Sensex slides 304 pts, IT stocks under pressure.

The domestic equity benchmarks traded with modest losses in morning trade. The Nifty traded below the 20,850 mark. IT stocks extended losses for the second consecutive trading session.

The barometer index, the S&P BSE Sensex, was down 303.78 points or 0.44% to 69,247.25. The Nifty 50 index lost 90.50 points or 0.43% to 20,815.90.

In the broader market, the S&P BSE Mid-Cap index and the S&P BSE Small-Cap index added 0.09%.

The market breadth was positive. On the BSE, 1,955 shares rose and 1,482 shares fell. A total of 157 shares were unchanged.

Buzzing Index:

The Nifty IT index declined 1.74% to 32,910.30. The index fell 1.8% in two trading sessions.

Tata Consultancy Services (down 2.23%), Coforge (down 1.52%), Mphasis (down 1.49%), Infosys (down 1.48%), Tech Mahindra (down 1.34%), L&T Technology Services (down 1.16%), LTIMindtree (down 1.01%), Wipro (down 0.82%), Persistent Systems (down 0.6%) and HCL Technologies (down 0.41%) edged lower.

Stocks in Spotlight:

Cummins India fell 0.35%. The company said that it has entered into collaboration with Repos Energy to launch DATUM (Data Automated Teller Ultimate Machine), an intelligent Fuel Management System.

Niraj Cement Structurals rallied 4.55% after the company announced that it has received work order from Jawaharlal Nehru Port Trust (JNPT) worth Rs worth Rs 210.98 crore. The value of the contract from JNPT is more than the present market capitalization of the company, which currently stands at Rs 188.09 crore.

KIOCL declined 1.43%. The operations of Pellet Plant Unit of the company at Mangalore have been temporarily suspended with effect from 12 December 2023 due to non-availability of iron ore fines.

Wipro fell 0.13%. The company announced that it has entered into a new agreement with RSA, one of the world?s leading general insurance companies. Wipro will help accelerate RSA?s migration to the cloud and build a compliant, secure, and scalable IT infrastructure.

Axis Bank declined 1.23%. Private equity major Bain Capital may sell a further stake in the private sector lender via a fresh block deal worth $444 million, as per reports. Entities associated with Bain Capital are looking to sell a 1.1% stake via a block deal in Axis Bank, and the offer floor price is Rs 1,109 per share, as per reports.

Laurus Labs slipped 2.40% after the company?s wholly owned subsidiary, Laurus Synthesis (LSPL) underwent US FDA inspection for the manufacturing facility in Parawada, Anakapalli, near Visakhapatnam, Andhra Pradesh. The inspection was conducted from 4th December 2023 to 12th December 2023. The company has been issued a Form 483 with five observations and it will address the observations within stipulated timelines.

Numbers to Track:

The yield on India's 10-year benchmark federal paper fell 0.15% to 7.264 as compared with previous close 7.275.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.3900, compared with its close of 83.3750 during the previous trading session.

MCX Gold futures for 5 February 2024 settlement declined 0.12% to Rs 61,105.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.03% to 103.89.

The United States 10-year bond yield declined 0.19% to 4.199.

In the commodities market, Brent crude for February 2024 settlement fell 20 cents or 0.27% to $73.04 a barrel.

Global Markets:

Asian stocks were trading mixed on Wednesday, as investors assess the quarterly Tankan survey from Japan and ahead of the interest rate decision from the US Federal Reserve. The Tankan survey, compiled by the Bank of Japan quarterly, measures economic conditions in Japan.

US stocks closed at fresh highs of the year on Tuesday, after inflation data did little to alter views for the timing of a rate cut by the Federal Reserve, as investors awaited the central bank's last policy decision of the year on Wednesday.

The United States Federal Reserve's (US Fed) two-day monetary policy meeting is being held from December 12-13. And on Wednesday Fed Chair Jerome Powell will announce the central bank's rate decision in a press conference. Besides the interest rate decision, Powell is also expected to release the central bank's economic projections for the US. The Federal Reserve will opt to maintain interest rates at the current target of 5.25-5.50%, as per reports.

Later in the week, the European Central Bank (ECB) and the Bank of England (BOE), are also due to make policy announcements.

Nifty above 21,000 level; breadth strong.

The key domestic indices traded with minor gains in early trade. The Nifty traded above 21,000 level. Media, FMCG and metal shares advanced while IT and oil& gas shares declined.

The barometer index, the S&P BSE Sensex, was up 86.10 points or 0.12% to 70,014.63. The Nifty 50 index added 32.40 points or 0.15% to 21,029.50.

The Nifty hit an all-time high in early trade at 21,035.75.

In the broader market, the S&P BSE Mid-Cap index rose 0.36% and the S&P BSE Small-Cap index gained 0.54%.

The market breadth was strong. On the BSE, 2,065 shares rose and 798 shares fell. A total of 81 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,261.13 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,032.92 crore in the Indian equity market on 11 December, provisional data showed.

Stocks in Spotlight:

Infosys shed 0.67%. The company's board has appointed Jayesh Sanghrajka as the Chief Financial Officer and Key Managerial Personnel with effect from 1 April 2024. Nilanjan Roy, Chief Financial Officer and Key Managerial Personnel has resigned from the services of the company.

Wipro rose 0.33%. The company has supported Marelli Electronic Systems, a leading mobility technology supplier to the automotive sector, in the development of its Cabin Digital Twin, that enables Original Equipment Manufacturers (OEMs) to introduce connected vehicle services to the market quickly.

L&T Technology Services (LTTS) added 0.43%. The company has secured a multi-year engineering services partnership with bp, a leading global energy company. The partnership will span areas such as engineering for projects, turnarounds, maintenance improvements, technical writing, engineering data management, and services for sustainability initiatives.

Numbers to tracks:

The yield on India's 10-year benchmark federal paper fell 0.14% to 7.271 as compared with previous close 7.281.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.3600, compared with its close of 83.3775 during the previous trading session.

MCX Gold futures for 5 February 2024 settlement rose 0.32% to Rs 61,310.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.06% to 103.97.

The United States 10-year bond yield declined 0.50% to 4.217.

In the commodities market, Brent crude for February 2024 settlement rose 28 cents or 0.37% to $76.31 a barrel.

Global Markets:

Asian stocks were trading higher Tuesday, with Japan stocks leading gains for a second straight session ahead of the final U.S. Federal Reserve meeting of the year.

US stocks registered modest gains on Monday but managed to close at new highs for the year, ahead of major market catalysts this week that include inflation readings and the Federal Reserve's policy announcement.

The Fed?s two-day meeting kicks off Tuesday, and the U.S. central bank is expected to maintain the Federal Funds rate steady in the 5.25%-5.5% range. Market players will also assess the U.S. November inflation figures out late Tuesday. Later in the week, the European Central Bank (ECB) and the Bank of England (BOE), are also due to make policy announcements.

Sensex breaches 70K, Nifty above 21,000, PSU banks rally.

Domestic equity barometers traded with decent gains in morning trade, attaining record high levels. The Sensex climbed above the 70,000 level while the Nifty traded above the 21,000 mark. PSU bank extended gains for the seventh consecutive trading session.

The barometer index, the S&P BSE Sensex, was up 202.20 points or 0.29% to 70,027.80. The Nifty 50 index added 51.40 points or 0.25% to 21,020.80.

The Nifty and the Sensex hit all-time highs in mid-afternoon trade at 21,026.10 and 70,057.83, respectively.

In the broader market, the S&P BSE Mid-Cap index rose 0.63% while the S&P BSE Small-Cap index gained 0.66%.

The market breadth was strong. On the BSE, 2,373 shares rose and 1,172 shares fell. A total of 200 shares were unchanged.

Buzzing Index:

The Nifty PSU Bank index rose 1.94% to 5,585.55. The index surged 10.8% in seven trading sessions.

Bank of Maharashtra (up 3.46%), Central Bank of India (up 3.19%), Punjab & Sind Bank (up 2.89%), Punjab National Bank (up 2.72%), Union Bank of India (up 2.3%), Bank of India (up 2.19%), Canara Bank (up 2.08%), Indian Overseas Bank (up 1.99%), Bank of Baroda (up 1.98%) and UCO Bank (up 1.88%) edged higher.

Stocks in Spotlight:

Tata Motors gained 1.24% after the car maker informed that it will increase the price of its commercial vehicles up to 3% effective from 1 January 2024.

PSP Projects added 0.99% after the company said that it has emerged as lowest (L1) bidder for a project in the state of Gujarat, worth Rs 296.85 crore.

REC shed 0.10%. The company announced that it has signed a loan agreement worth 200 million euro with the German bank KfW. This is REC?s sixth line of credit under Indo-German Development Cooperation, which the firm will utilize to re-finance investments in the distribution infrastructure of DISCOMs in alignment with the Revamped Distribution Sector Scheme (RDSS) of the Government of India.

Mazagon Dock Shipbuidlers rallied 4.09% afte the company announced that it has received an order worth Rs 1,145 crore from Oil and Natural Gas Corporation (ONGC) for the replacement of the pipeline.

Dr. Reddy's Laboratories declined 5.87% after the company informed that the United States Food & Drug Administration (USFDA) issued a Form 483 with three observations after the inspection conducted at R&D centre in Hyderabad.

Numbers to track:

The yield on India's 10-year benchmark federal paper rose 0.23% to 7.283 as compared with previous close 7.266.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.3725, compared with its close of 83.4000 during the previous trading session.

MCX Gold futures for 5 February 2024 settlement shed 0.17% to Rs 62,611.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.02% to 104.04.

The United States 10-year bond yield declined 0.14% to 4.241.

In the commodities market, Brent crude for February 2024 settlement rose 48 cents or 0.63% to $76.32 a barrel.

Global Market:

Asian stocks are mostly trading higher on Monday as investors assessed November inflation numbers from China, which declined at a faster-than-expected pace.

November inflation numbers from China showed a faster-than-expected decline in consumer prices. The consumer price index fell 0.5% year-on-year. The producer price index fell 3% year-on-year, compared with October?s 2.6% drop.

US stocks hit a new high for the year on Friday after the November jobs report and University of Michigan consumer survey data signaled a resilient economy and cooling inflation, fueling hopes for a so-called soft-landing scenario.

November?s nonfarm payrolls report showed an unexpected drop in unemployment. The jobless rate fell 3.7%. The US economy added 199,000 jobs during November, from 150,000 added in October.

Nifty crosses 21,000 mark as RBI keeps rates unchanged; metal stocks advance.

The domestic equity benchmarks edged higher and hit the day's high in morning trade. The Nifty traded near the 21,000 level. Metal stocks witnessed strong buying demand. Investor sentiment received a boost after the RBI maintains its repo rate at 6.50% and raised the GDP forecast for FY24 to 7%.

The barometer index, the S&P BSE Sensex, was up 252.06 points or 0.36% to 69,773.75. The Nifty 50 index added 89.85 points or 0.43% to 20,991.

The Nifty 50 index had hit its record high level of 21,006.10 in trade today. The index took 61 sessions to gain 1,000 points & climb to 21,000 level from 20,000 level.

In the broader market, the S&P BSE Mid-Cap index added 0.30% while the S&P BSE Small-Cap index gained 0.45%.

The market breadth was strong. On the BSE, 2292 shares rose and 1148 shares fell. A total of 164 shares were unchanged.

RBI MPC Meet Outcome:

The Reserve Bank of India's (RBI?s) Monetary Policy Committee (MPC) kept its benchmark repo rate unchanged at 6.50% for fifth consecutive day at the end of its two-day policy meeting. The committee has maintained its stance of ?Withdrawal of Accommodation?.

The Central Bank has raised its FY24 GDP growth forecast to 7% from 6.5% earlier. The retail inflation (CPI) forecast for FY24 has been kept unchanged at 5.4%

Buzzing Index:

The Nifty Metal index added 1.26% to 7,462.35. The index had declined 0.75% to end at 7,369.85 yesterday.

JSW Steel (up 3.22%), Hindustan Copper (up 3.09%), Welspun Corp (up 1.7%), Ratnamani Metals & Tubes (up 1.65%) and NMDC (up 1.55%) were the top gainers.

Among the other gainers were Vedanta (up 1.39%), Jindal Stainless (up 1.28%), Jindal Steel & Power (up 1.21%), Hindalco Industries (up 1.16%) and APL Apollo Tubes (up 0.89%).

On the other hand, National Aluminium Company (down 0.61%) and Hindustan Zinc (down 0.17%) turned lower.

Stocks in Spotlight:

IIFL Securities jumped 8.56%. The Securities Appellate Tribunal has set aside SEBI's order prohibiting the company from onboarding new clients for two years and reduced the monetary penalty from Rs 1 crore to Rs 20 lakh.

Bharat Forge rose 0.73%. The company's unit, Kalyani Strategic Systems, proposed to acquire a majority stake in Zorya Mashproekt India. ZMI is engaged in the development of indigenous capabilities for build-ups, repairs and overhauls of all types of gas-turbine engines.

IRB Infrastructure Developers advanced 3.56%. The company logged November toll collection at Rs 437 crore against Rs 366 crore in the same period last year.

TVS Electronics was up 0.20%. The company received an order from the office of the Commissioner of Customs on Dec. 6 to pay Rs 35.58 crore. It is the process of filing an appeal before the Customs Excise & Service Tax Appellate Tribunal, Chennai.

Banks stocks in action after RBI keeps key rates unchanged.

RBI's MPC at its meeting today, 8 December 2023, decided to keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.50%. The standing deposit facility (SDF) rate remains unchanged at 6.25% and the marginal standing facility (MSF) rate and the Bank Rate at 6.75%.

All members of the MPC unanimously voted to keep the policy repo rate unchanged. The MPC also decided to remain focused on withdrawal of accommodation to ensure that inflation progressively aligns to the target, while supporting growth.

These decisions are in consonance with the objective of achieving the medium-term target for consumer price index (CPI) inflation of 4% within a band of +/- 2%, while supporting growth.

The real GDP growth for 2023-24 is projected at 7% with Q3 at 6.5%; and Q4 at 6%. Real GDP growth for Q1:2024-25 is projected at 6.7%; Q2 at 6.5%; and Q3 at 6.4%. The risks are evenly balanced.

CPI inflation is projected at 5.4% for 2023-24, with Q3 at 5.6%; and Q4 at 5.2%. Assuming a normal monsoon next year, CPI inflation for Q1:2024-25 is projected at 5.2%; Q2 at 4%; and Q3 at 4.7%. The risks are evenly balanced.

The minutes of the MPC?s meeting will be published on 22 December 2023. The next meeting of the MPC is scheduled during February 6-8, 2024.

Following the RBI announcement, the Nifty Bank index was up 0.54% to 47,096.00 while the benchmark Nifty 50 index was up 0.38% to 20,981.35.

HDFC Bank (up 1.21%), IDFC First Bank (up 1.14%), Bank Of Baroda (up 0.92%), Indusind Bank (up 0.74%), Kotak Mahindra Bank (up 0.23%), ICICI Bank (up 0.18%), Federal Bank (up 0.16%), SBI (up 0.12%) and PNB (up 0.12%) advanced.

Key equity indices edge lower as FMCG stocks tumble; market breadth even.

The domestic equity benchmarks tumbled in early trade as significant selling prevailed in key index pivotals. The Nifty managed to trade above the 20,850 level. FMCG, banks and financial shares declined while pharma, healthcare and oil & gas stocks managed to trade in the green.

The barometer index, the S&P BSE Sensex, was down 314.68 points or 0.45% to 69,339.05. The Nifty 50 index lost 83.65 points or 0.4% to 20,854.05.

In the broader market, the S&P BSE Mid-Cap index fell 0.28% while the S&P BSE Small-Cap index declined 0.31%.

The market breadth was almost even. On the BSE, 1,414 shares rose, and 1,325 shares fell. A total of 112 shares were unchanged.

The six-member Monetary Policy Committee of the Reserve Bank of India (RBI) commenced its meeting on 6 December 2023. RBI Governor Shaktikanta Das is scheduled to announce the MPC decision on the final day of the meeting on Friday, 8 December 2023.

Numbers to Track:

The yield on India's 10-year benchmark federal paper fell 0.03% to 7.246 as compared with previous close 7.248.

In the foreign exchange market, the rupee edged slightly higher against the dollar. The partially convertible rupee was hovering at 83.3600, compared with its close of 83.3225 during the previous trading session.

MCX Gold futures for 5 February 2023 settlement declined 0.12% to Rs 62,363.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.02% to 104.17.

The United States 10-year bond yield advanced 0.64% to 4.145.

In the commodities market, brent crude for February 2024 settlement rose 38 cents or 0.51% to $74.68 a barrel.

Stocks in Spotlight:

Adani Ports and Special Economic Zone rose 1.95%. The meeting of the board of directors of the company will be held on 12 December 2023 to consider the proposal for issuance of Non-Convertible Debentures and issuance/ renewal of Non-cumulative redeemable preference shares, on private placement basis/ preferential basis, in one or more tranches.

Dr. Reddy?s Laboratories advanced 1.75%. The company's wholly-owned subsidiary Dr. Reddy's Laboratories SA and Coya Therapeutics, Inc., announced that they have entered into a development and license agreement for the development and commercialization of COYA 302, an investigational combination therapy for the treatment of Amyotrophic Lateral Sclerosis (ALS).

IDFC First Bank fell 3.43%. Cloverdell Investment, an affiliate of global private equity firm Warburg Pincus, is reportedly likely to sell a 1.3% stake in IDFC First Bank through block deal. The deal size may be around $100 million, with a floor price of Rs 85.7 per share, as per reports.

Global Markets:

Asian stocks are trading lower on Thursday, mirroring moves on Wall Street as investors assessed trade data from China and Australia.

US stocks ended lower on Wednesday as investors assessed data indicating falling inflation while awaiting jobs report.

Market opens at fresh record highs; Nifty climbs above 20,900.

The key equity indices traded with minor gains in early trade. The Nifty scaled above the 20,900 level. Oil & gas, media and FMCG shares advanced while realty, banking and financial services stocks declined.

The barometer index, the S&P BSE Sensex, was up 180.18 points or 0.26% to 69,476.32. The Nifty 50 index added 51.10 points or 0.25% to 20,906.20.

The Sensex clocked an all-time high of 69,614.04 while the Nifty hit record high of 20,956.55. Further, the Nifty Bank index also registered its fresh record high of 47,259.85.

In the broader market, the S&P BSE Mid-Cap index advanced 0.34% while the S&P BSE Small-Cap index added 0.12%.

The market breadth was strong. On the BSE, 1,759 shares rose, and 1,120 shares fell. A total of 116 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 5,223.51 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,399.18 crore in the Indian equity market on 5 December, provisional data showed.

Numbers to Track:

The yield on India's 10-year benchmark federal paper fell 0.15% to 7.251 as compared with previous close 7.262.

In the foreign exchange market, the rupee edged slightly higher against the dollar. The partially convertible rupee was hovering at 83.36, compared with its close of 83.37 during the previous trading session.

MCX Gold futures for 5 February 2023 settlement rose 0.17% to Rs 62,289.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.12% to 103.93.

The United States 10-year bond yield advanced 0.40% to 4.188.

In the commodities market, Brent crude for February 2024 settlement rose 10 cents or 0.10% to $77.30 a barrel.

Buzzing Index:

The Nifty media index advanced 1.26% to 2,352.95. The index declined 1.35% in the past two trading sessions.

Adani Enterprises (up 1.58%), Hindustan Zinc (up 0.35%), Steel Authority of India (up 0.31%), Vedanta (up 0.21%) and JSW Steel (up 0.11%), Ratnamani Metals & Tubes (up 0.02%) advanced.

On the other hand, Jindal Stainless (down 1.96%), Hindustan Copper (down 0.65%) and NMDC (down 0.49%) declined.

Stocks in Spotlight:

Ashok Leyland rose 0.14%. The company had invested a sum of GBP 62869841.54 (approximately Rs. 662.5 crores) in Optare Plc. UK by way of equity shares as first tranche. Consequent to the allotment by the Board of Directors of Optare Plc., the shareholding of the company in Optare Plc. has increased from 91.63% to 92.19%.

NL.C India jumped 2.78% after the company has started bio-mass co-firing in its coal based thermal power station NLC Tamilnadu Power at Tuticorin on 5 December 2023.

State Bank of India (SBI) rose 0.35%. The executive committee of the central board (ECCB) of the bank has accorded final approval for acquiring 20% stake held by SBI Capital Markets (SBICAPS) in SBI Pension Funds (SBIPFPL) by SBI. The cost of acquisition is Rs 229.52 crore.

Power Grid Corporation of India added 0.97%. The company has been declared as successful bidder under Tariff Based Competitive Bidding to establish Inter-State Transmission System Project for ?Transmission system for evacuation of additional 7 GW of RE power from Khavda RE park under Phase III Part B? on Build, Own Operate and Transfer (BOOT) basis.

Oberoi Realty advanced 0.38%. The company has registered conveyance deed of the land located at Pokhran Road 2, Thane, admeasuring approximately 25,700 square meters (approx. 6.4 acres) (as per title deeds) in its favour and also taken possession of the property. The total consideration for acquisition of the said property is about Rs. 196 Crore, which has been paid in its entirety.

Global Markets:

Asian stocks traded higher on Wednesday, bolstered by the uptick in US high-tech shares amidst evaluations of US labour market data indicating a slowdown.

Meanwhile, Moody?s Investors Service downgraded its outlook for Chinese sovereign bonds to ?negative,? highlighting global worries over the country?s soaring debt. While maintaining an A1 long-term rating, Moody?s expressed concerns about China?s heavy reliance on fiscal stimulus for local entities and state-owned firms, posing economic risks.

Wall Street finished mixed on Tuesday after fresh employment data bolstered bets that the U.S. Federal Reserve will cut interest rates as soon as March.

Nifty above 20,800; PSU Bank stocks surge.

The domestic equity indices hit a fresh all-time high in morning trade. The Nifty traded above the 20,800 level. PSU Bank shares witnessed strong buying for the third consecutive trading session.

The barometer index, the S&P BSE Sensex, was up 425.88 points or 0.62% to 69,299.65. The Nifty 50 index added 143.15 points or 0.69% to 20,829.95.

The Sensex clocked an all-time high of 69,336.44 while the Nifty hit record high of 20,834 in early trade. Further, the Nifty Bank index also registered its fresh record high of 47,218.20.

In the broader market, the S&P BSE Mid-Cap index gained 0.46% while the S&P BSE Small-Cap index advanced 0.61%. The S&P BSE Mid-Cap index and S&P BSE Small-Cap index has hit an all time high of 35,182.26 and 41,316.16.

The market breadth was strong. On the BSE, 2,058 shares rose, and 819 shares fell. A total of 106 shares were unchanged.

Buzzing Index:

The Nifty PSU Bank index advanced 2.8% to 5,459.35. The index jumped 8.3% in three trading sessions.

Indian Overseas Bank (up 3.53%), Punjab & Sind Bank (up 3.16%), Union Bank of India (up 2.93%), State Bank of India (up 2.41%) and Bank of Baroda (up 2.06%) were the top gainers.

Among the other gainers were Bank of India (up 2.01%), Bank of Maharashtra (up 1.96%), UCO Bank (up 1.89%), Punjab National Bank (up 1.61%) and Canara Bank (up 1.59%).

Stocks in Spotlight:

DCB Bank jumped 3.94% after the Company?s board of directors of the bank is scheduled on 08 December 2023 to consider and approve Aga Khan Fund for Economic Development (the Promoter) has expressed its interest to invest up to $10 million by subscribing to additional equity shares of the bank.

Brigade Enterprises added 2.99% after the company has entered into a joint development agreement with land owners to develop a luxury residential project, spread over 4 acres at Kurubarahalli, Mysore. The developable area of the project will be about 0.40 million square feet with a gross development value (GDV) of Rs 300 crore.

HCL Technologies declined 1.59%. HCL Investments UK Limited, (HCL UK) a step-down wholly owned subsidiary of the company has entered into a Memorandum of Understanding with its Joint Venture (JV) partner, State Street International Holdings, a US corporation (State Street), pursuant to which HCL UK is entering into discussions to finalize modalities for State Street to exercise its right of Call Option in the JV and acquire HCL UK?s entire 49% equity stake in the JV that was formed in the year 2012 to provide business operations services.

JSW Infrastructure jumped 3.36% after the JSW Dharamtar Port (wholly owned subsidiary of company) has entered into share purchase and other relevant transaction documents for acquisition of 50% plus 1 shares of PNP Maritime Services from SP Port Maintenance (A Shapoorji Pallonji Group Company).

Numbers to Track:

The yield on India's 10-year benchmark federal paper fell 0.08% to 7.265 as compared with previous close 7.271.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.3750, compared with its close of 83.3800 during the previous trading session.

MCX Gold futures for 5 December 2023 settlement rose 0.43% to Rs 62,635.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.08% to 103.65.

The United States 10-year bond yield declined 1.03% to 4.245.

In the commodities market, Brent crude for January 2024 settlement rose 2 cent or 0.03% to $78.05 a barrel.

Global Markets

Asian stocks are trading lower on Tuesday as investors assessed a slew of economic data from across the region. The Caixin China services purchasing managers? index for November climbed to its highest in three months. This private survey reading came in at 51.5 in November, rising from 50.4 in October and 50.2 in September.

US stocks ended lower on Monday as investors turned cautious ahead of employment data due this week that could alter expectations that the Federal Reserve will cut interest rates early next year.