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Updated December 19th, 2023 at 08:33 IST

Nifty set to open on a flat note amid subdued Asian cues

Oil marketing companies will be in focus today after the government lowered windfall profit tax on domestically produced crude oil.

Reported by: Business Desk
Dixon Technologies shares rally
Nifty set to open on a flat note amid subdued Asian cues | Image:Unsplash
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The Indian equity benchmarks are set to open on a flat note as indicated Nifty futures traded on GIFT Nifty amid subdued Asian cues. Nifty futures on GIFT Nifty fell 0.08 per cent or 17 points to 21,467.

Asian shares and the yen steadied early on Tuesday as traders' focus turned on Japan's central bank and whether it might edge further away from its ultra-easy monetary policy, while global equities continued to cheer the prospect of US rate cuts.

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MSCI's broadest index of Asia-Pacific shares outside Japan was flat and just below a four-month high.

Oil held overnight gains after producer BP followed other shipping firms and said it would avoid the Red Sea following recent attacks by Houthi forces. Several countries have agreed to joint patrols to try to safeguard commercial shipping.

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Japan's Nikkei was flat. Nippon Steel shares fell more than 5 per cent to a five-month low after it announced a $14.9 billion deal to buy 122-year old US Steel.

The yen hovered around its 200-day moving average at 142.53 per dollar.

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Back home, Sensex and Nifty snapped their three-day winning streak on Monday as investors booked profits at record highs.

Stock in focus

Oil marketing companies will be in focus today after the government lowered windfall profit tax on domestically produced crude oil and exports of diesel.

HDFC Bank raised Rs 7,245 crore crore through its 10-year infrastructure bond issue on Monday at a coupon rate of 7.71 per cent.

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Vedanta's board approved second interim dividend of Rs 11 per share amounting to Rs 4,089 crore.

Nestlle has set record date of January 5 for determining shareholders entitlement for stock split.

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KFC operator Devyani International has forayed into Thailand market by accquiring Restaurants Development Co in deal a worth $128.9 million, expected to be completed by March 2024.
 

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Published December 19th, 2023 at 07:53 IST

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