KEY HIGHLIGHTS
Yield On The 10-Year Bond Ends Flat
The yield on the 10-year bond closed flat at 7.19% on Friday.
Source: Bloomberg
Rupee Strengthens Against The U.S. Dollar
The local currency strengthened 13 paise to close at 83.15 against the U.S dollar on Friday.
It closed at 83.28 on Thursday.
Source: Bloomberg
Sensex, Nifty Snap Seven Week Gaining Streak: Closing Bell
Despite ending higher in the second consecutive day on Friday, the Indian benchmark indices could not reverse Wednesday's losses ended this week lower after their seven-week rally.
Today, the Nifty ended higher by 94.35 points or 0.44% at 21,349.40 and the Sensex closed 241.86 points or 0.34% higher at 71,106.96. Intraday, the Nifty hit a high of 21,390.50 points and Sensex hit a high of 71,259.55 points.
"Despite a premium valuation, the short-term positive trend persists, supported by a strong revival in FIIs buying & stock specific actions," said Vinod Nair, head of research at Geojit Financial Services. "Heading into the festive season and year-end, we can anticipate a range-bound trade scenario with limited data points."
"The Nifty index displayed volatile movements on the last day of the week but managed to close above the crucial level of 21300," said Kunal Shah, senior technical & derivative Analyst at LKP Securities. "The lower-end support for the index is positioned at 21200, presenting a buying opportunity on any dips toward this level. Sustaining above 21300 could pave the way for further upside momentum, targeting the 21500 level."
Today, Infosys Ltd., Larsen & Toubro Ltd., HCL Technologies Ltd., Wipro Ltd., and Tata Consultancy Services Ltd., contributed the most to the gains.
Meanwhile, HDFC Bank Ltd., ICICI Bank Ltd., State Bank Of India Ltd., Axis Bank Ltd., and Bajaj Finance Ltd., weighed on the Nifty 50.
Most sectoral indices ended lower this week with Nifty Media falling the most by 1.9%. Nifty Auto and Nifty Bank also lost more than 1%. Nifty FMCG, Nifty Pharma, and Nifty Energy rose.
Broader markets outperformed benchmark indices, with S&P BSE SmallCap index rising 1.04%, and S&P BSE MidCap gaining 0.74%. Around 18 sectors, out of 20 compiled by the BSE, advanced, and two declined. BSE Metal, and BSE TECK gained the most among sectoral indices
Market breadth was skewed in favour of the buyers. Around 2,441 stocks rose, 1,322 shares declined, and 120 remained unchanged.
Wipro Shares Hit Over One-Year High
Wipro Ltd shares rose as much as 7.44% to 466.30 apiece highest in over one year. It pared gains to trade 6.37% higher at Rs 461.65 apiece, as of 3:14 p.m. This compares to a 0.48% advance in the NSE Nifty 50 Index.
It has risen 17.98% on a year-to-date basis. Total traded volume so far in the day stood at 3.3 times its 30-day average. The relative strength index was at 76.
Out of 44 analysts tracking the company, 12 maintain a 'buy' rating, 15 recommend a 'hold,' and 17 suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 19.9%.
Most European Markets Decline
Fire incident At Asian Paints Under-Construction Ankleshwar Plant On Dec 21
Fire brought under control, no material or financial impact on operations
Source: Exchange Filing
HDFC Bank Has 0.01% Equity Change Hands In Large Trade
10.6 lakh shares changed hands in a large trade
0.01% equity changed hands at Rs 1,676.20 apiece
Buyers and sellers not known immediately
Source: Bloomberg
Sensex, Nifty Trade Higher As L&T, Infosys, Maruti Suzuki Lead: Midday Market Update
The benchmark indices were trading higher during midday on Friday as Larsen & Toubro Ltd., Infosys Ltd. and Maruti Suzuki India Ltd. led the gains.
At 12:04 p.m., the NSE Nifty 50 was 127 points or 0.60% higher at 21,381.65, while the S&P BSE Sensex was trading 0.50% higher or 352 points higher at 71,217.06.
During the day, the Nifty rose as much as 0.64% to 21,390.50, while the Sensex jumped 0.56% to 71,259.
A bullish momentum is palpable as the Nifty eyes an all-time high. Despite concerns about the new coronavirus variant, optimism prevails amid the expected Federal Reserve rate cuts and positive sentiments on India's growth, according to Prashanth Tapse, senior vice president of research at Mehta Equities Ltd.
Larsen & Toubro, Infosys, Maruti Suzuki, Bharti Airtel Ltd. and Tata Motors Ltd. were contributing the most to the gains.
HDFC Bank Ltd., Reliance Industries Ltd., Grasim Industries Ltd., Bharat Petroleum Corp. and Power Grid Corp. weighed on the indices.
All the 14 sectors on the NSE advanced, with Nifty Realty emerging as the top gainer at a rise of 1.75%.
The broader market outperformed the benchmark indices as the BSE MidCap rose 0.93% and SmallCap gained 1.14%.
All the 20 sectors compiled by the BSE advanced, with Metal and Realty rising the most.
The market breadth was skewed in the favour of buyers as 2,595 stocks rose, 991 declined and 158 remained unchanged on the BSE.
BEL Gets Orders Worth Rs 2,673 Crore To Supply 14 Types Of Sensors
Bharat Electronics Ltd received orders worth Rs 2,673 crore to supply 14 types of sensors for use of NGOPV
Orders worth Rs 1,701 crore received from Goa Shipyard, Rs 972 crore from Garden Reach Shipbuilders
Alert: NGOPV stands for Next Generation Offshore Patrol Vessels
Source: Exchange Filing
Bharti Airtel Partners With aha For Regional Content
Airtel Xstream Play has partnered with aha Telugu and Tamil for regional content portfolio
Source: Exchange Filing
GAIL Jumps To Hit Lifetime High
The scrip rose as much as 7.14% to Rs 150.75 apiece, its highest level. This compares to a 0.40% advance in the NSE Nifty 50 Index.
It has risen 55.18% on a year-to-date basis. Total traded volume so far in the day stood at 2.4 times its 30-day average. The relative strength index was at 67.35.
Out of 32 analysts tracking the company, 25 maintain a 'buy' rating, four recommend a 'hold,' and three suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an downside of 5.5%.
KPI Green Arm Gets New Orders
Orders of 1.80 MW for executing solar power projects
Projects scheduled to be completed in FY2024-25
Source: Exchange Filing
L&T Finance Has 0.1% Equity Change Hands In Large Trade
14.5 lakh shares changed hands in a large trade
0.1% equity changed hands at Rs 152.80 apiece
Buyers and sellers not known immediately
Source: Bloomberg
SoftBank Arm Sells 2.1% Stake In Paytm
SoftBank arm sold 2.1% stake between July 14 to Dec 18
SVF India holdings stake in co falls to 7.01%
Source: Exchange Filing
Axita Cotton Has 1% Equity Change Hands In Large Trade
11.1 lakh shares changed hands in a large trade
1% equity changed hands at Rs 28.15 apiece
Buyers and sellers not known immediately
Source: Bloomberg
Godawari Power Gets Chhattisgarh Environment Conservation Board Nod To Expand Capacity
Gets approval to expand capacity at Chhattisgarh plant to 5.25 lk MTPA from 4 lk MTPA
Source: Exchange Filing
Lupin Unit Signs An Asset Purchase Pact With Sanofi
To acquire portfolio of products for €10 million
Acquisition to be completed by first quarter of 2024
Source: Exchange Filing
PSP Projects Lowest Bidder For Rs 158.61 Crore Project
Emerges lowest bidder for street development project worth Rs 158.61 Crore in Gujarat
Source: Exchange Filing
Sterling & Wilson Promoter Sold 1.72% Stake Dec 15
Sarda Energy Gets Chhattisgarh Environment Board Consent To Enhance Capacity At Plant
Gets nod to enhance capacity at iron ore pellet plant to 9,00,000 tn/year from 8,00,000 tn/year
Source: Exchange Filing
SBI To Sign $165 Million Line Of Credit From World Bank
Credit Line for financing grid-connected rooftop Solar PV projects
Source: Exchange Filing
MOIL Shares Rise On Record Production Volume
Shares of State-owned MOIL Ltd. rose on Friday after it recorded the highest production volume in 2023.
MOIL shares rose as much as 4.61% to 314 apiece. It had last traded around these volumes on Dec 19, 2023. It was trading 3.48% higher at Rs 311 apiece, as of 10:32 a.m. This compares to a 0.072% advance in the NSE Nifty 50 Index.
It has risen 92.98% on a year-to-date basis. Total traded volume so far in the day stood at 1.8 times its 30-day average. The relative strength index was at 57.
Out of 4 analysts tracking the company, 3 maintains a 'buy' rating and 1 suggests 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 100.1%.
Also Read: MOIL Stock Gains On Record Production Volume
Fairfax Likely Sold Stake In IIFL Finance Block Deal
Fairfax likely sold over 5% stake in block deal
Fairfax held 20.9% stake in IIFL Finance as of Sept 30
Block deal involving 5.8% equity stake took place on Friday
Source: People in the know
Ami Organics Surges After Investors Offload 12.46% Stake
Ami Organics Ltd. stock surged to over 8% on Friday after investors in the company pared stake worth Rs 473.69 crore in multiple bulk trades.
Shares of the Ami Organics Ltd rose as much as 8.31% to Rs 1,234 apiece, the highest level since Oct 23. It pared gains to trade 4.68% higher at Rs 1,193 apiece, as of 10:13 a.m. This compares to a 0.44% advance in the NSE Nifty 50 Index.
The scrip also posted biggest percentage gain on Friday since May 15.
It has risen 23.53% on a year-to-date basis. Total traded volume so far in the day stood at 3.1 times its 30-day average. The relative strength index was at 60.93.
Out of eight analysts tracking the company, seven maintain a 'buy' rating, and one suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 14.7%.
Volume Buzzers At 10:13 A.M.
IIFL Finance up 27.01 times its 30 day average
Allcargo Logistics up 6.69 times its 30 day average
Astrazeneca Pharma India up 4.07 times its 30 day average
J.B. Chemicals & Pharmaceuticals up 3.09 times its 30 day average
Sansera Engineering up 1.96 times its 30 day average
Sudarshan Chemical Industries up 1.89 times its 30 day average
Stocks Trading Above 52-Week Highs
Piramal Pharma Ltd
Thyrocare Technologies Ltd
Inox Wind Ltd
Hindustan Copper Ltd
Metropolis Healthcare Ltd
Stocks Trading Above Life-Highs
Sansera Engineering Ltd
Cyient Ltd
Rategain Travel Technologies Ltd
Pricol Ltd
Concord Biotech Ltd
Shyam Metalics And Energy Ltd
Great Eastern Shipping Co Ltd
Zensar Technologies Ltd
BEML Ltd
Torrent Pharmaceuticals Ltd
Aurobindo Pharma Ltd
IIFL Finance Falls Over 7% After Multiple Large Trades
Shares of IIFL Finance Ltd fell today after 2.21 crore shares or 5.8% equity of the company changed hands in multiple large trades, according to Bloomberg data.
IIFL Finance Has 2.21 Crore Shares Change Hands In Multiple Large Trades
2.21 crore shares or 5.8% equity changed hands in multiple large trades
Buyers and sellers not known immediately
Source: Bloomberg
Allcargo Group Stocks Up On Scheme Of Amalgamation
Allcargo Logistics Ltd and Allcargo Gati Ltd shares rise on Friday after the board approved plans to demerge of its supply chain unit and restructuring of logistics business in addition the company plans to raise up to Rs 500 crore.
Allcargo Logistics shares rose as much as 10.55% to 315 apiece, the highest in four months it last traded around these levels on Aug. 1, 2023. It pared gains to trade 7.58% higher at Rs 306.55 apiece, as of 9:56 a.m. This compares to a 0.38% advance in the NSE Nifty 50 Index.
It has risen 24.91% on a year-to-date basis. Total traded volume so far in the day stood at 2.7 times its 30-day average. The relative strength index was at 69.
Out of 5 analysts tracking the company, 3 maintain a 'buy' rating, 1 recommend a 'hold,' and 1 suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 26.7%.
Allcargo Gati shares rose as much as 7.97% to 149 apiece, the highest in over one month. It last traded around these levels on Nov. 3, 2023. It pared gains to trade 1.41% higher at Rs 139.95 apiece, as of 9:56 a.m. This compares to a 0.38% advance in the NSE Nifty 50 Index.
It has fallen 2.95% on a year-to-date basis. Total traded volume so far in the day stood at 9.8 times its 30-day average. The relative strength index was at 52.
Out of 3 analysts tracking the company all maintain a 'buy' rating according to Bloomberg data. The average 12-month consensus price target implies an upside of 2.3%.
LIC Shares Hit 52-Week High
Life Insurance Corporation of India surged over 7% to rise to 52-week high on Thursday. LIC received one-time exemption from the Department of Economic Affairs, Ministry of Finance to achieve minimum public shareholding of 25% over ten years from its listing to 2032, according to the exchange filing. LIC was listed on the exchanges on May 17, 2022.
Nifty, Sensex Open Higher: Opening Bell
Benchmark indices of India opened higher today due to gains in metals and automobile stocks.
At pre-open, the S&P BSE Sensex Index was up 180.76 points 0.26%, at 70,865.10 while the NSE Nifty 50 was 40.80 points or 0.19% higher at 21,295.85.
"From the past two days we have seen high volatility in the markets and hence traders should trade with the strict stop loss," said Deven Mehata, Research Analyst at Choice Broking. "Short term traders holding the long position from the lower levels should trail their stop loss at 21000 and also can book profits near to 21350 levels."
Adani Ports and Special Economic Zone Ltd., Tata Steel Ltd., Hindalco Industries Ltd., Sun Pharmaceutical Industries Ltd., and Tata Motors Ltd. contributed the most to the gains in Nifty.
Meanwhile, those of HDFC Bank Ltd., ICICI Bank Ltd., Infosys Ltd., Axis Bank Ltd., and Tata Consultancy Ltd., capped the upside.
Ten sectoral indices on the NSE gained while four fell. Nifty Metal and Nifty Realty gained the most by over 1%. Nifty Bank 0.17% after opening higher.
The broader markets outperformed as the BSE MidCap rose 0.53%, while the BSE SmallCap was 1.01% higher. Sixteen out of the 20 sectors compiled by the BSE advanced, while four declined.
The market breadth was skewed in the favour of buyers. As many as 2,316 stocks advanced, 535 declined and 101 remained unchanged on the BSE.
Nifty, Sensex Higher At Pre-Open
At pre-open, the S&P BSE Sensex Index was up 180.76 points 0.26%, at 70,865.10 while the NSE Nifty 50 was 40.80 points or 0.19% higher at 21,295.85.
Rupee Strengthens Against The U.S. Dollar
The local currency strengthened 3 paise to open at 83.25 against the U.S dollar on Friday.
It closed at 83.28 on Thursday.
Source: Bloomberg
V-Guard Has 45 Lakh Shares Change Hands In Two Pre-Market Large Trades
45 lakh shares changed hands in two pre-market large trades
1% equity changed hands at Rs 286 apiece
Buyers and sellers not known immediately
Source: Bloomberg
Samvardhana Motherson Has 10.8 Lakh Shares Change Hands In A Pre-Market Large Trade
10.8 lakh shares changed hands in a pre-market large trade
0.02% equity changed hands at Rs 93.05 apiece
Buyers and sellers not known immediately
Source: Bloomberg
Brokerages on Siemens
Jefferies
Maintains 'buy' at revised target price of Rs 5000 (vs Rs 4520 earlier)
Believes operating leverage linked upside surprise is fairly high
Positive on the capex prospects of its power transmission and railways business
Believes potential demerger of energy vertical to create additional value for business
Motilal Oswal
Maintains 'buy' rating at target price of Rs 4600
Expects revenue/EBITDA/PAT CAGR of 16%/18%/19% over FY23-26
Expects energy segment to be driven by transmission capex, HVDC projects, and its no. 2 positioning in the domestic small-sized turbine market
Believes general elections schedule may affect near-term order inflows but remains positive on long-term prospects
Expects increasing dependence on traded goods for the digital industries segment to limit margin improvements
Expects potential demerger and listing of Siemens’s India Energy segment to unlock value for business over the next 2-3 years
Morgan Stanley On Embassy Office Parks REIT
Maintains "Overweight" at Rs 370 target price
23.6% stake sale of Blackstone increases free float from 69% to 92% and removes biggest overhang on the stock
Revenue to rise 14% if EOP reaches peak of 95% vs 83% currently
Recent rule on SEZ demonetization positive for business outlook
Refinancing of older cheaper loan to lead to rise in interest expense
HSBC On India Credit Cards
Total credit card spending up ~40% YoY in Nov’23, down 10% MoM from high base in Oct’23
Cards-in-force grew 1.4% MoM; HDFCB, ICICIBC accounted for 41% of net cards issued
HDFCB and IIB gained market share, while ICICIBC, AXSB, and SBICARD lost share
Higher acceptance points, new card launches to aid growth
Co-branded partnerships, UPI on credit cards to aid growth
Large card issuers to be key beneficiaries of growth opportunities
Key risks: Consumer demand slowdown, asset quality normalisation in unsecured loans
Morgan Stanley Overweight On Bajaj Finance
Price target of Rs 10,000
SAT quashes SEBI orders on Karvy; lenders to be paid their dues with interest
Bajaj Finance had charged off ~ Rs 320 crore in FY20
Await commentary from company to understand probability, extent of recoverability
Could translate to ~1.7% / 1.3% of F24/F25 PAT
Adding four years of interest, could translate to ~2.4%/1.9%, respectively
Global Cues
U.S. Dollar Index at 101.85
U.S. 10-year bond yield at 3.90%
Brent crude up 0.53% at $79.81 per barrel
Nymex crude up 0.54% at $74.29 per barrel
GIFT Nifty was 0.17% down at 21,3284.50 as of 07:26 a.m.
Bitcoin was up 0.37% at $44,169.38
Trading Tweaks
Price band revised from 20% to 10%: Kiri Industries, PC Jeweller.
Ex/record AGM: Max Estates.
Ex/record dividend: R Systems International, Rajesh Exports.
Moved Out of short-term ASM framework: Inox Green Energy Services, Kesoram Industries and RPSG Ventures.
F&O Cues
Nifty December futures up 0.63% to 21,350.4 at a premium of 95.35 points.
Nifty December futures open interest down 8%.
Nifty Bank December futures up 1.32% to 48,105 at a premium of 264.85 points.
Nifty Bank December futures open interest down 3.6%.
Nifty Options Dec. 28 Expiry: Maximum call open interest at 22,000 and Maximum Put open interest at 21,000.
Bank Nifty Options Dec. 28 Expiry: Maximum call open interest at 48,000 and maximum put open interest at 47,000.
Securities in the ban period: Ashok Leyland, Balrampur Chini Mills, Delta Corp, Hindustan Copper, India Cements, Manappuram Finance, RBL Bank, and SAIL.
Block Deals
Bajaj Consumer: The Royal Bank of Scotland PLC bought 5.14 lakh shares (0.36%), while Jupiter South Asia Investment sold 5.14 lakh shares (0.36%) at Rs 213.7 apiece.
FSN E-Commerce Ventures: Karan Swami sold 6.09 lakh shares (0.02%), while Maninder Singh Swani bought 6.09 lakh shares (0.02%) at Rs 165 apiece.
Bulk Deals
Ami Organics: Girishkumar Limbabhai Chovatia sold 19.7 lakh shares (5.34%) at Rs 1,030.12 apiece, Kiranben Girishbhai Chovatia sold 18.4 lakh shares (4.98%) and Dhwani Girishkumar Chovatia sold 7.89 lakh shares (2.14%) at Rs 1,030 apiece. Morgan Stanley Asia Singapore PTE bought 8.07 lakh shares (2.18%), BoFA Securities Europe Sa bought 5.25 lakh shares (1.42%), ICICI Prudential Mutual Fund bought 5 lakh shares (1.35%), Malabar India Fund bought 4.85 lakh shares (1.31%), Value Quest Investment Advisors bought 6.89 lakh shares (1.86%) and Goldman Sachs Investments Mauritius bought 2.42 lakh shares (0.65%) at Rs 1,030 apiece.
Onward Technologies: Infinity Direct Holdings sold 15 lakh shares (6.68%) at Rs 626.07 apiece, Onward Software Technologies sold 2 lakh shares (0.89%) at Rs 620.49 apiece, Jigar Harish Mehta sold 2 lakh shares (0.89%) at Rs 619.1 apiece, while Abhinav Agarwal bought 1.73 lakh shares (0.77%) at Rs 632.66 apiece, IRAGE Broking Services LLP bought 1.71 lakh shares (0.76%) at Rs 638.14 apiece, and Kotak Mahindra Life Insurance bought 1.59 lakh shares (0.71%) at Rs 620.75 apiece.
GMR Power and Urban Infra: ASN Investments sold 50 lakh shares (0.82%) at Rs 52.75 apiece.
IPO Offerings
RBZ Jewellers: The public issue was subscribed 16.86 times on day 3. The bids were led by retail investors (24.74 times), institutional investors (13.43) times and non-institutional investors (9.27 times).
Credo Brands: The public issue was subscribed 51.85 times on day 3. The bids were led by institutional investors (104.92 times), non-institutional investors (55.52 times) and retail investors (19.94 times).
Happy Forgings: The public issue was subscribed 82.04 times on day 3. The bids were led by institutional investors (220.48 times), non-institutional investors (62.17 times), and retail investors (15.09 times).
Azad Engineering: The public issue was subscribed 11.11 times on day 2. The bids were led by non-institutional investors (23.54 times), retail investors (11.17 times), and institutional investors (1.53 times).
Innova Captab: The public issue was subscribed 1.41 times on day 1. The bids were led by retail investors (2.13 times), non-institutional investors (0.96 times), and institutional investors (0.44 times).
Stocks To Watch
Tata Motors DVR, Tata Motors: The company received a no-objection certificate from the National Stock Exchange and the BSE for the conversion of its differential voting rights shares to ordinary shares.
Life Insurance Corp.: The Department of Economic Affairs granted a one-time exemption to the company to achieve a 25% minimum public shareholding within 10 years from the date of listing, i.e., until May 2032.
GMR Airports: The National Investment and Infrastructure Fund will invest Rs 675 crore in the company's upcoming greenfield airport at Bhogapuram, Andhra Pradesh.
Allcargo Gati: The company approved raising up to Rs 500 crore via multiple instruments and approved an amalgamation scheme between the company, Allcargo Logistics, and their subsidiaries.
WPIL: The company has received an order worth Rs 425.35 crore from the West Bengal government for the execution of a turn-key project for package II of the surface-based water supply scheme.
Ceat: The company has invested Rs 3 crore in its unit, Tyresnmore Online. After the investment, the company will own a 100% stake in Tyresnmore Online.
Kaynes Technology: The company raised Rs 1,400 crore via qualified institutional placement and set an issue price for QIP at Rs 2,424 per share, which indicates a discount of 1.06% to the floor price of Rs 2,449.96 per share.
KPI Green: The company raises Rs 300 crore via qualified institutional placement and sets an issue price for QIP at Rs 1,183 per share, which indicates a discount of 4.98% to the floor price of Rs 1,245 per share.
Infosys: The IT major announced a five-year collaboration with auto parts distributor LKQ Europe to provide IT-related business solutions.
Hindustan Unilever: The National Company Law Tribunal has given the nod to voluntarily liquidate the unit Bhavishya Alliance Child Nutrition Initiative.
Suven Pharma: The board has approved the appointment of Himanshu Agarwal as chief financial officer from Jan. 2, 2024, and Subba Rao Parupalli to step down as CFO.
Paisalo Digital: The company will consider raising funds by issuing a non-convertible debenture on Dec. 28.
Lupin: The pharmaceutical major announced the launch of Softovac Liquifibre, a 100% ayurvedic liquid laxative.
Brigade Enterprises: The company leases 54,300 sq ft of office space to Sidvin Core-Tech India and signed a 10-year agreement for Grade A office space at Brigade Deccan Heights, Bengaluru.
MOIL: The company achieved a 2023 production capacity of over 16 lakh tonnes, the highest since 2019, and 2023 sales of over 14 lakh tonnes, the highest since 2007.
Madras Fertilizers: The company has resumed the operations of the plant that was shut down on Dec. 4 due to the impact of Cyclone Michaung.
GIFT Nifty Trades Below 21,400 Level
The December futures contract of the GIFT Nifty traded 0.17% lower at 21,384.50 as of 7:26 a.m.
Markets in Asia rose on Friday, tracking overnight gains on Wall Street as recent economic data from the US supports traders' expectations of rate cuts by the Federal Reserve next year.
The US gross domestic product grew at 4.9% in the July–September period, which is less than the 5.2% projection in the Bloomberg survey.
Share indices in Japan rose after data from the country's Statistics Bureau showed that the core consumer price index, which excludes food and volatile energy prices, slowed to 2.5% in November from 2.9% in the preceding month in line with market expectations. The Nikkei was 0.26% or 87.67 points up at 33,228.14 as of 6:28 a.m.
The S&P 500 index and Nasdaq 100 advanced 1.03% and 1.23%, on Thursday. The Dow Jones Industrial Average rose by 0.87%. Brent crude was trading up 0.53% at $79.81 per barrel. Gold was up 0.14% at 2,048.89 an ounce.
India's had benchmark indices plunged in early trade before paring losses to close higher on Thursday as HDFC Bank Ltd., Reliance Industries Ltd. and Kotak Mahindra Bank Ltd. led the gains.
The NSE Nifty 50 ended 105 points, or 0.50%, higher at 21,255.05, while the S&P BSE Sensex closed 359 points, or 0.51%, up at 70,865.10.
Overseas investors remained net sellers of Indian equities for the fourth consecutive session on Thursday. Foreign portfolio investors offloaded stocks worth Rs 1,636.2 crore, while domestic institutional investors mopped up stocks worth Rs 1,464.7 crore, according to provisional data from the National Stock Exchange.
The rupee weakened 10 paise to close at Rs 83.28 against the dollar.
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