Indices at previous closing
Nifty50: 17,469 ▲+293 (1.7%)
Sensex: 58,649 ▲+1,016 (1.7%)
Nifty Bank: 37,284 ▲+666 (+1.8%)
For more updates on F&O, click here.
Fitch Ratings cuts India’s GDP forecast
The ratings agency has revised its FY22 GDP forecast for India to 8.4% from 8.7%. It said that the economic revival after the second wave subdued compared to expectations. However, it has raised its FY23 GDP estimate for India from 10% to 10.3%.
The rating agency expects the growth momentum to peak in the next financial year, driven by consumer-led recovery and easing of supply restrictions. Meanwhile, the Nifty50 continues to bounce back from the recent downtrend and was up 1.7% yesterday.
Power Mech bags BHEL project
The power infrastructure services company said that it has received a letter of intent from BHEL for projects worth ₹454 crore. Power Mech Projects provides erection, testing and commissioning (ETC), civil and operation, and maintenance services for power projects.
As of September 2021, the company’s total order book stood at ₹15,809 crore, which is around 8 times its FY21 revenue. Meanwhile, shares of the company were down 0.7% on Wednesday.
IPO party continues on D-Street
The IPO of real estate developer Shriram Properties was subscribed 89% on Day 1. The retail portion was oversubscribed 4.8 times. Retail investors also showed strong interest in the IPO of RateGain, whose retail portion was oversubscribed around 3.5 times. Overall, the IPO was subscribed 75% on Day 2.
Meanwhile, CE Info Systems, which operates under the brand name MapmyIndia, will open its ₹1,040 crore IPO for subscription today. To apply for IPOs on Upstox, click here.
Sectoral indices (December 8)
| Top gainers | Top losers |
| Nifty PSU Bank ▲ 2.5% | NA |
| Nifty Media ▲ 2.5% | NA |
Global markets (at 8:00 am today)
| Indices | Today's movement |
| SGX Nifty | ▲ 0.4% |
| Nikkei 225 (Japan) | ▼ 0.1% |
| Hang Seng (Hong Kong) | ▲ 0.8% |
| SSE Composite (China) | ▲ 0.3% |
| Dow Jones (US) (December 8) | ▲ 0.0% |
| NYSE (US) (December 8) | ▲ 0.2% |
| Nasdaq (US) (December 8) | ▲ 0.6% |
| S&P 500 (US) (December 8) | ▲ 0.3% |
Fact of the day
Russian billionaire and owner of the football club Chelsea, Roman Abramovich bought a super yacht for $170 million on eBay. It is the most expensive item ever bought on the e-commerce portal.
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Investment in securities markets is subject to market risks; please read all the related documents carefully before investing. The securities quoted are exemplary and are not recommendatory. Past performance is not indicative of future results. Details provided in the above newsletter are for educational purposes and should not be construed as investment advice by RKSV group. Investors should consult their investment advisor before making any investment decision.