Sensex, Nifty50 to open in the green amid positive global cues – Reliance, Adani Enterprises, Sula Vineyards among stocks in focus

• Sensex and Nifty50 are likely to open on a positive note on Thursday amid positive cues in the US and Asian markets.
  
• SGX Nifty, an indicator of how the markets may perform, was up 0.55% or 101 points earlier in the morning today.
  
• Reliance Industries, Adani Enterprises, and Sula Vineyards will be amongst the stocks in focus on Thursday.
  

Sensex and Nifty50 are likely to open on a positive note on Thursday amid positive cues in the US and Asian markets. SGX Nifty, an indicator of how the markets may perform, was up 0.55% or 101 points earlier in the morning today.

Earlier yesterday, Sensex and Nifty50 fell as Covid concerns spooked investors, closing the day 1% in the red. All sectoral indices declined, except IT and Pharma, which gained 0.53% and 2.39% respectively.

Crude oil prices surged after data revealed that the US drew more than expected amount of oil from its strategic petroleum reserves. Brent crude oil prices edged 0.43% up to $82.55 per barrel.

‘Premature pause in rate hikes a costly error’, says RBI governor Shaktikanta Das

RBI governor Shaktikanta Das dashed hopes of a pause in rate hikes, saying that a premature pause will be a costly error at this point of time, according to the minutes of the Monetary Policy Committee (MPC) meeting which was held between December 5-7.

“I am of the view that a premature pause in monetary policy action would be a costly policy error at this juncture. Given the uncertain outlook, it may engender a situation where we may find ourselves striving to do a catch-up through stronger policy actions in the subsequent meetings,” Das said.

US markets clock biggest daily gains in December on Wednesday

US markets clocked their biggest daily gains so far in December on Wednesday amid improving consumer confidence and expectations of inflation cooling down. Upbeat earnings of footwear maker Nike and logistics player FedEx also resulted in an upbeat mood in the markets.

The benchmark S&P 500 index closed 1.49% in the green, while the Dow Jones Industrial Average gained 1.6%. The tech-heavy Nasdaq also surged 1.54% to end the day on a positive note.

The positivity in the US markets also rubbed off on Asian markets, as most of them were in the green on Thursday morning.

The Nikkei 225 index rose 0.4%, while Taiwan Weighted gained 1.27%. The Shanghai Composite index gained 0.52%, whereas the Hang Seng index surged 2.87%.

Stocks to watch out for on Thursday

Reliance Industries: The Mukesh Ambani-led company’s retail arm Reliance retail will acquire 100% stake in German firm Metro AG’s wholesale operations in India for ₹2,850 crore. This will strengthen RIL’s position in the retail business.

Sula Vineyards: The winemaker is all set to debut on the exchanges on Thursday. The IPO of the company has been subscribed 2.33 times on the last of the offer.

Adani Enterprises: Adani Solar said it has begun manufacturing large sized monocrystalline silicon ingots in India at its Mundra unit, which will drive indigenization to produce renewable electricity from silicon based PV modules with efficiencies ranging from 21% to 24%.

One97 Communications (Paytm): Paytm’s CEO Vijay Shekhar Sharma said during the Business Standard BFSI Insight Summit 2022 that there will be no more cash burn in the business and it would become cash flow positive in the next 12-18 months.

Bandhan Bank: The lender has received bids worth ₹801 crore from an asset reconstruction company for the written off portfolio with an outstanding of ₹8,897 crore.

Stocks in F&O ban on Thursday

IRCTC, Indiabulls Housing Finance, and Gujarat Narmada Valley Fertilizers are in NSE’s F&O ban list on Thursday.

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