Mr. Jitendra Upadhyay, Sr. Equity Research Analyst, BONANZA PORTFOLIO LTD
Indian indices opened lower with Nifty around 18600 on the back of weak global cues. At the time of closing, Sensex was down by 878.88 points or 1.40% to close at 61,799.03 and Nifty was down by 245.40 points or 1.32% to close at 18,414.90.
During the day, the government will sell up to 2.5% stake in the Indian Railway Catering and Tourism Corporation (IRCTC) through an offer for sale (OFS) on December 15 and 16. The floor price for the OFS is set at Rs 680 per share. The promoter proposes to sell up to 2,00,00,000 equity shares of IRCTC, representing 2.5% of the total issued and paid-up equity share capital. State Bank of India board has approved raising capital by way of issuance of Basel III compliant debt instrument in INR and/or any other convertible currency, up to FY24 up to an amount of Rs 10,000 crore. This is subject to concurrence from the Government of India. India's largest power producer NTPC Ltd aims to sell a 20% stake in its green energy business this fiscal year, expecting to raise up to 30 billion Indian rupees ($363.97 million). Credit Suisse upgrades India from 'Underweight' to 'Benchmark' for 2023, remains bullish on financials
China Data: November Industrial Output is 2.2% YoY. British inflation fell more than expected in November after it hit a 41-year high in October, raising hopes that the price surge has peaked and offered some comfort to the Bank of England as it prepares to raise interest rates again. The annual rate of consumer price inflation dropped to 10.7% in November from 11.1% in October. The Federal Reserve reinforced its inflation fight by raising its key interest rate for the seventh time this year and signalling more hikes to come. The Fed boosted its benchmark rate a half-point to a range of 4.25% to 4.5%, its highest level in 15 years. Though smaller than its previous three-quarter-point hikes, the latest move will further heighten the costs of many consumer and business loans and the risk of a recession. On the sectoral front, all sector indices ended in red.
Nifty 50 top gainers are Britannia, Hero Motors Corporation, NTPC, SBI Life, and Sun Pharma while Tech Mahindra, Titan, Infosys, Grasim, and Eicher Motors were among the top losers.