Sula Vineyards, will make its debut on December 22

Opening Bell:

SGX Nifty is up by 97.0 points in the early morning trade, indicating a positive opening for Indian stock market.

Asia-Pacific indices traded higher, carrying on the optimism on Wall Street as stocks saw a boost from upbeat earnings and a strong consumer confidence reading. The Japanese Nikkei is up by 0.15 percent. South Korea’s Kospi added 0.61 percent. Hong Kong’s Hang Seng is up by 2.60 percent in the early morning trades.

Wall Street’s three main stock indices closed higher on Wednesday for their biggest daily gains so far in December with help from upbeat Nike and FedEx quarterly earnings, as well as improving consumer confidence and easing inflation expectations from investors. S&P 500 gained 1.49 percent whereas Nasdaq composite added 1.54 percent.

Stocks News:

?Sula Vineyard India’s largest wine producer, Sula Vineyards, will make its debut on December 22 but the listing is creating little buzz in the market. Most analysts expect the listing to be on par with or at a discount to the final issue price, judging from tepid investor response to the Initial Public offering (IPO) and subdued equity market sentiment.

?Adani Enterprises subsidiary Adani Solar, the photovoltaic manufacturing and research arm of the Adani Group, has launched large sized monocrystalline silicon ingot, at its Mundra facility. The monocrystalline ingots will drive indigenization to produce renewable electricity from silicon based PV modules with efficiencies ranging from 21% to 24%.

?Reliance Retail a part of Reliance Industries, will acquire German firm Metro AG’s wholesale operations in India for Rs 2,850 crore as it seeks to strengthen its dominant position in India’s mammoth retail sector.

?Bandhan Bank has received binding bid of Rs 801 crore from asset reconstruction company, on security receipt consideration basis, for its written-off portfolio with outstanding of Rs 8,897 crore. The bank said it would go for bidding as per Swiss challenge method.

?Foreign institutional investors (FIIs) sold shares worth Rs 1,119.11 crore, while domestic institutional investors (DIIs) purchased shares worth Rs 1,757.37 crore on December 21, as per provisional data available on the NSE.

Domestic and International Events

Oil prices rose by more than $2 a barrel on Wednesday after data showed a larger-than-expected draw in US crude stockpiles, but gains were capped by a snowstorm that is expected to hit US travel.
The Reserve Bank of India (RBI) Governor Shaktikanta Das is of the opinion that a premature pause in the monetary policy rate hike course would prove to be a costly policy error at this juncture, showed the minutes of the Monetary policy committee (MPC) meeting held between December 5 to December 7.
The US current account deficit narrowed sharply in the third quarter as exports jumped to a record high, data showed on Wednesday.
US consumer confidence rose to an eight-month high in December as inflation retreated and the labor market remained strong, but fears of a recession persisted, resulting in fewer households planning to make big-ticket purchases over the next six months.