Gift Nifty is up by 14.0 points in the early morning trade, indicating a positive opening for Indian stock market.
Asia-Pacific markets dipped on Friday following a mid-week rally driven by hopes of easing US inflation, which tapered off. Economic data in the region will be scrutinized today. Hong Kong stocks led the decline in the region in the previous session amid discussions between the US and China. Wall Street also paused after a strong month. Japan’s Nikkei 225 dropped 0.21%, and the Topix slipped 0.11%. South Korea’s Kospi fell 0.55%, and the Kosdaq was down 0.71% at opening. Hong Kong’s Hang Seng index futures signalled a weaker start at 17,654, compared to the HSI’s close at 17,832.82. Australia’s S&P/ASX 200 remained flat.
US stock market indices ended mixed on Thursday with the S&P 500 and the Nasdaq seeing tiny gains while the Dow Industrial Average ending slightly lower pressurized by tech and retail bellwethers. The Dow Jones Industrial Average declined 0.13%, while the S&P 500 rose 0.12%, The Nasdaq Composite ended 0.07% higher.
European markets closed lower on Thursday amid a cooling of the positive sentiment seen earlier in the week after the release of positive data from the U.S. and China. The pan-European Stoxx 600 index closed down 0.7 percent, with the majority of sectors and major bourses ending the session in negative territory. Oil and gas stocks led losses, shedding 2.7 percent on the back of weaker oil prices, while utilities were a rare outlier adding 1.1 percent.
👉 TVS Motor Company: The Chennai-based two-and-three-wheeler maker announced its entry into Europe by signing an agreement for import and distribution with Emil Frey, the automobile importer and retailer in Europe. This partnership signifies a significant step towards global expansion for TVS Motor Company.
👉 SJVN: State-owned power producer SJVN Ltd on Thursday said it has signed a pact with Solar Energy Corporation of India to supply 200 MW of wind power. The power producer has signed a power purchase agreement (PPA) for a 200 MW grid-connected wind power project with Solar Energy Corporation of India Ltd (SECI), SJVN Chairman & Managing Director Nand Lal Sharma said in a statement.
👉 Delhivery: Japan’s SoftBank Group Corp. will sell shares worth $154 million (₹1,250 crore) in Delhivery in a block deal on Friday, a term sheet for the transaction showed. The investment firm will continue to hold 10-11% in the new-age logistics firm after the sale. SVF Doorbell (Cayman) Ltd, an entity owned by Masayoshi Son-led SoftBank, will sell 31 million shares at ₹403.5-413.85 each, a discount of not more than 2.5% to Thursday’s closing. Kotak Securities Ltd will manage the transaction.
👉 JSW Infrastructure: Sajjan Jindal-led JSW Infrastructure Ltd on Thursday announced it has acquired the rights to develop a greenfield port in Karnataka with an initial capacity of 30 million tonnes per annum (mtpa). The project is set to be completed in the next five years. The company emerged as the winning bidder for developing the all-weather, deep-water Keni port on a public-private partnership basis at a cost ₹4,119 crore. It will operate the project for 30 years.
👉 Foreign institutional investors net bought shares worth Rs 957.25 crore, while domestic institutional investors purchased Rs 705.65 crore worth of stocks on November 16, provisional data from the National Stock Exchange showed.
Domestic and International Events
- The Reserve Bank of India (RBI) tightened norms for personal loans and credit cards in the form of higher capital requirements. The central bank has raised the risk weights for lenders and non-bank financial companies (NBFCs), or the capital that banks need to set aside for every loan, by 25 percentage points to 125% on retail loans.
- US factory production fell more than expected in October, largely led by strikes at automakers and parts suppliers. Manufacturing output fell 0.7% last month, the most in four months, the Federal Reserve data showed. Economists polled by Reuters had forecast factory output dropping 0.3%. Excluding autos, manufacturing rose 0.1%. Production at factories declined 1.7% on a year-on-year basis in October.
- US crude prices fell more than 4 percent on Thursday as inventories rose while industrial production fell. The West Texas Intermediate December contract fell $3.62, or 4.72 percent, to $73.04 a barrel while the Brent January contract tumbled $3.59, or 4.42 percent, to $77.59 a barrel. US crude and the global benchmark were both trading at their lowest level since early July.
- Gold prices rose on Thursday as U.S. Treasury yields declined, with expectations that the Federal Reserve has concluded its rate hike cycle. Spot gold increased 1.3% to $1,984.46 per ounce, while US gold futures rose 1% to $1,985.60. Ole Hansen, Saxo Bank’s head of commodity strategy, noted that gold is likely to maintain its recent gains as long as it stays above $1,930.
Key Equity Indices
|Hang Seng||17,833||(1.4) %|
|Shanghai Composite||3,051||(0.7) %|
|Dow Jones||34,945||(0.1) %|
|FTSE 100||7,411||(1.0) %|
|Straits Times||3,133||0.0 %|