Stock Market News Today; Infosys, REC, RVNL, Wipro in Focus

BSE Sensex climbed 103 points to 69,929 on December 11 while the Nifty50 gained 28 points to 20,997. It formed a small-bodied bullish candlestick pattern with upper & lower shadows.

The broader markets outperformed frontline indices on positive breadth. The Nifty Midcap 100 and Smallcap 100 indices gained 0.7 percent and 0.8 percent respectively.

Key support and resistance levels on the Nifty

The pivot point calculator indicates that the Nifty is likely to see immediate resistance at 21,021. It is followed by 21,046 and 21,085. On the lower side, it can take support at 20,943, followed by 20,919 and 20,880 levels.

Key support and resistance levels on the Nifty Bank

As per the pivot point calculator, the index is expected to see resistance at 47,516, followed by 47,611 and 47,764. On the lower side, it may take support at 47,210, followed by 47,115 and 46,962.

Wall Street closes at fresh 2023 highs as inflation data, Fed eyed

US stocks registered modest gains on Monday but managed to close at new highs for the year, ahead of major market catalysts this week.

The Dow Jones Industrial Average rose 157.06 points, or 0.43%, to 36,404.93. The S&P 500 gained 18.07 points, or 0.39 %, to 4,622.44. Nasdaq Composite gained 28.51 points, or 0.20 %, to 14,432.49.

Stocks to Buy for Upto 14% Upside

Stocks on the radar

Infosys: The country’s second-largest IT services company said the Board has appointed Jayesh Sanghrajka as the Chief Financial Officer and key managerial personnel of the company with effect from April 1, 2024. Nilanjan Roy has resigned as Chief Financial Officer and key managerial personnel of the company. Roy’s last date with the company would be March 31, 2024.

Mankind Pharma: The company is likely to see a change of hands up to 7.9 percent equity via block deal, reports CNBC-TV18 quoting sources. The total block deal size is likely to be around Rs 5,649 crore, including the base size at Rs 4,935 crore. Beige Investment, Link Investment Trust, Cairnhill CIPEF, Cairnhill CGPE, and Hema CIPEF are likely sellers in the block deal.

Wipro: The IT services company said it has supported Marelli Electronic Systems, the mobility technology supplier to the automotive sector, in the development of its Cabin Digital Twin viable product. This product enables original equipment manufacturers (OEMs) to introduce connected vehicle services to the market quickly.

REC: The state-owned entity has entered into a 200-million-euro loan agreement with Germany’s KfW Development Bank. REC would use a Line of Credit to refinance investments in the distribution infrastructure of DISCOMs in the framework of and in alignment with the Revamped Distribution Sector Scheme (RDSS).

Rail Vikas Nigam: The joint venture of RVNL-URC emerged as the lowest bidder (L1) for part design and construction of an elevated viaduct, five elevated metro rail stations, and a ramp between chainages for the Indore metro rail project. The project is worth Rs 543 crore. RVNL holds a 51 percent share in the joint venture and the balance 49 percent by URC.

Asian stocks edge higher ahead of US inflation data

Asian shares crept higher on Tuesday while the dollar eased as investors stayed cautious ahead of a crucial US inflation report later in the day.

Hong Kong’s Hang Seng index fell 0.20%. MSCI’s broadest index of Asia-Pacific shares outside Japan 0.38% higher. Japan’s Nikkei rose 0.72%.

FII and DII data

Foreign institutional investors (FIIs) net bought shares worth Rs 1,261.13 crore. Domestic institutional investors (DIIs) sold Rs 1,032.92 crore worth of stocks on December 11, provisional data from the National Stock Exchange (NSE) showed.

Stock under F&O ban on NSE

The NSE has added India Cements to its F&O ban list for December 12. It retained Balrampur Chini Mills, Delta Corp, Hindustan Copper, Indiabulls Housing Finance, National Aluminium Company, and SAIL to the said list. Zee Entertainment Enterprises was removed from the said list.

Oil steady ahead of interest rate decisions, OPEC+ supply cut doubts

Oil prices held steady on Tuesday ahead of key interest rate policy and inflation data announcements, and amid doubts that production cuts by OPEC+ next year would offset crude oversupply and weaker fuel demand growth.

Brent crude futures for February were flat at $76.03 a barrel as of 0103 GMT. US West Texas Intermediate crude futures for January delivery were up 3 cents at $71.35 a barrel.

_{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.}