Thursday, December 07, 2023

Top Things To Know Today Morning:

Domestic equity indices extended their winning streak on December 6, marking the seventh consecutive day of gains. The bullish momentum persisted with notable buying activity in information technology and power sectors, coupled with continuous foreign inflows, propelling the benchmarks to achieve a new high for the third consecutive day.

The Sensex concluded the day with a robust gain of 357.59 points, reaching 69,653.73, while the Nifty surged by 82.60 points to attain a new closing high of 20937.70 for both indices.

In contrast, U.S. stocks experienced a dip on Wednesday, driven lower by megacaps and energy shares. Concerns over a cooling jobs market heightened expectations of the Federal Reserve initiating interest rate cuts early next year. The S&P 500 dropped by 0.39% to close at 4549.34 points, the Nasdaq Composite Index fell by 0.58% to 14146.71, and the Dow Jones Industrial Average slid by 0.19% to 36054.43.

The Reserve Bank-led Monetary Policy Committee (MPC) is anticipated to maintain repo rates unchanged until June next year, according to a report from a foreign brokerage. The decision on rates will be disclosed on December 9 after the bi-monthly MPC meeting that commenced on December 6.

Market Movements:

Indian Rupee: The Indian rupee strengthened by 6 paise, closing at 83.33 rupees against the U.S. dollar on Wednesday.

Oil Prices: Brent crude witnessed a 3.76% decrease, trading at $74.30 per barrel.

Gold Prices: Gold prices saw a firming trend on Wednesday as Treasury yields eased. Spot gold rose by 0.3% to $2025.09 per ounce, while U.S. gold futures gained 0.3% to $2043.10.

Dollar Index: The U.S. dollar touched a two-week high, while the euro displayed weakness across the board. The dollar index was last down 0.01% at 103.95.

Stock-Specific Updates:

1. Shree Cement: Plans to bid for lithium mining rights under a government initiative to secure critical minerals production through auctions.
2. IRCON International: The Government of India plans to sell an 8 percent stake via offer-for-sale (OFS) with a floor price of 154 rupees per share.
3. Dr. Reddy’s Laboratories: Enters into a collaboration with Coya Therapeutics for the development and commercialization of COYA 302, an investigational combination therapy for Amyotrophic Lateral Sclerosis.
4. Bharat Electronics: Receives an order of 580 crore rupees from the Indian Army for the Annual Maintenance Contract (AMC) of radars.
5. One 97 Communications: Expands its business to offer higher-ticket personal and merchant loans in partnership with large banks and NBFCs.
6. IDFC First Bank: Cloverdell Investment, an affiliate of Warburg Pincus, is likely to sell a 1.3 percent stake in IDFC First Bank via a block deal.
7. Network18 Media & Investments: Plans to merge its television and digital news businesses.
8. Delta Corp: The High Court of Calcutta has granted interim relief to subsidiary of Delta Corp, Deltatech Gaming, of 6384 crore rupees for which a GST notice was sent in October.
9. Adani Ports and Special Economic Zone: Will consider a proposal to raise funds through a bond issue in its board meeting on December 12.
10. Hindustan Zinc: Board approves a second interim dividend of 6 rupees per equity share for FY24, amounting to 2535 crore rupees.
11. Hindustan Unilever: Board approves the appointment of Tarun Bajaj as an independent director.
12. Rites: Signs an MoU with Meghalaya Industrial Development Corporation for developing multi-modal logistics projects.
13. Brigade Enterprises: Signs a joint development agreement for office space in Bangalore with a development value of 500 crore rupees.
14. PVR-INOX: Opens a 4-screen multiplex at Gwalior, solidifying its position as the largest multiplex network with 1709 screens across 358 properties in 113 cities.