Opening Bell:
Gift Nifty is down by 3.5 points in the early morning trade, indicating a negative opening for Indian stock market.
Asian stocks fell early Friday, shrugging off a rally on Wall Street, as traders ratchet up bets the Bank of Japan is nearing the end of its negative interest rate policy. The Shanghai Composite is off 0.37% while the Hang Seng is down 0.38%. Japan’s Topix fell 1.1%, Australia’s S&P/ASX 200 fell 0.1%, The Nikkei 225 is not trading.
The Nasdaq ended sharply higher on Thursday after Alphabet and Advanced Micro Devices sparked a mega cap rally on fresh optimism about artificial intelligence. Shares of Alphabet (GOOGL.O) jumped 5.3% as analysts cheered the launch of the Google-parent’s newest AI model, while AMD soared nearly 10% after the company estimated the potential market for its data centre AI chips could reach $45 billion this year. The Nasdaq Composite jumped 1.37%, while Dow Jones Industrial Average rose 0.18%.
Stocks News:
👉 Zomato: Svf Growth (Singapore) Pte, part of Japan’s SoftBank Group, will sell a 1.1% stake in food-delivery company Zomato Ltd Friday for an estimated ₹1,127.5 crore, or $135 million, as per the term sheet of the block deal. The floor price of the deal is set at ₹120.5 per share, a discount of about 1.1% to Zomato’s Thursday closing price of ₹121.80 on the BSE.
👉 Maruti Suzuki India: The country’s largest car maker has received an order for dropping an earlier show-cause notice from the Gujarat Goods and Services Tax (GST) Authority, demanding Rs 1.79 crore on September 29 for the period of July 2017 to March 2018 on account of the reconciliation of tax returns filed by the company.
👉 IIFL Securities: The Securities Appellate Tribunal has overturned a Securities and Exchange Board of India (Sebi) order restricting IIFL Securities from acquiring new clients. The tribunal also lowered the penalty from Sebi’s initial fine of ₹1 crore to ₹20 lakh.
👉 SpiceJet: The cash-strapped, low-cost airline is likely to raise ₹10 billion to ₹12 billion rupee in fresh capital to pay pending salaries and revive its grounded fleet of 25 aircraft. The board of the company will meet on 11 December to consider raising capital through an issue of equity shares or convertible securities on a preferential basis.
👉 Foreign institutional investors (FIIs) net offloaded shares worth Rs 1,564.03 crore, while domestic institutional investors (DIIs) sold Rs 9.66 crore worth of stocks on December 7, provisional data from the National Stock Exchange (NSE) showed.
Domestic and International Events
- The Reserve Bank of India’s Monetary Policy Committee will announce key interest rate decisions on December 8, just before the 2024-25 budget vote. Economists expect the MPC to maintain status quo at a time when concerns over high interest rates impacting economic growth have tapered with the second quarter GDP growth coming in at a robust 7.6%. Even though inflation has tapered and concerns over core inflation eased, the volatility in food prices is expected to weigh on MPC’s decision.
- US Jobless Claims Up Slightly to 220,000; Labor Market Gradually Slowing. Despite an Expected Rise, Data Volatility Hinders Clear Signals. Job Openings Dip to 1.34 per Unemployed, Lowest Since August 2021. Demand Slows with Higher Rates; Fed Likely to Hold Rates Steady at 5.25-5.50%.
- Oil prices fell on Thursday to six-month lows, as investors worried about sluggish energy demand in the United States and China while output from the US remains near record highs. Brent crude futures dropped 25 cents to $74.05 a barrel. US West Texas Intermediate crude futures fell 4 cents to $69.34. Both benchmarks posted their lowest prices since late June.
- Gold firmed on Thursday on a weaker dollar in the run-up to U.S. non-farm payrolls data, as traders hoped for signs of a weaker labour market to boost chances of a rate cut by the Federal Reserve as early as March. Spot gold edged up 0.3% to $2,029.92 per ounce by 2:25 p.m. ET (1925 GMT). US gold futures settled 0.1% lower at $2,046.40.
Key Equity Indices
| EMERGING | LATEST | % 1D |
| Hang Seng | 16,346 | (0.7) % |
| Shanghai Composite | 2,966 | (0.1) % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 36,117 | 0.2 % |
| DAX | 16,629 | (0.2) % |
| FTSE 100 | 7,514 | (0.0) % |
| Nikkei | 32,858 | (1.8) % |
| Straits Times | 3,074 | (0.4) % |
