Good morning!
Markets On The Home Turf
India's benchmark equity indices slipped off record highs during the session as profit-booking wiped out early gains. The Nifty closed 0.1% lower, slightly below the 26,200 mark. The BSE Sensex ended flat at 85,641.
During the day, the Nifty climbed 0.46% to hit a lifetime high of 26,325.8, while the Sensex jumped 0.52% to hit a record intraday high of 86,159.02.
On the sectoral front, Nifty Auto, Metal, IT, and PSU Bank indices displayed noticeable strength. In contrast, Nifty Realty, Healthcare, and Pharma remained the key laggards, while other sectors traded with a mixed bias, indicating a lack of broad-based momentum.
US Market Wrap
Global markets began December on uncertain footing as about $1 billion in leveraged crypto positions were sold off during Monday’s sharp drop, fueling a broad industry decline. Treasuries steadied after falling across the curve on Monday, leaving the US 10-year yield seven basis points higher at around 4.1%, reports Bloomberg.
S&P 500 futures were little changed as of 9:34 a.m. Tokyo time. The euro was little changed at $1.1606
Asian Market Update
Asian stocks rose slightly at the open, recovering cautiously after Monday’s selloff when cryptocurrencies led global risk assets lower. Early trading on Tuesday saw gains in Japan, Australia, and South Korea. Attention now shifts to the final 10-year Japanese government bond auction of the year, following Monday’s surge in yields due to interest-rate hike speculation.
The yen was little changed against the dollar after rising the most in a week on Monday, when Bank of Japan Governor Kazuo Ueda sent the clearest hint yet that his board might raise rates soon. Hang Seng futures rose 0.6%, Nikkei 225 futures (OSE) rose 0.6% and Japan’s Topix rose 0.3%. The Japanese yen was little changed at 155.59 per dollar and the offshore yuan was little changed at 7.0738 per dollar, reports Bloomberg.
Commodity Check
Silver retreated from a record high, with a key technical indicator showing that a six-day rally has taken the white metal into overbought category. Gold also edged down.
Silver traded at around $57.45 an ounce, which was more than a dollar below the all-time peak reached in the previous session. Silver fell 1% to $57.4245 an ounce as of 8:28 a.m. in Singapore. Gold edged down 0.2%, reports Bloomberg.
Oil prices stayed higher as the market awaited US President Donald Trump’s next move on Venezuela and evaluated the impact of damage to a crude export terminal in the Black Sea. Brent was near $63 a barrel after rising 1.3% in the previous session, while West Texas Intermediate traded above $59, reports Bloomberg.
Copper advanced to a record high in London on fears the global market is heading for a supply crunch. The metal rose as much as 1.3% to $11,334 a ton on the London Metal Exchange before trimming gains, surpassing a peak reached on Friday, while futures on the Comex in the US surged as much as 1.7%.
Copper rose 0.6% to settle at $11,252.00 a ton on the LME, following a 2.3% jump on Friday. Comex futures climbed 0.6% to settle at $5.303 a pound. All other metals except tin advanced, reports Bloomberg.
Stocks In The News
Bajaj Housing Finance: Bajaj Finance plans to sell a 2% stake in the company, valued at Rs 1,740 crore. Bajaj Finance currently holds 88.70% stake in the company. The deal is likely to take place at Rs 96 per share, a 9.6% discount to the latest market price.
Bharat Dynamics: Secures Rs 2462 crore Defence Orders from Indian Army.
Raymond Realty: The company launched Project in BKC, Mumbai with a revenue potential of Rs 2,000 crore.
Hero MotoCorp: The company reported strong November auto sales, with total two-wheeler volumes rising 31.5% YoY to 6.04 lakh units. Scooter sales surged 92.5% to 65,362 units, while motorcycle sales grew 26.6% to 5.39 lakh units. Exports jumped 69.1% to 33,970 units, and domestic sales increased 29.7% to 5.71 lakh units, reflecting broad-based demand momentum across categories.
Maruti Suzuki: The company’s total production rose for the month of November by 25.7% year-on-year to 2.12 lakh units. Total PV Production increased by 25.9% YoY to 2.08 lakh units.
Bank of Maharashtra: The Government of India, to sell a 5% stake in Bank of Maharashtra via OFS with an additional 1% as a green shoe option. Currently, Government of India holds 79.6% stake in the company. The floor price for the Offer has been set at Rs 54 per share which is 6% discount from the last closing price.
Moil: The company increases prices for Mn-44% & above ferro-grade manganese ore by 3% and Prices for Mn-44% & below ferro-grade manganese ore by 3% and increases prices of all chemical grades by 3%.
Afcons Infra: Receives EPC orders worth Rs 884 crore in Nov for Civil infra works under marine & Industrial Biz unit.
Hindalco: The company completed the acquisition of 100% stake of EMIL Mines and Mineral Resources.
Syrma SGS: Groundwork begins for New PCB Manufacturing Plant in Andhra Pradesh.
Trent: Fiora Online merges with Fiora Hypermarket. Fiora Online and Fiora Hypermarket are step-down subsidiaries of the company.
SBI: Appoints Anindya Sunder as deputy MD Of finance.
Fineotex Chemical: Successfully Exercises Warrants on a preferential basis on Nov 21.
Coromandel International: Arm NACL Industries approves raising funds worth Rs 250 crore via rights issue.
Navin Fluorine: LIC to sell 2% stake in the company; shareholding decreases to 6.84%.
Minda Corp: Appoints Supratik Roy as the CEO of emerging businesses.
Nacl Industries: The company appointed N Shankar as CFO, Anish Mathew resigned as CFO. The company approves raising funds worth up to Rs 250 crore via rights issue.
NTPC: Kerandari Coal Mine in Jharkhand transferred from co to arm NTPC Mining.
Panorama Studios: Fixes Dec. 5 as record date for bonus issue in ratio of 5:2.
Indian Hotels: Arm Roots Corp buys 51% stake in ANK hotels for Rs 109 crore and In Pride Hospitality for Rs 81.2 crore.
Alembic Pharma: Prashant Khandelwal resigned as Head of International Business Formulations.
Amber Enterprises: Arm Acquires 80% Stake in Shogini Technoarts for Rs 506 crore.
IRB INFRA: Board approved selling expressway project in Gujarat to IRB InvIT Fund for Rs 513 crore.
GHV Infra Projects: Receives work order worth Rs 109 crore from GHV (India) For execution of Civil, MEP & finishing work of buildings Jamshedpur, Jharkhand.
Ambuja Cements: The company’s starts operations at 4 MTPA clinker unit in Bhatapara, Chhattisgarh. The company’s clinker capacity has now increased to 66 MTPA.
Force Motors: The company’s total sales rose for the month of November by 52.9% year-on-year to 2,883 units. Domestic sales increased 59.3% YoY to 2,765 units. Meanwhile, exports declined 20.8% YoY to 118 units.
NRB Bearings: Signs pact with Italy-based Unitec to form JV for manufacturing cylindrical roller bearings range. The company to hold Minimum 75% stake in the new JV Entity.
NMDC: The company's Nov iron ore production grew by 11% year-on-year at 5.01 MT and Nov iron ore sales grew by 4.3% at 4.17 MT.
Tech Mahindra: Board approved the merger scheme for LCC North Central Europe, B.V. with LCC Europe B.V.
Manappuram Finance: Board meet on Dec. 5 to consider raising funds worth Rs 500 crore via NCDs.
HUL: Appoints Vandana Suri as Executive Director of Home Care Business Unit. Srinandan Sundaram to take over as CEO of Unilever International.
Indusind Bank: Appoints Balaji Narayanamurthy as Chief Data officer.
Gopal Snacks: Starts commercial production at 63,085 MT Namkeen mfg unit at Modasa, Gujarat.
KEI Industries: Starts trial production at Ahmedabad greenfield unit; commercial production to begin from Dec 10.
Omaxe: To acquire 40% stake in Aquarise Developers for Rs 40,000. Post acquisition, Aquarise developers to become associate company.
Aditya Birla Capital: The company made an investment of Rs 300 crore in Aditya Birla Housing Finance via rights issue.
Crisil: Zak Murad resigns as Chief Technology & Information Officer, December 24 scheduled as last working day.
Updater Services: Appoints Surinder Kumar as interim group CFO.
Aegis Vopak Terminals: Board Meet on Dec 4 to Consider Fund raising via NCDs.
Reliance Industries: Arm star television productions merged with Arm Jiostar India.
Prestige Estates: Company issues corporate guarantee of up to Rs 550 crore for arm Prestige Falcon Malls.
Insider Trade
Maharashtra Seamless: Promoter Stable Trading Co Ltd bought 0.19 crore shares.
Man Infraconstruction: Promoter Parag K. Shah bought 0.05 crore shares.
Usha Martin: Promoter Rahul Jain bought 40,000 shares.
Gulshan Polyols: Promoter Rahul Jain bought 25,000 shares.
MTAR Technologies: Promoter Kavitha Reddy Gangapatnam sold 2.5 lakh shares.
D. B. Corp: Promoter D B Power Limited bought 22,000 shares.
Siyaram Silk Mills: Promoter Abhishek S Poddar and DPP Enterprises LLP sold 70,000 shares.
Trading Tweaks
Price Band change from 10% to 5%: Venus Remedies.
Price Band change from 20% to 5%: Borana Weaves.
List of securities shortlisted in Long - Term ASM Framework Stage – I: Rico Auto Industries, VLS Finance.
F&O Cues
• Nifty December futures is up to 26,330 at a premium of 155 points.
• Nifty December futures open interest down up by 3.36%.
•Nifty Options on Dec 2: Maximum Call open interest at 26,300 and Maximum Put open interest at 26,000.
Securities in ban period: Sammaancap.
Currency Market
Rupee closed at record closing low on Monday after it weakened 10 paise to 89.56 against US Dollar.
Intraday, it hit a record low of 89.90 a dollar and it had closed at 89.46 a dollar on Friday
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