Sensex, Nifty to open higher ahead of IIP, inflation data; Infosys, TCS, SpiceJet shares eyed

Indian benchmark Indices are likely to open higher, extending their gaining streak on Tuesday, tracking firm cues from global peers. The positive trend at GIFT Nifty also indicated a gap-up opening for the BSE Sensex and NSE Nifty. At 8:15 AM, the GIFT Nifty was trading a tad higher at 21,145, as compared to Nifty futures’ previous close of 21,132. Investors will keep a close eye on the Index of Industrial Production (IIP) and Consumer Price Index (CPI) data scheduled to be released today.  

On Monday, the equity benchmarks Sensex and Nifty50 closed at fresh record highs in a range-bound trade as caution prevailed in the market ahead of crucial data releases on inflation from the U.S. and India. The 30-share BSE benchmark Sensex ended 103 points or 0.15% higher at 69,928, and the broader NSE Nifty rose 28 points or 0.13% to settle at 20,997. In the Sensex pack, UltraTech Cement, Nestle India, Power Grid Corp, IndusInd Bank, and JSW Steel were top gainers, while Axis Bank, M&M, HUL, Maruti, and Bajaj Finserv were among the top laggards. The market capitalisation of all listed companies on BSE rose by ₹1.85 lakh crore to ₹351.08 lakh crore, surpassing Hong Kong to become the world’s seventh-largest.

As per the exchange data, foreign institutional investors (FIIs) emerged net buyers in Indian equities, while domestic institutional investors (DIIs) turned net sellers. FIIs net bought shares worth ₹1,261.13 crore, while domestic institutional investors (DIIs) sold ₹1,032.92 crore worth of stocks on December 11.

On the global front, Asian stocks were trading higher on Tuesday following positive closing on Wall Street in overnight trade.  Japan stocks extended gain for the second straight session ahead of the U.S. Federal Reserve meeting. Japan’s Nikkei 225 rose 0.6%, while Hong Kong’s Hang Seng index gained 0.55%. Thailand’s SET Composite rose 0.2% in early trade, while South Korea’s Kospi edged higher by 0.25%. China’s Shanghai Composite edged higher with marginal gains, while Australia’s S&P ASX 200 index was up 0.5%.

In the overnight trade, U.S. indices settled with marginal gains but managed to close at new highs for the year. Investors remained cautious ahead of inflation data and the Federal Reserve's policy announcement, which will set tone for the market. The Dow Jones Industrial Average, S&P 500, and Nasdaq gained between 0.1% to 0.4%.

Stocks to watch

Infosys: The IT major’s Chief Financial Officer Nilanjan Roy has resigned and his exit will be effective from March 31, 2024. Jayesh Sanghrajka has been appointed as the new CFO from April 1.

TCS: The country’s second most valued firm has determined the acceptance ratio of its buyback issue at around 35%. The IT major, which planned to repurchase 4.09 crore shares at ₹4,150 apiece, received bids for 26 crore shares.

SpiceJet: The budget carrier has shifted its board meeting to consider fundraising and earnings results to December 12. The airline was slated to declare its September quarter results on December 11.

Mankind Pharma: Three private equity funds, namely Chrys Capital, Capital Group and Everbridge Partners, are reportedly looking to sell stake in Mankind Pharma worth at least $592 million via the block deal.

Sterling and Wilson Renewable Energy: The company has announced the launch of a qualified institutional placement (QIP) issue. The floor price for the issue has been fixed at ₹365.02 per share.

L&T Technology: The L&T group company has signed a multi-year engineering services partnership with bp, plc, one of the world's largest diversified energy companies.

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