10 things to know before carrying out your opening transaction on December 9
Indian markets for the second consecutive session closed positively on Wednesday as the RBI MPC kept the repo rate unchanged and maintained an accommodative stance. Sensex gained over 1000 points and Nifty50 recovered an important level above 17450.
Mohit Nigam, Head – PMS, Hem Securities said: âThe benchmarks continued to climb for the second day in a row with Nifty and Sensex nearing the day’s high. The Nifty has recovered 17,450 levels. Across sectors, all key indices were trading with positive momentum. ”
He added, âThe RBI will maintain an accommodative stance for as long as necessary to revive and sustain growth, giving a clear signal that the RBI is providing strong and lasting support to the economy without reducing any support that will also be beneficial for the economy. the stock markets. ”
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âAs a result, the markets gave a stellar acceleration today, giving RBI commentary a boost today. Despite record sales of shares by the FII, the RBI has done well to defend the currency and ensure that imported inflation is under control, âthe analyst said in a note.
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US markets closed strong for the third day in a row on Wednesday. The Dow Jones gained 0.99% or 35.32 points or 0.099% to 35,754.75, the Nasdaq Composite gained 100 points or 0.64% to 15,786.99 and the S&P 500 came in at 4 701.21, up 14.46 points or 0.31% at Wednesday’s close.
Asian markets traded mixed this morning. The Japanese Nikkei 225 was trading 0.12% or 33 points lower, the Hang Seng Index was up 1.13% and the Shanghai Composite was trading flat with a positive bias with a gain of 0, 07% around 75 hours.
SGX Nifty Futures hinted at a positive opening for Indian markets as the index traded up 54 points to 17,539.00 around 7.15am in early trading on Wednesday morning.
Production gap could take years to close, RBI says
Admitting that credit growth is “very weak” given the size and rate of growth of the economy, the Reserve Bank said on Wednesday that for the two numbers to match, “the very, very large output gap” must be filled.
The central bank also clarified that weak credit growth does not necessarily mean a weak flow of credit to the economy or a suffocation of credit to the system, as the bank credit growth figures that the central bank regularly publishes do not represent than the outstanding credit in the system.
The output gap means that due to poor demand conditions, companies cannot operate their factory at full installed capacity or, in a broader sense, an economy is not producing optimally because demand is lacking. .
FII and DII data:
Foreign portfolio investors (REITs) remained net sellers for Rs 579.27 crore in Indian markets while domestic institutional investors (DII) were net buyers at Rs 1,735.5 crore, according to provisional data released on the NSE.
Stocks under F&O ban on NSE
Headline: Indiabulls Housing Finance placed under F&O ban on Wednesday. Securities subject to the blackout period in the M&O segment include companies in which the security has exceeded 95% of the market-wide position limit.
Shriram Properties IPO gets 89% subscription on day one
Shriram Properties’ initial public offering attracted 89% subscriptions on the first day of the offering on Wednesday.
The quota for Individual Investors (RII) was subscribed 4.85 times. The real estate player is the 57th company to offer an initial public offering (IPO) so far this calendar year.
The latest data available on BSE showed that for 2 93 51 639 shares of the company for sale, offers were received for 2 60 79 375 shares, which corresponds to a subscription of 89%.
For the RII category, there were offers for 220.127.116.11 shares against 52.83.185 shares offered.
Rategain Travel Tech IPO gets 75% subscription on 2nd day
Rategain Travel Technologies Ltd’s initial public offering received a 75 percent subscription on the second day of the offering on Wednesday, with the retail investor’s share being subscribed 3.98 times.
The sale, which opened on Tuesday, prompted bids for 18.104.22.1685 shares against 22.214.171.124 offered shares. That translates to a 75 percent subscription, according to the latest data available with BSE.
A new issue of a maximum of Rs 375 crore and an offer to sell a maximum of 2,265,530 shares constitute the initial public offering (IPO). The offer price range is Rs 405-425 per share.
The Individual Retail Investor (RII) category was subscribed 3.98 times with over 1.24 crore in auction. Around 31.31 lakh shares are offered in this segment.
Oil stabilizes as investors assess Omicron’s impact
Oil prices edged down in choppy trade on Wednesday, pausing after gains earlier this week, as investors assessed the impact of the Omicron coronavirus variant on the global economy.
The market reacted moderately to the weekly US inventory figures, which showed a smaller-than-expected crude inventory drop and another increase in overall production, lending credence to expectations of an increase in supply in the markets. months to come. [EIA/S]
Brent crude futures fell 15 cents, or 0.2%, to $ 75.29 a barrel at 10:52 a.m. EDT (1552 GMT). US West Texas Intermediate crude was at $ 71.94 a barrel, down 16 cents or 0.3%.
Brent crude prices have rebounded more than 9% since December 1 on signs that Omicron has had only a limited impact on oil demand, following a 16% drop since November 25.
Rupee slips to nearly 2-month low
The Indian rupee fell to an almost two-month low at 75.50 against the US dollar on Wednesday as the RBI’s bi-monthly monetary policy move did not thrill participants in the forex market.
Meanwhile, the Reserve Bank left its key rate unchanged and maintained its accommodative policy to support economic growth.
In the interbank forex market, the local unit opened strong at 75.38 against the greenback but was unable to hold onto gains and slipped into negative territory. Local unit recorded an intraday high of 75.36 and a low of 75.57.
It ultimately finished at 75.50 against the US dollar, posting a decline of 6 paise from its previous close of 75.44.
“Over 1.26 lakh of registered jewelers for gold hallmarking between July and November”
More than 1.26 lakh of jewelers have registered for gold hallmarking since its mandatory implementation from June of this year, the government said on Wednesday.
Mandatory gold stamping, certification of the purity of the precious metal, came into force on June 23 gradually. The government has identified 256 districts in 28 states and union territories for its Phase 1 implementation.
Minister of State for Consumer Affairs Ashwini Kumar Choubey, in his written response to Lok Sabha, said about 1,26,373 jewelers had registered for the hallmark as of November 30.
And about 4.29 crore of jewelry has been hallmarked since the implementation of mandatory hallmarking of gold ornaments from July 1 to November 30, he said.
(With contributions from PTI, Reuters and other agencies)
(Disclaimer: The views / suggestions / advice expressed here in this article are solely by investment experts. Zee Business suggests that its readers consult their investment advisers before making a financial decision.)