After recording the longest weekly gaining streak in three years, Indian benchmark Indices are likely to start the week on a flat note, tracking mixed cues from global peers. The muted trend at GIFT Nifty also indicated a subdued opening for the BSE Sensex and NSE Nifty. At 8:05 AM, the GIFT Nifty was trading a tad lower at 21,076, as compared to Nifty futures’ previous close of 21,077.

Last week, the equity benchmarks Sensex and Nifty50 rallied over 3% and touched their record highs as investors cheered strong macro data, sustained foreign fund inflows, and status quo on the key interest rates for the third time in a row the RBI in its bi-monthly policy meeting on December 8. The Sensex surged 2,344 points, or 3.47% during the week ended December 8, with the 30-share index closing at new closing high of 69,825.60 after hitting the highest level of 69,893.80 in intraday. Among the heavyweights, HDFC Bank, Life Insurance Corporation (LIC) of India, ICICI Bank, Tata Consultancy Services, and Reliance Industries saw a rise in their market valuations.

Foreign portfolio investors (FPIs) made net investment of ₹26,505 crore into Indian equities in the first six trading sessions of December after BJP. This follows a net investment of ₹9,000 crore in November.

On the global front, Asian stocks were trading mixed on Monday as investors turned jittery as a slew of central bank meetings are slated this week, while caution prevailed ahead of the U.S. inflation data which is decisive for the Fed’s call on interest rates.

Japan’s Nikkei 225 was up 1.7%, while Hong Kong’s Hang Seng index fell 1.18%. Thailand’s SET Composite rose 0.16% in early trade, while South Korea’s Kospi edged higher by 0.04%. China’s Shanghai Composite fell 1%, while Australia’s S&P ASX 200 index was trading flat with positive bias.

On Friday, U.S. indices ended higher as market sentiment was boosted by robust labor and consumer data. All three major indices, the Dow Jones Industrial Average, S&P 500, and Nasdaq settled with 0.4% gain each.

Stocks to watch today

Tata Motors: Tata Motors has said that it will increase the price of its commercial vehicles from January 1, 2024, by up to 3%. The price has been hiked to offset the residual impact of the past input costs, and will be applicable across the entire range of commercial vehicles.

Adani Energy Solutions: The Adani group company has announced leadership changes to support enhanced growth of Adani Infrastructure Business. The company has appointed Bimal Dayal, Chief Executive Officer (CEO), Transmission business, and key managerial personnel of Adani Energy Solutions, as the Chief Executive Officer of Adani Infrastructure India Limited. He will oversee the implementation of the enormous pipeline of infrastructure projects in thermal, renewable energy and green hydrogen.

GMR Airports Infrastructure: The U.S.-based boutique investment firm GQG Partners acquired a 4.7% stake in GMR Airports Infrastructure on Friday through a block deal. The stocks were purchased at ₹59.1 each, amounting to ₹1,672 crore, as per BSE data.

Cipla: The Drug maker announced that its wholly-owned subsidiary, InvaGen Pharmaceuticals Inc., USA is voluntarily recalling one lot of Vigabatrin for Oral Solution, USP 500mg, to the consumer level. Vigabatrin for Oral Solution, USP 500 mg has been found to have seal integrity issues allowing for powder leakage from the pouch. The product is used for the treatment of Refractory Complex Partial Seizures as adjunctive therapy in patients 2 years of age and older who have responded adequately to several alternative treatments.

Jubilant Agri and Consumer Products: Manu Ahuja, the Managing Director and Chief Executive Officer (CEO) of the company, passed away on Sunday. Ahuja was appointed as MD and CEO in May 2018. 

Jaykay Enterprises: The company has signed a pact with Philips Machine Tools India, a subsidiary of Philips Corporation, USA, to set up a joint venture LLP (Limited Liability Partnership) to participate in supply & installation of manufacturing systems & accessories in India & global locations as parties may decide.

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