Stock Market Updates: Axis Bank, Wipro, Indian Bank in focus

Indian benchmark indices snapped a two-day winning run with the Nifty falling from its record high. Investors remained worried ahead of the US inflation data and global central bank meetings. Sensex was down 377.50 points or 0.54 percent to 69,551.03 on December 12. Nifty was down 90.70 points or 0.43 percent to 20,906.40.

Key support and resistance levels on the Nifty

The pivot point calculator indicates that the Nifty is likely to see immediate resistance at 21,002, followed by 21,043 and 21,108. On the lower side, it can take support at 20,872, followed by 20,832 and 20,766 levels.

Key support and resistance levels on the Nifty Bank

The pivot point calculator forecasts that the index will face resistance at 47,357, followed by further resistance levels expected at 47,463 and 47,635. On the lower side, it may take support at 47,013, followed by 46,907 and 46,735.

Stocks to Buy for Upto 14% Upside

Wall Street hits fresh 2023 highs after inflation data

US stocks closed at fresh highs of the year on Tuesday, after inflation data did little to alter views for the timing of a rate cut by the Federal Reserve. Investors awaited the central bank’s last policy decision of the year on Wednesday.

The Dow Jones Industrial Average rose 173.01 points, or 0.48%, to 36,577.94. The S&P 500 gained 21.26 points, or 0.46%, to 4,643.70. The Nasdaq Composite gained 100.91 points, or 0.70%, to 14,533.40.

Asian stocks mixed ahead of Fed decision

Traders observed a mix in Asian shares on Wednesday, accompanied by a decline in oil prices to six-month lows. They awaited the Federal Reserve’s final policy decision of the year, seeking clues about potential rate cuts in the upcoming year.

The rally couldn’t be sustained by MSCI’s broadest index of Asia-Pacific shares outside Japan, which instead dipped by 0.2%. However, Japan’s Nikkei rose by 0.6%, indicating subdued movements in anticipation of the Fed decision.

Oil falls more than 3% on softening demand, oversupply concerns

Oil prices fell more than 3% on Tuesday to their lowest level in six months on concerns of oversupply. Also US economic data showed an unexpected rise in consumer prices.

Brent crude futures for February settled down $2.79, or 3.7%, to $73.24 a barrel. US West Texas Intermediate crude futures for January slipped $2.71, or 3.8%, to $68.61 a barrel.

Stocks on the radar:

• Axis Bank: Private equity major Bain Capital is all set to sell a further stake in the private sector lender via a fresh block deal worth $444 million, multiple industry sources in the know told Moneycontrol. Entities associated with Bain Capital are looking to sell a 1.1 percent stake via a block deal in Axis Bank, and the offer floor price is Rs 1,109 per share.

• Wipro: The technology services and consulting company has entered into a new agreement with RSA, one of the world’s leading general insurance companies.

• Laurus Labs: The US Food and Drug Administration (US FDA) has issued five observations in Form 483 for the manufacturing facility in Visakhapatnam, Andhra Pradesh owned by Laurus Synthesis (LSPL). The US FDA conducted the inspection from December 4 to 12, 2023.

• Indian Bank: The public sector lender launched its qualified institution placement (QIP) issue on December 12. The floor price has been fixed at Rs 414.44 per share.

• Shilpa Medicare: Shilpa Medicare’s Unit VI, Bengaluru in Karnataka has received approval from TGA, Australia for the manufacture, labeling, packaging and testing of medicinal oral mouth dissolving films (wafers). The unit manufactures and tests oral mouth-dissolving films and transdermal patches.

FII and DII data

Foreign institutional investors (FIIs) net bought shares worth Rs 76.86 crore. Domestic institutional investors (DIIs) purchased Rs 1,923.32 crore worth of stocks on December 12.

Stock under F&O ban on NSE

The NSE has added Zee Entertainment Enterprises to its F&O ban list for December 13. It retained Balrampur Chini Mills, Delta Corp, Hindustan Copper, Indiabulls Housing Finance, India Cements, National Aluminium Company, and SAIL to the said list.

_{Disclaimer: The information provided in this blog post is for informational purposes only and should not be construed as investment or trading advice. The author is not a financial advisor and does not have any professional qualifications in this area. The author does not guarantee the accuracy or completeness of the information provided. Any action you take based on the information in this blog post is done at your own risk. Please consult with a financial advisor before making any investment decisions.}