Opening Bell:
Gift Nifty is up by 11.0 points in the early morning trade, indicating a positive opening for Indian stock market.
Asian markets were subdued on Tuesday amid a thin trade in the last week of the year 2023. The Nikkei 225 in Japan remained unchanged at 33,245.95, with Topix experiencing a slight 0.10% decrease. South Korea’s Kospi stayed level at 2,600, while the Kosdaq index dropped by 0.25%. Public holidays kept markets in Hong Kong, Indonesia, Australia, and New Zealand closed for the day.
US stocks gyrated to a mixed close on Friday as investors headed into the Christmas holiday weekend, having digested cooler-than-expected inflation data which firmed bets for Federal Reserve interest rate cuts in the new year. All three indices turned less decisive in light trading as the afternoon progressed, after an initial rally on data showing inflation is easing closer to the US central bank’s target. The Nasdaq joined the S&P 500 in positive territory, while the blue-chip Dow finished nominally lower. The Dow Jones fell 0.05%, the S&P 500 rose 0.17%, and the Nasdaq increased by 0.19%.
Stocks News:
👉 Reliance Industries: Reliance Industries and Walt Disney signed a non-binding term sheet to merge their Indian media operations. Under the merger, Reliance would own 51 percent through a combination of shares and cash, with Disney holding the remaining 49 percent, giving more control to Mukesh Ambani’s Reliance group. Reliance and Disney did not immediately respond to Reuters requests for comment.
👉 Adani Power: The Committee of Creditors (COC) of Coastal Energen (CEPL), a company undergoing the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, has approved the resolution plan submitted by a consortium of which Adani Power is a part. The consortium of Adani Power has received a letter of intent from the resolution professional.
👉 Infosys: The global company has elected to terminate the Memorandum of Understanding with Infosys, and the parties will not be pursuing the Master Agreement. Infosys was supposed to provide enhanced digital experiences, along with modernisation and business operations services, leveraging Infosys platforms and AI solutions. The total client target spend over 15 years was estimated at $1.5 billion.
👉 Adani Wilmar: Promoters Adani Commodities LLP and Lence Pte Ltd. announced their intention to divest a 1.24 percent stake in the edible oil major, CNBC-TV18 reported. The stake sale by promoters is to comply with minimum public shareholding norms.
👉 Foreign institutional investors (FIIs) net sold shares worth Rs 2,828.94 crore, while domestic institutional investors (DIIs) bought Rs 2,166.72 crore worth of stocks on December 22, provisional data from the National Stock Exchange (NSE) showed.
Domestic and International Events
- India’s foreign exchange reserves jumped $9.112 billion to $615.971 billion in the week ended December 15 and the quantum of increase is one of the highest for a week, according to RBI data. In the previous reporting week, the overall reserves had risen $2.816 billion to $606.859 billion.
- In October 2021, the country’s forex kitty reached an all-time high of $645 billion. The reserves took a hit as the central bank deployed the kitty to defend the rupee amid pressures caused majorly by global developments since last year. For the week ended December 15, the foreign currency assets, a major component of the reserves, increased $8.349 billion to $545.048 billion, as per the Reserve Bank of India (RBI) data released on December 22.
- The Reserve Bank of India (RBI) released the minutes of the Monetary Policy Committee (MPC) meeting highlighting that domestic food inflation unpredictability and volatility in crude oil prices and financial markets in an uncertain international environment pose risks to the inflation outlook. Hence, the central bank’s monetary policy continues to remain actively disinflationary, according to the MPC minutes.
- Oil prices were little changed on Tuesday as investors focused on geopolitical tensions in the Middle East and optimism the U.S. Federal Reserve would soon start cutting interest rates, lifting global economic growth and fuel demand. Brent crude futures fell 26 cents, or 0.3%, to $79.13 a barrel by 0115 GMT while U.S. West Texas Intermediate crude was at $73.59 a barrel, up 3 cents.
Key Equity Indices
| EMERGING | LATEST | % 1D |
| Hang Seng | 16,340 | (1.7) % |
| Shanghai Composite | 2,915 | (0.1) % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 37,386 | (0.1) % |
| DAX | 16,706 | 0.1 % |
| FTSE 100 | 7,698 | 0.0 % |
| Nikkei | 33,169 | 0.1 % |
| Straits Times | 3,140 | 0.9 % |
