Stock Market Today: Top 10 things to know before the market opens

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Market Today

The benchmark Sensex and Nifty indices are likely to open on a strong note on December 4 as trends in the GIFT Nifty indicate a positive start for the broader index with a gain of 287 points.

On Friday, Nifty50 index had scaled a fresh all-time high as the investors cheered the higher-than-expected GDP data and buying across sectors, barring auto.

At close, the Sensex was up 492.75 points or 0.74 percent to 67,481.19, and the Nifty was up 134.70 points or 0.67 percent to 20,267.90.

The pivot point calculator indicates that the Nifty is likely to see immediate resistance at 20,289, followed by 20,314 and 20,356, while on the lower side, it can take support at 20,207, followed by 20,181 and 20,140 levels.

Stay tuned to Moneycontrol to find out what happens in the currency and equity markets today. We have collated a list of important headlines across news platforms, which could impact Indian as well as international markets.

GIFT Nifty

The GIFT Nifty indicates a strong start for the broader index with a gain of 287 points. GIFT Nifty futures stood 20,640 level.

Trade setup for Monday: Top 15 things to know before the opening bell

US Markets

The benchmark S&P 500 index closed at its highest level of the year on Friday amid growing optimism the Federal Reserve was done raising US interest rates and could begin to cut them next year as inflation cools.

The index closed at 4,594.63 points, up 26.83 points, or 0.59 percent, and topping the close on July 31 at 4,588.96, which had been the prior high of 2023.

US stocks rebounded in November following three straight months of declines on better-than-expected earnings and as evidence of easing inflation boosted bets that the Fed was at the end of its monetary tightening campaign.

On Friday, the benchmark S&P 500 got another boost when Federal Reserve Chair Jerome Powell vowed to move “carefully” on interest rates, describing the risks of going too far with tightening as “more balanced” with risks of not controlling inflation.

Asian Markets

Asian shares started firmer on Monday while gold hit another record high in a busy week for economic data that will test market wagers for early and aggressive rate cuts from major central banks next year.

MSCI’s broadest index of Asia-Pacific shares outside Japan was still up 0.6 percent, led by gains in South Korea and Australia. Japan’s Nikkei dipped 0.4 percent as the yen extended recent gains.

BJP clean sweeps in MP, Rajasthan, Chhattisgarh

The Narendra Modi-led Bharatiya Janata Party (BJP) swept three out of four state elections, winning Madhya Pradesh, Rajasthan and Chhattisgarh

BJP has added two more states – Rajasthan and Chhattisgarh – to its double engine team of governments, which already includes Madhya Pradesh, Uttar Pradesh, Uttarakhand, Gujarat, Maharashtra, Assam, Tripura and Manipur.

Siemens AG to buy 18% stake in Siemens at 21% discount in inter-se transfer

Siemens on December 1 said Siemens AG (Siemens Aktiengesellschaft, Germany) will buy an 18 percent stake in the company from Siemens Energy Holding BV at a price of Rs 2952.86 per share, which is a discount of 21.32 percent to the last closing price.

The buyer will acquire 6,41,01,646 shares in the company and thus the value of the transaction will be Rs 18,928 crore.

The development follows an earlier announcement when Siemens AG said it intended to enter into a share purchase agreement with Siemens Energy to acquire the stake in its Indian arm. The purchase consideration was set at €2.1 billion.

India’s foreign exchange reserves jump $2.538 billion to $597.935 billion

India’s foreign exchange reserves increased $2.538 billion to $597.935 billion for the week ended November 24, the Reserve Bank said on Friday. In the previous reporting week, the overall reserves had jumped $5.077 billion to $595.397 billion.

For the week ended November 24, the foreign currency assets, a major component of the reserves, increased $2.14 billion to $528.531 billion, as per the data from the Reserve Bank of India (RBI). Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves. Gold reserves were up $296 million to $46.338 billion during the week, the RBI said.

Bharti Telecom boosts stake in Bharti Airtel with Rs 8,301 crore investment; expands holdings to 39.7%

Bharti Airtel promoter firm Bharti Telecom on Friday bought an additional 1.35 percent stake in the country’s second-largest telecom services provider for Rs 8,301 crore through an open market transaction.

According to the block deal data available with the National Stock Exchange (NSE), Bharti Telecom purchased more than 8.11 crore shares, amounting to a 1.35 percent stake in Bharti Airtel. Furthermore, the shares were acquired at an average price of Rs 1,023 apiece.

Another promoter group firm Indian Continent Investment Ltd, offloaded the same number of shares of Bharti Airtel at the same price. As of the end of the September quarter, Bharti Telecom held a 38.35 percent stake, while Indian Continent Investment Ltd maintained a 5.93 percent stake in Bharti Airtel, stock exchange data showed.

Bharti Enterprises, led by Sunil Mittal, holds a majority stake of 50.56 percent, while Singapore Telecommunications, commonly known as Singtel, possesses the remaining 49.44 percent in BTL.

Kross files draft papers with Sebi to raise Rs 500 crore via IPO

Trailer axle and suspension assembly manufacturing company Kross has filed draft papers with the capital markets regulator to raise Rs 500 crore through an initial public offering.

The IPO is a mix of a fresh issuance of shares worth Rs 250 crore by the company and an offer-for-sale (OFS) of shares worth Rs 250 crore by promoters.

Promoters Sudhir Rai and Anita Rai will be selling shares worth Rs 168 crore and Rs 82 crore respectively in the OFS.

The Jharkhand-based forged and machined components maker may also consider fundraising of Rs 50 crore via pre-IPO placement. If the said pre-IPO placement is undertaken, the fresh issue size will be reduced to the extent of Rs 50 crore.

FII and DII data

Foreign institutional investors bought shares worth Rs 1,589.61 crore, while domestic institutional investors purchased Rs 1,448.08 crore worth of stocks on December 1, provisional data from the National Stock Exchange showed.

Stock under F&O ban on NSE

The NSE has added Delta Corp to its F&O ban list for December 4.

Securities banned under the F&O segment include companies where derivative contracts cross 95 percent of the market-wide position limit.

With inputs from Reuters and other agencies