Opening Bell:
Gift Nifty is up by 33.0 points in the early morning trade, indicating a positive opening for Indian stock market.
Asian markets traded higher as US Treasury yields dropped after the slowdown in the labor market increased expectations that the US Federal Reserve will be able to cut interest rates next year. Japan’s Nikkei 225 rose 0.86%, while the Topix gained 0.7%. South Korea’s Kospi advanced 0.18% and the Kosdaq was up 0.43%. Hong Kong’s Hang Seng index futures pointed to a stronger open. Australia’s S&P/ASX 200 rallied 0.73%.
US stock market indices ended mixed on Tuesday after the fresh employment data raised bets of a sooner Fed rate cut. The Dow Jones Industrial Average fell 79.72 points, or 0.22%, to 36,124.72, while the S&P 500 eased 0.06%, The Nasdaq Composite ended 0.31%. US Treasury yields fell, with the benchmark 10-year Treasury note touching its lowest level since September 1 at 4.163% and was last down 11 basis points to 4.174%. .
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:
👉 SBI: The lender is picking up a 20 percent additional stake held by SBI Capital in SBI Pension Funds for Rs 229.5 crore. With this transaction, SBI’s stake in SBI Pension Funds will reach 80 percent. SBI said the RBI and PFRDA have approved the acquisition, which will be completed on December 15.
👉 Canara Bank: The public sector will likely issue AT-1 bonds in December to raise up to ₹2,000 crore to ₹3,000 crore. The issue is likely to have a call option at end of five years. Canara Bank last raised ₹2,000 crore in September 2022 through AT-1 bonds at 7.99% coupon.
👉 Bharti Airtel: Has received an order for penalty of ₹3.95 lakh under the CGST Act. The company said it does not agree with the order and will take appropriate action.
👉 Honasa Consumer: Fireside Ventures Investment Fund I has offloaded ₹230.15 crore worth of shares in Honasa Consumer, the parent company of the beauty and personal care products brand Mamaearth. About 60.88 lakh shares were sold at an average price of ₹378 apiece.
👉 Foreign institutional investors (FIIs) bought shares worth Rs 5,223.51 crore, while domestic institutional investors (DIIs) sold Rs 1,399.18 crore worth of stocks on December 5, provisional data from the National Stock Exchange (NSE) showed.
Domestic and International Events
- India will remain the fastest-growing major economy for at least the next three years, setting it on course to become the world’s third-largest economy by 2030, S&P Global Ratings said in a report. S&P expects India, currently the world’s fifth-largest economy, to grow at 6.4% this fiscal and estimates growth will pick up to 7% by fiscal 2027. In contrast, it expects China’s growth to slow to 4.6% by 2026 from an estimated 5.4% this year.
- India’s gross foreign direct investment (FDI) inflows dropped almost 16% in the first six months of FY24 from a year before to $33.12 billion, the second straight fall in the first half of a fiscal, the Rajya Sabha was informed on Tuesday.
- On Tuesday, oil prices hit nearly a five-month low due to a stronger US dollar and worries about demand. This marked the market’s fourth consecutive drop as doubts lingered over the effectiveness of OPEC+’s announced supply cuts. Brent crude oil: Fell 1.1% to $77.20 a barrel. US West Texas Intermediate (WTI) crude: Dropped 1.0% to $72.32.
- Gold retreated on Tuesday after hitting a record high the day before. The dollar strengthened, and investors remained cautious ahead of key US jobs data: Spot gold: Slipped 0.4% to $2,018.29 per ounce after Monday’s record of $2,135.40, ending 2% lower. US gold futures: Fell 0.3% to $2,036.80. The retreat was influenced by the dollar’s rise and anticipation surrounding crucial US employment figures that could impact future interest rate decisions.
Key Equity Indices
| EMERGING | LATEST | % 1D |
| Hang Seng | 16,328 | (1.9) % |
| Shanghai Composite | 2,972 | (1.7) % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 36,125 | (0.2) % |
| DAX | 16,533 | 0.8 % |
| FTSE 100 | 7,490 | (0.3) % |
| Nikkei | 32,776 | (1.4) % |
| Straits Times | 3,077 | (0.2) % |
