% of gross domestic product (GDP) for 2023-24. The demands involve gross additional spending of more than âš1.29 lakh crore in this fiscal, a significant chunk of which, âš70,968 crore, will be met through savings or enhanced receipts of various ministries and departments, according to the papers tabled in both houses of Parliament.
- Oil prices steadied after a nearly 4% overnight drop, hitting their lowest settlement since June. Despite OPEC members’ pledges to tightly manage supply, worries about global fuel demand led to the decline. Brent crude futures edged up 0.4% to $74.60 per barrel, and US West Texas Intermediate crude futures rose 0.5% to $69.73 per barrel.
- Gold firmed on Wednesday as Treasury yields eased, stabilizing after a rapid retreat from a record high hit earlier this week, while investors braced for the U.S. jobs report for further clues on how soon interest rates may materialize. Spot gold rose 0.3% to $2,025.09 per ounce by 10:13 a.m. ET (1513 GMT). U.S. gold futures gained 0.3% to $2,043.10.
Key Equity Indices
| EMERGING | LATEST | % 1D |
| Hang Seng | 16,463 | 0.8 % |
| Shanghai Composite | 2,969 | (0.1) % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 36,054 | (0.2) % |
| DAX | 16,656 | 0.8 % |
| FTSE 100 | 7,515 | 0.3 % |
| Nikkei | 33,446 | 2.0 % |
| Straits Times | 3,087 | 0.3 % |
