Asian stocks gained on Wednesday as bets firmed for a peak in interest rates among major central banks globally, as bond yields continued to decline.The Nikkei is trading 1.7% higher while the Hang Seng index is trading 0.9% higher. The Shanghai Composite is trading higher by 0.1%.US stocks ended mixed on Tuesday after fresh employment data bolstered bets that the US Federal Reserve will cut interest rates as soon as March.Here’s a table showing how US stocks performed on Tuesday:
Source: EquitymasterAt present, the BSE Sensex is trading 200 points higher and NSE Nifty is trading 38 points higher.UPL and BPCL are among the top gainers today.ICICI Bank and Hindalco on the other hand are among the top losers today.Broader markets are trading on positive note. The BSE Mid Cap index is trading 0.4% higher and the BSE Small Cap index is trading higher by 0.2%.Sectoral indices are trading mixed today, with stocks in power sector, oil & gas sector and energy sector witnessing most buying. Meanwhile stocks in telecom sector and realty sector witness selling pressure.Shares of Titan and Nestle hit their 52-week high today.The rupee is trading at Rs 83.36 against the US dollar.In commodity markets, gold prices are trading 0.2% higher at Rs 62,284 per 10 grams today.Meanwhile, silver prices are trading 0.3% higher at Rs 75,531 per 1 kg.
SBI To Acquire Stake in SBI Pension FundsState Bank of India announced its intention to acquire a 20% stake in SBI Pension Funds. SBI plans to acquire the 20% stake in SBI Pension Funds held by SBI Capital Markets.SBI already owns a 60% stake in SBI Pension Funds. With this current transaction, the company will own an 80% stake in SBI Pension Funds. SBI will do the acquisition for 2.3 bn. SBI Funds Management holds the rest of the 20% stake in SBI Pension Funds.As of 30 October 2023, SBI Pension Funds has an AUM of Rs 3.8 trillion (tn) and PAT of Rs 350.3 million.SBI in the regulatory release has said that the central bank RBI and the Pension Fund Regulatory and Development Authority (PFRDA) have approved the proposed acquisition.They also added that the proposed transaction is being done at an arm’s length basis, which is based on the valuation report of M/s Deloitte Touche Tohmatsu India.State Bank of India (SBI), the largest and oldest public sector bank in India, has been a cornerstone of the Indian economy for over a century.
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Why Oil Prices Are FallingOil prices fell in Wednesday’s Asian morning trading as markets continue to doubt the impact of OPEC+ cuts and take cues from a worsening demand outlook in China.Brent crude futures fell 8 cents, or 0.1%, to US$ 77.12 a barrel. US WTI crude futures were down 0.2%, at US$ 72.2 a barrel.Both benchmarks closed at their lowest level since 6 July in the previous session, with WTI seeing four consecutive days of declines.Voluntary output cuts of about 2.2 million barrels per day (bpd) for the first quarter of 2024 by the Organization of the Petroleum Exporting Countries and allies such as Russia (OPEC+) have failed to support market sentiment amid scepticism over whether the cuts would be implemented in full.The cuts include an extension of Saudi and Russian voluntary cuts of 1.3 million bpd.Russian President Vladimir Putin is set to visit key OPEC members Saudi Arabia and the United Arab Emirates on Wednesday for talks that are expected to include oil market cooperation.
Bank Of India Initiates QIP LaunchBank of India announced on 5 December the launch of its qualified institutional placement (QIP), set the floor price at Rs 105.4 per equity share. The bank’s Capital Issue Committee is also slated to meet on 8 December to consider and determine the issue price, including any discount.The public sector lender also mentioned that a meeting of the Capital Issue Committee is scheduled for 8 December 2023.During this meeting, discussions will be held regarding the issue price and any permissible discounts under the SEBI ICDR Regulations.Additionally, it has been highlighted that the determination of the Issue Price will be a joint effort between the Bank and the Book Running Lead Managers appointed for the QIP Issue.As per an earlier report from the media, the QIP is anticipated to be in the range of Rs 35 to 40 bn. This comprises a base issue valued at Rs 20-25 bn and an additional greenshoe option of Rs 15 bn.More By This Author:Sensex Today Ends 431 Points Higher; Nifty Above 20,800Sensex Today Crosses 69,000 Mark, Hits Record High; Nifty Above 20,700Sensex Today Rallies 1,371 Points; Nifty Closes Above 20,650
