Stock Market News:
The market is expected to open flat as trends in the SGX Nifty indicate a muted start for the broader index in India with a gain of 34 points.
On Monday, the BSE Sensex fell 51 points to 62,130, while the Nifty50 gained 0.60 points at 18,497 and formed a bullish candle on the daily charts as the index recouped opening losses and closed much higher than opening levels.
As per the pivot charts, the key support level for the Nifty is placed at 18,388, followed by 18,346 & 18,279. If the index moves up, the key resistance levels to watch out for are 18,522 followed by 18,563 and 18,631.
Stay tuned to Moneycontrol to find out what happens in the currency and equity markets today. We have collated a list of important headlines across news platforms which could impact Indian as well as international markets:
US stock indexes rallied to kick off the trading week on Monday, lifted in part by gains in Microsoft and Pfizer, as investors girded for inflation data on Tuesday and a policy announcement from the Federal Reserve later in the week.
The Dow Jones Industrial Average rose 528.58 points, or 1.58%, to 34,005.04, the S&P 500 gained 56.18 points, or 1.43%, to 3,990.56 and the Nasdaq Composite added 139.12 points, or 1.26%, to 11,143.74.
Asian Markets
Asian stock markets were buoyed on Tuesday by overnight optimism on Wall Street that the U.S. Federal Reserve and other central banks would ease off on the pace at which interest rates have been hiked to tackle the highest inflation levels in decades.
MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.17% while Japan’s Nikkei and Seoul’s KOSPI index were 0.32% and 0.01% higher respectively. Australian shares rose 0.34%.
Dollar Index
The dollar was firm on Tuesday leading in to the release of U.S. inflation data and the final Federal Reserve meeting of the year, with investors waiting to update interest rate outlooks.
A month ago, a small surprise to the downside unleashed a wave of bond-buying and dollar selling on the expectation that inflation had peaked. The figures due at 1330 GMT will test that assumption, while Fed’s decision on Wednesday should provide some reasonably instant feedback from policymakers.
The dollar lifted 0.8% on the yen overnight and was steady at 137.62 yen in early Asia trade on Tuesday. It held gains at $0.6756 per Australian dollar.
SGX Nifty
Trends in the SGX Nifty indicate a flat to positive opening for the broader index in India with a gain of 34 points. The Nifty futures were trading around 18,632 levels on the Singaporean exchange.
Tata Motors gets board nod for partial divestment of investment in arm Tata Technologies via IPO route
The commercial and passenger vehicle maker has received in-principle approval from the board of directors to explore the possibility of partial divestment of its investment in subsidiary Tata Technologies [TTL] through an IPO route at an opportune time. The company will make further announcements of all material developments relating to IPO.
CPI inflation slumps to 11-month low of 5.88% in November
India’s headline retail inflation rate slumped to an 11-month low of 5.88 percent in November from 6.77 percent in the previous month, data released on December 12 by the ministry of statistics and programme implementation showed.
At 5.88 percent, the latest Consumer Price Index (CPI) inflation print is well below the consensus estimate. As per a Moneycontrol poll, inflation was seen falling to 6.4 percent.
The fall in inflation in November follows a similar drop in October, allowing it to fall below the 6 percent upper bound of the Reserve Bank of India’s (RBI) 2-6 percent tolerance band for the first time in 2022.
Industrial output crashes by 4% in October, worst performance in over two years
India’s industrial output, as per the Index of Industrial Production (IIP), crashed by 4 percent in October, data released on December 12 by the Ministry of Statistics and Programme Implementation showed. With the output having increased by 3.5 percent in September, the latest figure shows industry growth returned to sub-zero territory after a gap of just one month.
Industrial production had shrunk by 0.7 percent in August. The fall in IIP in October is well below the consensus estimates. A Moneycontrol poll had predicted IIP may shrink by 0.4 percent in October.
FII and DII data
Foreign institutional investors (FIIs) sold shares worth Rs 138.81 crore, while domestic institutional investors (DIIs) bought shares worth Rs 695.60 crore on December 12, as per provisional data available on the NSE.
Stocks on F&O ban list on NSE
The National Stock Exchange has retained BHEL, Delta Corp, Punjab National Bank, and GNFC on its F&O ban list for December 13. Securities thus banned under the F&O segment include companies where derivative contracts have crossed 95 percent of the market-wide position limit.
Landmark Cars IPO opens today, mobilises Rs 165 crore via anchor book ahead of IPO
Landmark Cars, the automotive retailer for premium and luxury brands, on December 12, has raised Rs 165.30 crore via its anchor book ahead of initial public offering’s (IPO) opening.
The company, in its BSE filing, said it has finalised allocation of 32.66 lakh shares to anchor investors, at a price of Rs 506 per share, the upper end of price band.
The price band for the offer, which opens on December 13, is Rs 481-506 per share. The IPO will close on December 15.
