Equity benchmarks indices settled lower after a two-day rally on Tuesday due to profit booking by investors after a recording breaking rally and ahead of the release of key inflation numbers.
The BSE Sensex fell by 377.50 points or 0.54 per cent to settle at 69,551.03. The NSE Nifty50 touched a new lifetime intra-day high of 21,037.90 points before closing below the 21,000 level. The 50-share index fell 90.70 points or 0.43 per cent to close at 20,906.40.
India’s retail inflation in November 2023 came out to be 5.55 per cent, as against 4.87 per cent in October, primarily driven by vegetable prices. The food inflation came in at 8.70 per cent for November, as against 6.61 per cent in October.
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The 5.55 perent CPI inflation is far from the RBI’s medium-term target level of 4 per cent, it is within the tolerance limit of 2-6 per cent.
“Globally investors await US inflation data as this would provide some clues on Federal Reserves’s move in its policy meeting which will commenced from today. Fed’s policy outcome will provide some direction, untill than market are expected to consolidate. IPO market is again action with six IPO’s in pipeline starting with India Shelter Finance and DOMS open for subscription on Wednesday,” said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.
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Here are the top stocks to watch on 13 December:
Axis Bank
Bain Capital is looking to divest a minority stake valued at $444 million in Axis bak through a block deal scheduled for Wednesday, according to a report by Moneycontrol. Companied under the ownership of the private equity firm are looking to divest 3.34 crore shares, reflecting a 1.1 per cent ownership stake in the financial institution. Potential sellers include BC Asia Investments VII, BC Asia Investments III, and Integral Investments South Asia IV, as per the report.
Wipro
The IT major announced its new agreement with one of the world's leading general insurance companies, RSA, to help it migration to the cloud and build a compliant, secure, and scalable IT infrastructure. “The three-year engagement builds on Wipro and RSA’s existing relationship, which began in 2016,” the company stated.
Indian Bank
The state-run lender has launched its qualified institutional placement (QIP) to raise up to Rs 4,000 crore. The board has set the floor price for the issue at Rs 414.44 per share.
Force Motors
The commercial vehicle maker said it has acquired a 12.21 per cent stake in TP Surya Ltd for Rs 2.68 crore after approval by the board of directors in a meeting held on 12 December, 2023. The strategic move marks Force Motors’ entry into the renewable energy sector.
Laurus Labs
The drug firm said its wholly-owned subsidiary Laurus Synthesis Private Ltd (LSPL) underwent a comprehensive inspection by the US Food and Drug Administration (FDA) from 4-12 December 2023 at its manufacturing facility in Parawada, Anakapalli, near Visakhapatnam, Andhra Pradesh. The inspection culminated in the issuance of a Form 483 with five observations, it said in a regulatory filing.
