Equity benchmark indices Sensex and Nifty settled with marginal gains on Wednesday after buying in capital goods, auto and utility stocks as investors remained cautious ahead of the US Fed interest rate decision.
The BSE Sensex added 33.57 points or 0.05 per cent to settle at 69,584.60. The NSE Nifty50 gained 19.95 points or 0.10 per cent to close at 20,926.35.
Equity benchmark indices Sensex and Nifty settled with marginal gains on Wednesday after buying in capital goods, auto and utility stocks as investors remained cautious ahead of the US Fed interest rate decision.
The BSE Sensex added 33.57 points or 0.05 per cent to settle at 69,584.60. The NSE Nifty50 gained 19.95 points or 0.10 per cent to close at 20,926.35.
“India's domestic industrial production and manufacturing PMI exceeded expectations, a clear reflection of the continuation of economic growth in H2FY24. However, a simultaneous challenge emerges as retail inflation stands at 5.5 per cent, still much above the RBI's 4 per cent target. This inflationary pressure, driven by high food inflation and the looming spectre of El Niño, is poised to persist. The market's focus now shifts to the upcoming FOMC meeting. And the recent global upside is getting far stretched in anticipation of a rapid fall in US Fed rate in CY2024," said Vinod Nair, Head of Research at Geojit Financial Services.
Stocks To Watch On 14 December:
State Bank of India
The public sector lender will sign a 70 million Euro line of credit with the German Development Bank, KfW. The funds will be utilized to support solar photovoltaic (PV) projects in India.
NBCC
The state-owned construction company has received orders for the construction of 1,469 warehouses and other agri-infrastructure under the world’s largest grain storage plan in the cooperative sector at various locations in India. The order worth Rs 1,500 crore has been received from the National Cooperative Development Corporation (NDCC).
Biocon
Biocon’s unit, Bicara, has successfully concluded a $165 million Series C funding round. Post-funding, Biocon’s shareholding in Bicara will reduce below 20 per cent, leading Bicara ceasing to be an associate company on Biocon Ltd.
Uno Minda
The company has commissioned its new automotive seating systems plant under subsidiary Uno Minda TACHI-S Seating (UMTS) in Ahmedabad, Gujarat. The plant will manufacture mechanical parts for automotive seats for passenger cars. UTMS has bagged orders from OEMs and is expected to start supplies by Q4 FY24.
InterGlobe Aviation
India’s largest airline, IndiGO, has surpassed United Airlines to become the world’s sixth-largest airline by market capitalization. IndiGo’s market capitalization stands at $13.8 billion.