Markets ended on a flat note after initial lower opening to close on marginal positive note ahead of U.S Fed monetary policy. With Fed turning dovish and expectation of at least three rate cut in 2024, Dollar Index has seen major slide. For Indian markets major risk comes from Japanese Yen appreciation with JPYINR already crossing above 58.80 in the early opening hour. For Nifty, inspite of an higher opening, any close below yesterday closing i.e. 20,926 with the current levels of JPYINR may confirm a major reversal.
Sensex 30 Chart
Stocks to watch
Positive Read through
- Real Estate – US FED hints at 3 rate cuts next year raising hopes of rate cuts by RBI.
- IT Stocks – Fed easing signal a boost for global tech, Nasdaq leads rally.
- Banks – Dovish FOMC policy & rate cut hints likely to give RBI flexibility to start easing.
- Vedanta – Board to consider fund raise on December 12.
- Biocon – Associate company Bicara Therapeutics completes its USD 165 mn series C financing.
- Uno Minda – Arm Umts commissions new automotive seating sys plant in Ahmedabad.
- NBCC – Gets work order worth Rs 15 bn from National Cooperative Dvpt Corp.
- IRCTC – Eyes expansion in non- railway catering business.
- Manappuram, Muthoot – Gold climbs over 1 pct as treasury yields tumble & dollar weakens.
- Fusion Mfi – Block launched, sources say, Warburg Pincus to sell 9.25 pct stake.
- IndiGo – Became the 6th largest airline by overtaking United Airlines.
- Bandhan Bank – RBI authorises Bandhan Bank to disburse pension to retired Railway employees.
- Axis Bank – UBS, Goldman, Societie General and Morgan Stanley are major Buyers in Axis Bank deal.
- Tech Mahindra – Announces global crowdsourcing platform.
Negative Read through
- Religare – SEBI suspends registtartion of Religare Commodities as Commodity Derivativs broker.
- Escorts – Harish Lalchandani resigns as chief officer Agri Machinery business w.e.f. Feb 28, 2024.
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