Hi there, Good Morning. Welcome to ETMarkets Morning, the show about money, business and markets. I am Saloni Goel. Let’s start with the headlines first.
Anand Rathi shares to list today
Tata in talks to bring Microsoft aboard digital venture
Vedanta withdraws all petitions against govt
and
Axis Bank gets upgrade to buy from Goldman
Now lemme give you a quick glance on the state of the markets.
Asian stocks opened lower on Tuesday, extending falls on Wall Street ahead of a US Federal Reserve decision and as markets weighed worries over the latest coronavirus variant. MSCI’s index of Asia-Pacific shares outside Japan was down by 0.43 per cent. Japan’s Nikkei declined 0.37% and South Korea’s Kospi tanked 0.17%.
The yield on 10-year Treasuries rose one basis point to 1.43%. The dollar traded near a one-week high versus a basket of major rivals, with the dollar Index little changed at 96.416.
Elsewhere, Oil prices edged higher but price gains were capped due to investor worries about oil demand after renewed restrictions were imposed in Europe and Asia amid a rise in coronavirus cases. Brent crude oil futures edged higher by 1 cent to $74.40 a barrel.
That said, here’s what is making news.
The Reserve Bank of India may let the rupee slide further against the US dollar as a weaker currency could help the exports with the government pushing manufacturing with special incentives. A weaker currency also means improvement in the central bank’s finances. The local currency is likely to touch the 76.30/50-level by the end of December if the US Federal Reserve accelerates the unwinding of bond purchases, analysts said.
As bitcoin, the world’s largest cryptocurrency, struggles to recover after a massive crash, regulatory and private sector focus has turned to another part of the digital currency world: stablecoins. The past week saw Meta Platforms Inc pilot its stablecoin payments wallet, while the world’s largest payments processor Visa launched a crypto advisory service and said stablecoins, might become the medium of exchange rather than cryptocurrencies.
Goldman Sachs has upgraded Axis Bank to buy from neutral and raised the target price to Rs 920 from Rs 792 as it believes that the current valuations are quite compelling. “Valuations appear compelling in the backdrop of improving asset-quality tailwinds as well as improving operating profit growth trajectory,” said Goldman Sachs.
The cumulative inflows from systematic investment plans (SIPs) have crossed Rs 1 lakh crore in a year for the first time, data from the Association of Mutual Funds in India (AMFI) show. Buoyed by the continued support from retail investors, the domestic flows have partially offset the selling pressure from foreign portfolio investors (FPIs). The previous record SIP flow in a calendar year was Rs 98,612 crore in 2019.
NOW Before I go, here is a look at some of the stocks buzzing this morning…
ITC, one of the largest conglomerates in the country, will meet hundreds of analysts and institutional investors on Tuesday for its first-ever analyst day meeting.
Vedanta said on Monday that the company and its group entities have withdrawn all their cases over retrospective tax demands from the revenue department to settle a nearly seven-year-old dispute with the government.
Anand Rathi Wealth will make its Dalal Street debut today. The company had raised Rs 660 crore via its IPO, offering shares in the range of Rs 530-550 apiece between December 2-4. Ahead of its listing, the scrip was commanding a mild premium of Rs 45-50 in the grey market.
There is no proposal at present to transfer India’s biggest oil and gas producer ONGC’s assets to smaller state-owned firm Oil India Ltd (OIL), Parliament was informed on Monday.
Do also check out over two dozen stock recommendations for today’s trade from top analysts on ETMarkets.com.
That’s it for now. Stay with us for all the market news through the day. Happy investing!
Hi there, Good Morning. Welcome to ETMarkets Morning, the show about money, business and markets. I am Saloni Goel. Let’s start with the headlines first.Anand Rathi shares to list todayTata in talks to bring Microsoft aboard digital ventureVedanta withdraws all petitions against govtandAxis Bank gets upgrade to buy from GoldmanNow lemme give you a quick glance on the state of the markets.Asian stocks opened lower on Tuesday, extending falls on Wall Street ahead of a US Federal Reserve decision and as markets weighed worries over the latest coronavirus variant. MSCI’s index of Asia-Pacific shares outside Japan was down by 0.43 per cent. Japan’s Nikkei declined 0.37% and South Korea’s Kospi tanked 0.17%.The yield on 10-year Treasuries rose one basis point to 1.43%. The dollar traded near a one-week high versus a basket of major rivals, with the dollar Index little changed at 96.416.Elsewhere, Oil prices edged higher but price gains were capped due to investor worries about oil demand after renewed restrictions were imposed in Europe and Asia amid a rise in coronavirus cases. Brent crude oil futures edged higher by 1 cent to $74.40 a barrel.That said, here’s what is making news.The Reserve Bank of India may let the rupee slide further against the US dollar as a weaker currency could help the exports with the government pushing manufacturing with special incentives. A weaker currency also means improvement in the central bank’s finances. The local currency is likely to touch the 76.30/50-level by the end of December if the US Federal Reserve accelerates the unwinding of bond purchases, analysts said.As bitcoin, the world’s largest cryptocurrency, struggles to recover after a massive crash, regulatory and private sector focus has turned to another part of the digital currency world: stablecoins. The past week saw Meta Platforms Inc pilot its stablecoin payments wallet, while the world’s largest payments processor Visa launched a crypto advisory service and said stablecoins, might become the medium of exchange rather than cryptocurrencies.Goldman Sachs has upgraded Axis Bank to buy from neutral and raised the target price to Rs 920 from Rs 792 as it believes that the current valuations are quite compelling. “Valuations appear compelling in the backdrop of improving asset-quality tailwinds as well as improving operating profit growth trajectory,” said Goldman Sachs.The cumulative inflows from systematic investment plans (SIPs) have crossed Rs 1 lakh crore in a year for the first time, data from the Association of Mutual Funds in India (AMFI) show. Buoyed by the continued support from retail investors, the domestic flows have partially offset the selling pressure from foreign portfolio investors (FPIs). The previous record SIP flow in a calendar year was Rs 98,612 crore in 2019.NOW Before I go, here is a look at some of the stocks buzzing this morning…ITC, one of the largest conglomerates in the country, will meet hundreds of analysts and institutional investors on Tuesday for its first-ever analyst day meeting.Vedanta said on Monday that the company and its group entities have withdrawn all their cases over retrospective tax demands from the revenue department to settle a nearly seven-year-old dispute with the government.Anand Rathi Wealth will make its Dalal Street debut today. The company had raised Rs 660 crore via its IPO, offering shares in the range of Rs 530-550 apiece between December 2-4. Ahead of its listing, the scrip was commanding a mild premium of Rs 45-50 in the grey market.There is no proposal at present to transfer India’s biggest oil and gas producer ONGC’s assets to smaller state-owned firm Oil India Ltd (OIL), Parliament was informed on Monday.Do also check out over two dozen stock recommendations for today’s trade from top analysts on ETMarkets.com.That’s it for now. Stay with us for all the market news through the day. Happy investing!