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Market Opening - An Overview
GIFT Nifty Futures on the NSE IX was trading 0.20% higher at 21,067, signalling that Dalal Street was headed for a flat to positive start on Wednesday.
US stocks closed at fresh highs of the year on Tuesday, after inflation data did little to alter views for the timing of a rate cut by the Federal Reserve, as investors awaited the central bank’s last policy decision of the year on Wednesday.
Asian markets were trading mixed on Wednesday, as investors assess the quarterly Tankan survey from Japan and ahead of the interest rate decision from the US Federal Reserve. Japan’s Nikkei added 0.7 percent, while South Korea’s Kospi was down 0.4 percent.
The Indian rupee traded flat against the US dollar on Tuesday.
India’s headline retail inflation rate surged to 5.55 percent in November. The Consumer Price Index (CPI) inflation print in October was 4.87 percent. At 5.55 percent, the latest CPI inflation figure is below expectations, with economists having predicted prices likely rose 5.8 percent year-on-year in November.
Stocks in News Today
Wipro: The technology services and consulting company has entered into a new agreement with RSA, one of the world’s leading general insurance companies. Wipro will help accelerate RSA’s migration to the cloud and build a compliant, secure, and scalable IT infrastructure. The three-year engagement builds on Wipro and RSA’s existing relationship, which began in 2016.
Indian Bank: The public sector lender launched its qualified institution placement (QIP) issue on December 12. The floor price has been fixed at Rs. 414.44 per share. The Committee of Directors (Capital Raising) of the bank will be meeting on December 15 to consider the issue price of equity shares to be allotted pursuant to the proposed QIP of equity shares.
Force Motors: The automobile company has received board approval to acquire 12.21 percent shares in TP Surya, a wholly-owned subsidiary of Tata Power Renewable Energy. Through this acquisition, the company is tying up with Tata Power Renewable Energy as per the Maharashtra Group’s captive arrangement for green energy under open access.
Axis Bank: Private equity major Bain Capital is all set to sell a further stake in the private sector lender via a fresh block deal worth $444 million, multiple industry sources told Moneycontrol. Entities associated with Bain Capital are looking to sell a 1.1 percent stake via a block deal in Axis Bank, and the offer floor price is Rs 1,109 per share.
Mankind Pharma: Beige, an affiliate of private equity firm Chrys Capital, sold 1.79 crore equity shares in the pharma company via open market transactions. These shares were worth Rs 3,282 crore. Hema CIPEF (I) sold 56,26,167 shares at an average price of Rs 1,832.8 per share, and global private equity firm Cairnhill CIPEF offloaded 69,62,233 shares at an average price of Rs 1,832.3 per share, while Kotak Funds India Midcap Fund bought 20,29,246 shares at a price of Rs 1,832.30 per share.
Cummins India: Cummins India, in collaboration with Repos Energy, launched DATUM (data automated teller ultimate machine). DATUM is a smart fuel management system for diesel applications. Cummins will market and distribute the DATUM range of products through its vast distribution network in India. DATUM leverages sensors and digital technologies to provide real-time updates on fuel inventory and consumption across multiple installations.
Zee Entertainment Enterprises: Plutus Wealth Management LLP has bought 90 lakh equity shares, or 0.93 percent of paid-up equity, in the media and entertainment company at a price of Rs 292.34 per share.
Karur Vysya Bank: SBI Mutual Fund has bought 1.2 crore equity shares, equivalent to 1.5 percent of paid-up equity, in the bank at a price of Rs 162 per share. These shares amounted to Rs 194.4 crore.