Sensex, Nifty erased all the gains but still managing to trade in green. BSE Sensex gained 21 points to 69,542 and Nifty50 declined 28 points to 20,872 at 1:51 pm. Nifty Bank soared 110 points to 46,951 and Nifty Midcap declined 413 points to 44,081.
Meanwhile, Adani Group stocks witnessed decline as Adani Enterprises fell 3.86% to 2,775.70 apiece and Adani Port declined 4.16% to 996.40 at 1:54 pm on Friday. Adani Green Energy shares fell 5.91% to 1528.05 apiece. Adani Power shares slipped 5.24% to 532.90 per share.
From the pack of Sensex, shares of HCL Tech, JSW Steel, HDFC Bank, Larsen, and Infosys emerged as the top gainers. Shares of Adani Ports, Adani Enterprises, M&M, and Hero Motocorp emerged as the top laggards.
The decline in leading sugar stock continues as central government has instructed all sugar mills to avoid using sugarcane juice or syrup for ethanol production this year in order to ensure adequate supplies of the sugar in local market.
The Indian equity market opened higher today. At market open, BSE Sensex was up 0.19% at 69,654.24 points, while Nifty 50 was up 0.2% at 20,943.40 points. The share price of Zomato Ltd will remain in focus today as SoftBank is expected to sell a 1.1% stake in the online food delivery service provider in a block deal today.
Speculations are rife that the central bank will keep the repo rate unchanged for the fifth consecutive time at 6.50%. Other announcements that will be watched closely by investors include RBI's decision on increasing risk weights or selling bonds in the open market.
India's benchmark indices snapped the seven-day winning streak on Thursday, as investors took a breather a day before the RBI's monetary policy decision. The Nifty 50 was down 0.17% to 20.901, while the S&P BSE Sensex fell 0.19% to 69,521 points.
The three major US indices closed higher on Thursday, where the S&P 500 was up 0.80%, the Dow Jones Industrial Average advanced 0.18%, and the tech-heavy Nasdaq Composite was up 1.37%.
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Dec 08, 2023, 3:58 pm IST
Monetory Policy
RBI CPI Forecasts
Dec 08, 2023, 3:56 pm IST
Monetory Policy
RBI GDP Forecasts
Dec 08, 2023, 1:59 pm IST
Mufin Green Finance To Raise Rs 1750 Cr Via NCDs, Hits Upper Circuit
Small cap company from the NBFC sector, Mufin Green Finance shares hit 5.00% upper circuit on Friday after its board of directors considered and approved the terms and conditions for issuance of Rs 1750 crore unlisted, secured, senior, redeemable, taxable, transferable, non-convertible debentures with face value of INR 100,000 (Indian Rupees One Lakh) each and an aggregate face value of INR 17,50,00,000 (Indian Rupees Seventeen Crore and Fifty Lakh) ("Debentures") on a private placement basis.
Current market price of Mufin Green share on BSE is Rs 115.15 apiece with intraday gain of 4.97%. The company has a market capitalisation of Rs 1738.71 crore. Mufin Green shares declined 8% in last 1-month, gave return of 106% in last 3-months, and soared 172% in last 6-months.
Dec 08, 2023, 12:52 pm IST
Sugar Stocks Continue To Remain Under Pressure, Fall Up To 20% In 1-Week
The decline in leading sugar stock continues as central government has instructed all sugar mills to avoid using sugarcane juice or syrup for ethanol production this year in order to ensure adequate supplies of the sugar in local market. The decision has come after reports that sugar production is likely to down in 2023-24 season. The government has permitted production of ethanol from B-heavy molasses as it is. It is worth noting that many sugar firms depend on ethanol production for a large share of their incomes.
The latest move to curb ethanol production using sugarcane has come after below normal rainfall key growing states. "After assessing the demand-supply situation, the committee of ministers decided to focus on sugar production this year," said one of the government sources told Reuters.
Dec 08, 2023, 11:58 am IST
All Adani Group Stocks Off Highs
All the Adani Group stocks fall from their intra-day highs following RBI Monetary Policy Committee outcome. Out of the 10 stocks in the group, 9 of them were trading in the red. NDTV falls the most recording a nearly 6% slide, while Dani Total Gas is the only stock holding on to some gains.
Dec 08, 2023, 10:28 am IST
RBI Governor Says
"System liquidity has tightened significantly"
Dec 08, 2023, 10:27 am IST
Market Statistics
Source:NSE
Dec 08, 2023, 10:20 am IST
RBI Keeps Inflation Estimates Unchanged For FY24
RBI Monetary Policy Commitee Keeps Inflation Forecasts Unchanged At 5.4% For FY24
Dec 08, 2023, 10:19 am IST
RBI Raise Real GDP Growth Rate For FY24
RBI Monetary Policy Commitee Raises Real GDP Growth To 7% From 6.5% For FY24
Nifty climbs above 21,000 for the first time ever. It took 61 sessions for the Nifty to rise to 21,000 from 20,000
Dec 08, 2023, 10:08 am IST
Guv Says There Is Slowdown In Global Economy
Governor Shaktikanta Das mentioned that there are indications of a slowdown in the worldwide economy, with variations observed across different regions and industries. He noted the resilience of emerging economies amid this trend. Additionally, he pointed out that headline inflation has exceeded targets in numerous countries, leading major central bankers to maintain steady interest rates due to ongoing volatility in financial markets.
Dec 08, 2023, 10:05 am IST
Status Quo Maintained, Repo Rate At 6.5%
The RBI Monetary Policy Committee announces a status quo, keeps Repo Rate unchanged at 6.5%
Dec 08, 2023, 10:05 am IST
Nifty Hits 21,000 - A Record High
Nifty hits record high, repo rate unchanged by RBI
Dec 08, 2023, 10:04 am IST
RBI Governor Start Speaking
RBI Governor, Shaktikanta Das starts his policy speech
Dec 08, 2023, 9:32 am IST
Zomato Block Deal: 9.35 crore shares worth Rs 1,127.5 crore Exchange hands at Rs 120.5 per share in pre-market trade
CNBC-TV18 reported that around 9.35 crore shares of the food delivery aggregator Zomato Ltd swapped hands in the block deal in the pre-market trade on Friday. The number of shares that exchanged hands amounted to 1.06%% of the company's total equity.
The shares exchanged hands at an average price of Rs 120.5 apiece, taking the total transaction value to Rs 1,127 crore.
Dec 08, 2023, 8:54 am IST
Monetary Policy
RBI To Hold Rates For Fifth Time In A Row, Repo Rate Currently At 6.5%.
Dec 08, 2023, 8:49 am IST
Monetary Policy
RBI May Raise GDP Growth Target For FY24, Inflation To Be Retained.
Dec 08, 2023, 8:39 am IST
Stocks On Investors' Watchlist On December 8: Zomato, SpiceJet, IDFC First Bank
Zomato: Zomato shares will remain in focus as Japan's SoftBank is likely to offload a 1.1% stake in Zomato via a block deal worth Rs 11.28 billion.
The floor price for Zomato's shares is reportedly set at Rs 120.50 apiece, almost a 1% discount to the stock's last closing price.
IDFC First Bank: On Thursday, an affiliate of US-based private equity firm Warburg Pincus, Dayside Investment divested a 1.3% stake in private lender IDFC First Bank via an open market transaction for Rs 790 crore.
SpiceJet: SpiceJet stock price will remain in the spotlight today as the cash-strapped airline is expected to raise Rs 10 billion to Rs 12 billion rupee in fresh capital to pay pending salaries and revive its grounded fleet of 25 aircraft.
Bharat Forge: The defense stock will remain in focus today as Kalyani Strategic Systems Limited (“KSSL”), a wholly-owned subsidiary of the Company, is proposing to acquire a majority stake in Zorya Mashproekt India Private Limited (“ZMI”) through itself and/or its affiliate/ nominee
Dec 08, 2023, 8:20 am IST
Asian Markets Open On A Mixed Note
MSCI’s broadest index of Asia Pacific shares outside Japan was up 0.88%. Japan's Nikkei was down 1.38% at 32,403.72 in the early trade. At the time of writing this article, South Korea’s Kospi was up 0.80%, and the small-cap Kosdaq rose 0.61%. Topix was down 1.13%. Hong Kong’s Hang Seng index futures were down 0.83% at 16,319.5 at the time of writing this story.
Dec 08, 2023, 8:17 am IST
GIFT Nifty Indicates A Positive Start
GIFT Nifty was up 0.05% at 21092 points at the time of writing this story, indicating that the Indian equity market was headed for a positive start on Friday.
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