Global markets are suggesting Negative signals, so our Indian markets are likely to start with a “Gap-Down” opening today.
* Indian indices closed lower as investors remained cautious ahead of the US Federal Reserve’s rate decision, impacting stocks like Vedanta, ITC, and Piramal Pharma.
* The Federal Reserve cut interest rates by 25 basis points, leading to a significant decline in U.S. stocks, with major indexes experiencing their largest daily drop in months.
* The Dow Jones Industrial Average fell 1,123.03 points, marking its longest streak of daily losses since 1974, while the S&P 500 and Nasdaq also saw substantial declines.
* Mamata Machinery’s IPO, valued at Rs 179 crore, opened for subscription on December 19 and will close on December 23, with a price band set between Rs 230-243 per share.
* The IPO is entirely an offer for sale, and analysts recommend subscribing due to its fair pricing and the company’s strong position in the packaging machinery sector.
* The grey market premium (GMP) for the IPO is around Rs 150, indicating a 62% premium over the issue price, with listing expected on December 27.
* Sanathan Textiles has launched its Rs 550 crore IPO, which includes fresh equity and an offer for sale (OFS), with bidding open until December 23.
* Linc Ltd. has announced a record date of December 20, 2024, for its first-ever 1:1 bonus share issue and a 1:2 stock split, allowing shareholders to double their holdings while halving the share price.
* The record date is crucial for determining eligible shareholders, with today being the last day to purchase shares to qualify for the bonus and split.
* Indian equity indices have declined for three consecutive sessions due to selling pressure in utility, capital goods, and metal stocks, alongside foreign fund outflows.
* Technical analysts predict further declines for Restaurant Brands Asia, Ambuja Cements, and Exide Industries, with specific support and resistance levels identified for each stock.
