Sensex ends 304 pts up, Nifty tests 21,000 as RBI leaves rates untouched

Closing Bell on December 8, 2023: The BSE Sensex touched a high of 69,894, whil the Nifty hit a peak at 21,006. Infosys, HDFC Bank and ICICI Bank were the major movers on Friday.

9:01 AM

Rs 17,000-crore TCS share buyback sees nearly seven times tendering

Investors tendered nearly seven times more shares in the Rs 17,000 crore buyback programme of Tata Consultancy Services (TCS) than what the country’s largest software exporter intended to repurchase.
 

Data provided by stock exchanges showed the tendering of nearly 269 million shares by TCS shareholders, as against the maximum 40.1 million shares (1.12 per cent equity) it intended to buy. Read

8:56 AM

Sharp downgrades likely to keep Paytm stock under pressure in market

In a presentation, One97 Communications (Paytm) announced that it is going to cut back on loan distribution for small-ticket ‘postpaid’ loans as a prudential measure. This decision follows the Reserve Bank of India’s (RBI’s) recent tightening of regulations, raising risk weights on unsecured loans. Read

8:51 AM

Voltas sees long build up: Here's a Bull Spread Strategy for the stock

Long build up is seen in the Voltas Futures on Thursday where Open Interest rose by 7 per cent (Prov) with the stock rising 2.49 per cent. Read

8:46 AM

Chart check: Wait for dips in Nifty FMCG; book out profits in Nifty Energy

The Nifty FMCG Index is currently portraying a short-term bullish trend on the charts, indicating positive market sentiment. However, a closer look at the near-term scenario suggests an imminent period of consolidation characterized by a negative bias.
 

During this consolidation phase, the index is expected to find support around the 53600 level, which coincides with the 10-day exponential moving average (10DEMA). Read

8:42 AM

Stocks to Watch: Tata Steel, Vedanta, NMDC, IIFL Sec, Zomato, Banks, Auto

Tata Steel, Vedanta, and NMDC: Business Standard reported that the three companies are weighing bids for blocks in India’s maiden auction round for critical mineral blocks. 
 

IIFL Securities: The Securities Appellate Tribunal (SAT) has set aside the order by Sebi restricting IIFL Securities from taking new clients for two years. The tribunal has also reduced the penalty imposed on the stockbroker to Rs 20 lakh from Rs 1 crore.
  

Zomato: SoftBank’s investment firm SVF Growth Singapore plans to offload its remaining 93.5 million shares (1.1 per cent equity) in food delivery major Zomato on Friday. The price range for the transaction has been fixed at Rs 120-121 per share, as per reports. Read

8:37 AM

RBI comments key: Will Governor Shaktikanta Das throw another surprise?

Reserve Bank of India (RBI) Governor Shaktikanta Das had stumped the market in the previous two policies -- in August and in October -- first with action and then with words.
 

In August, it was the introduction of an incremental cash reserve ratio (I-CRR) to take out excess liquidity, which took the markets by surprise. Read

8:32 AM

Expert Q&A | RBI likely to keep rates on hold for entire 2024, says Kaustubh Gupta

We believe US rates have peaked, and the US Federal Reserve can start easing in the second half of 2024. However, the same cannot be said for Indian policy responses. Read

8:26 AM

RBI not likely to cut benchmark repo rate before Q2FY25: SBI Report

The Reserve Bank of India (RBI) is unlikely to cut the benchmark repo rate which is at 6.5 per cent now before Q2FY25 under any circumstances, according to a report by State Bank of India (SBI).
 

The report authored by Soumya Kanti Ghosh, Group Chief Economic Adviser, State Bank of India said, the central bank will maintain status quo in the upcoming monetary policy, which will be announced on 8 December. Read

 

8:21 AM

RBI policy in focus: MPC likely to hold repo rate for fifth time in a row, shows BS poll

The six-member Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) is expected to keep the policy repo rate unchanged for the fifth consecutive policy review, all the 10 respondents said in a Business Standard poll. Read

8:16 AM

Gift Nifty holds small gains vs Nifty futures last close

8:13 AM

Japanese stocks drop most in Asia as yields jump

8:10 AM

US stocks close higher on Friday

7:57 AM

Good morning readers! Catch all live market updates here with Business Standard

Catch all live market updates here with Business Standard