Wall Street ends higher as Santa rally begins
Wall Street’s main indexes closed higher on Tuesday, led by gains in megacap and growth stocks, marking the start of the Santa Claus rally. All 11 sectors in the S&P 500 ended positively, with technology and consumer discretionary stocks leading the way. Broadcom and Nvidia also saw gains.
Unimech set for high altitudes, boarding it could be worth it
The promoter group’s stake will fall to around 80% after the IPO from nearly 92%. The company operates in a niche segment with high growth potential. It has among the highest margins and returns ratios in its areas of operation. Given these factors, investors may consider the IPO.
China central bank conducts medium-term loan operation, leaves rate unchanged
China’s central bank, the People’s Bank of China (PBOC), conducted a medium-term loan operation on Wednesday, issuing 300 billion yuan ($41.1 billion) in one-year loans at an unchanged interest rate of 2.00%, as part of efforts to manage expiring loans worth 1.45 trillion yuan this month.
Drug companies in pink of health, further upside expected
Nifty’s Pharma and Healthcare indices have gained 1.7% and 2.6% respectively in the past month, while the benchmark Nifty declined 2% in this period.
Big banks, companies sue US Fed over stress tests
The lawsuit filed in US District Court in Columbus, Ohio, claims the Fed’s practice of determining how big banks perform against hypothetical economic turmoil, and assigning capital requirements accordingly, do not follow proper administrative procedure. Plaintiffs included the Bank Policy Institute, the US Chamber of Commerce and the American Bank Association.
Family offices, PEs team up for $1 bn stake in Haier’s India operations
Family offices of prominent industrialists and leading private equity funds, including Warburg Pincus, Bain Capital, and others, are considering acquiring a majority stake in Haier Appliances India’s operations. Talks and non-binding offers are being made to take a 51% controlling interest, with efforts to include significant Indian business families and additional financial investors.
Is the stock market closed today for Christmas?
Stock markets will be closed on December 25 for Christmas, and the next trading holiday is February 26 for Mahashivratri. The markets in the next year will observe 14 trading holidays. Domestic indices showed positive sentiment with Sensex and Nifty50 indices trading in green today.
Easing inflation kindles February rate cut hopes
The Indian economy is showing recovery signs in Q3 FY 2024-25 with an expected growth of 6.7% in the next fiscal year and inflation averaging 3.8%. This provides room for possible rate cuts by the RBI, driven by strong festival activity, rural demand, and improved employment.
65,000% in a year! How long before the penny stock bubble bursts?
Shares of 200 obscure penny and micro-cap companies surged up to 65,000% in the past year. This rise reflects heightened investor interest despite these firms having limited earnings. Sri Adhikari Brothers Television’s stock rose from ₹3 to ₹2,198. Sebi has suspended Bharat Global Developers’ trading due to financial statement misrepresentation.