Most markets in Asia–Pacific region were trading higher ahead of the US Federal Reserve meet outcome due later today, but Nikkei 225 traded 0.1% down at 7:47 a.m. The S&P ASX 200 and Kospi were trading 0.3% and 0.87% higher, respectively.

On Tuesday, US share indices ended lower as the Federal Open Market Committee started its two–day policy meeting. The rate–setting panel is widely expected to cut rate by 25 basis points.

The Dow Jones Industrial Average and S&P 500 ended 0.61% and 0.39% down, respectively. The Nasdaq Composite settled 0.32% down.

GIFT Nifty was trading flat at 24,359 as of 7:47 a.m.

The NSE Nifty ended 332.25 points or 1.35% down at 24,336 and the BSE Sensex closed 1,064.12 points or 1.3% lower at 80,684.45.

Eleven out of the 12 sectoral indices on the National Stock Exchange fell, with the PSU Bank, Metal, Energy, Oil & Gas and Auto falling the most. Only the Nifty Media closed flat.

The slide in the broader indices was not as sharp as the benchmarks, as the BSE MidCap and SmallCap ended 0.65% and 0.52% lower, respectively.

Overseas investors stayed net sellers of Indian equities for the second straight day on Tuesday, while domestic investors turned net buyers.

Foreign portfolio investors offloaded stocks worth Rs 6,409.9 crore, while domestic institutional investors mopped up stocks worth Rs 2,706.5 crore, according to provisional data shared by the NSE.

Stocks To Watch

  • Edelweiss Financial Services: The RBI lifted the business restrictions on ECL Finance and Edelweiss Asset Reconstruction Co. as the central bank was satisfied with the remedial measures put in place by the companies.

  • Ambuja Cements, Sanghi Industries: Ambuja Cements Ltd.’s board approved merger of its recently acquired subsidiaries—Sanghi Industries Ltd. and Penna Cement Industries Ltd.—with itself through separate schemes of arrangement. The company will issue 12 equity shares for every 100 equity shares of Sanghi Industries. The company will pay Rs 321.5 per share for every one share of Penna Cement.

  • Chennai Petroleum: The government has nominated Arvinder Singh Sahney, chairman of holding company Indian Oil Corp., as part-time chairman of the board.

  • Piramal Enterprises: The board of directors’ administrative committee will hold a meeting on Friday to consider and approve the public issuance of non-convertible debentures.

  • Sonata Software: The company launched IntellQA, a Harmoni.AI powered cutting-edge Testing automation and acceleration platform designed to transform software delivery for global enterprises.

  • Exide Industries: The company made an investment of nearly Rs 100 crore in its arm Exide Energy Solutions on rights basis. Post investment, the total investment made by the company in EESL stands to Rs 3,152.2 crore.

  • Alkem Laboratories: The company, together with its arm Enzene Biosciences, entered into a share subscription and shareholders’ agreement with Sunsure Solarpark Twenty-Two and Sunsure Energy for equity investment in Sunsure Solarpark.

  • Va Tech Wabag: The tender for Saudi Arabia’s mega sea water desalination plant won by the company in September stands cancelled.

  • Cellecor Gadgets, Epack Durable: The company partnered with Epack Durable to strengthen air conditioner manufacturing.

  • Aurobindo Pharma: The company’s active-pharmaceutical-ingredient manufacturing plant in Telangana run by its subsidiary received two observations from the US Food and Drug Administration.

  • Jindal Saw: The company entered into an agreement with ReNew Green Energy Solutions to acquire shareholding up to 31.2% stake in ReNew Green MHH One Pvt.

  • Minda Corp: The company incorporated a new joint venture with Taiwan’s HSIN Chong Machinery Works.

  • Mukka Proteins: The company has completed the divestment of the entire stake of MFSI (Bangladesh) for Rs 11 crore.

  • Suyog Telematics: The board will consider raising funds through private placement of shares or other means.

  • Sun TV Network: NCLT Chennai approved the composite scheme of arrangement for amalgamation between South Asia FM and its joint ventures and associate companies.

  • Route Mobile: The company redesignated Rajdipkumar Gupta as MD and appointed Gautam Badalia as CEO.

  • Thomas Cook: The company’s step-down arm Thomas Cook Mauritius Holidays has been voluntarily wound up.

  • Aditya Birla Sun Life AMC: Vikas Gautam resigned as the CEO of international business effective Dec. 31.

  • Alembic Pharma: The company issued corporate guarantee up to $10 million in favour of HSBC Bank, Chile for its Chile-based arm.

  • Aditya Birla Real Estate: Subsidiary Birla Estates announced that it has acquired a land parcel covering 70.9 acres in Maharashtra’s Boisar for Rs 104 crore.

  • Pondy Oxides and Chemicals: The company opened its QIP at a floor price at Rs 902.93 apiece.

  • Fermenta Biotech: The company will sell commercial office premises in Worli, Mumbai.

IPO Offering

  • International Gemmological Institute (India): The public issue was subscribed to 33.78 times on day 3. There bids were led by non-institutional investors (24.84 times), employee reserved (20.63 times), retail investors (11.21 times) and qualified institutional investors (0.09 times).

Listing Day

  • Vishal Mega Mart: The company’s shares will debut on the stock exchange on Wednesday at issue price of Rs 78. The Rs 8,000-crore IPO has been subscribed 27.28 times on the final day. The bids were led by qualified institutional investors (80.75 times), non-institutional investors (14.24 times) and retail investors (2.31 times).

  • Sai Life Sciences: The company’s shares will debut on the stock exchange on Wednesday at issue price of Rs 549. The Rs 3,042-crore IPO has been subscribed 10.26 times on the final day. The bids were led by qualified institutional investors (30.93 times), non-institutional investors (4.92 times) and retail investors (1.37 times).

  • One MobiKwik Systems: The company’s shares will debut on the stock exchange on Wednesday at issue price of Rs 279. The Rs 572-crore IPO has been subscribed 119.38 times on the final day. The bids were led by retail investors (134.67 times), qualified institutional investors (119.5 times), and non-institutional investors (108.95 times).

Insider Trades

  • Star Cement: Promoter Suchita Agarwal sold 30,000 shares on between Dec. 12 and Dec. 13, while promoter Amritansh Chamaria sold 1 lakh shares on Dec. 12.

Pledge Share Details

  • India Cements: Promoter EWS Finance and Investments created a pledge for 11 lakh shares on Dec. 13.

Trading Tweaks

  • Price Band change from 20% to 10%: Enviro Infra Engineers.

  • Moved out short-term ASM: Goldiam International, KRN Heat Exchanger and Refrigeration, OM Infra.

Who’s Meeting Whom?

  • Navin Fluorine: To meet investors and analysts on Dec. 20.

  • Bhansali Engineering Polymers: To meet investors and analysts on Dec. 19.

  • RHI Magnesita: To meet investors and analysts on Dec. 20.

  • Supriya Lifesciences: To meet investors and analysts on Dec. 23.

  • Globus Spirits: To meet investors and analysts on Dec. 23.

  • Crompton Greaves Consumer Electricals: To meet investors and analysts on Dec. 23.

  • Patel Engineering: To meet investors and analysts on Dec. 20.

F&O Cues

  • Nifty December futures down by 1.36% to 24,401 at a premium of 65 points.

  • Nifty December futures open interest up by 1.73%.

  • Nifty Options Dec. 19 Expiry: Maximum call open interest at 25,000 and maximum put open interest at 23,900. 

  • Securities in ban period: Bandhan Bank, Chambal Fertilizers, Granules, Hindustan Copper, Manappuram Finance, National Aluminium, PVR Inox, RBL Bank, SAIL.

Money Market Update

The Indian rupee settled at a new record closing low of 84.90 against the US dollar, merely 10 paise away from the 85-mark, as global cues and dismal domestic trade data weighed on the currency.

The domestic currency had opened at 84.90, after Monday’s close of 84.87, before falling to the day’s low of 84.93

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