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Updated on 13 Dec 2017
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The Market opening direction and stock picks for todays trading
Stocks for todays trading
The Nifty and Sensex are likely to open on a cautious note on Wednesday, tracking negative Nifty futures on the Singapore Stock Exchange (SGX Nifty) and mixed global markets.
At 8.30 am (IST), Nifty futures trading on SGX were trading 12 points down at 10,244, indicating a flat to cautious start for the Nifty50.
IIP data hits 3-month low
Industrial production growth hit a three-month low of 2.2 per cent in October this year, mainly due to the subdued performance of manufacturing and mining sectors coupled with a contraction in output of consumer durables.
Retail inflation breaches RBI target
The retail inflation in November breached the central bank's medium-term target of 4 per cent, which could put pressure on it to raise policy rates in 2018, Reuters reported. The annual inflation of 4.88 per cent last month was the steepest level in 15 months, government data showed on Tuesday, up from 3.58 per cent in October. Analysts said inflation was likely to remain above 4 per cent in 2018, dashing hopes for any rate cut.
Wall St hits record closing highs
The S&P 500 and the Dow registered record closing highs on Tuesday with a boost from bank stocks as investors eyed a potential cut in US corporate taxes and continued economic growth after strong inflation data. The Dow Jones Industrial Average rose 119.39 points, or 0.49 per cent, to 24,505.42, the S&P 500 gained 4.18 points, or 0.16 per cent, to 2,664.17 and the Nasdaq Composite dropped 12.76 points, or 0.19 per cent, to 6,862.3.
Bharti Airtel: The telecom major on Tuesday said an affiliate of private equity firm Warburg Pincus will acquire up to a 20 per cent stake in its DTH arm Bharti Telemedia for about USD 350 million (around Rs 2,310 crore).
InterGlobe Aviation: Two promoter entities of InterGlobe Aviation plans to offload shares worth at least Rs 1,245 crore through the offer for sale route on Wednesday, according to regulatory filings.
NBCC (India): The company had earlier signed an agreement with the Republic of Mauritius for Construction of Social Housing Units in Mauritius valuing $22 Million (Rs 150 Crore approx.). Now, the company on Tuesday informed bourses that the Government of Mauritius has increased the number of housing units and revised the project cost to $45 million (Rs 300 crore approx.). Accordingly, NBCC has secured new business valuing $23 Million for Social Housing Units in Mauritius.
Syndicate Bank: The bank has launched a qualified institutional placement of shares to raise up to Rs 1,200 crore (US$186m) at an indicative price of Rs 84.15, according to a term sheet.
YES Bank: The bank is planning to buy 5 per cent stake in One Point One Solutions, according to reports.