After opening the day on a weak note, Indian benchmark indices gradually recovered and regained part of their lost ground as the session progressed.

Indian equity benchmark indices, Sensex and Nifty, extended their decline into a third straight session on Wednesday as investors remained cautious ahead of the RBI MPC decision.

Market sentiment has cooled after the benchmark indices touched their record highs earlier this week.

At the closing bell, the BSE Sensex closed lower by 31 points.

Meanwhile, the NSE Nifty closed 46 points lower (down 0.2%).

Wipro, TCS, and HDFC Bank are among the top gainers today.

Bharat Electronics, Adani Enterprises, and Shriram Finance, on the other hand, were among the top losers today.

The GIFT Nifty was trading at 26,12,9, down by 77 points at the time of writing.

The BSE MidCap index ended 0.9% lower, and the BSE SmallCap index ended 0.4% lower.

Sectoral indices were trading mixed, with stocks in the telecom sector and the IT sector witnessing buying. Meanwhile, stocks in the metal sector and the power sector are witnessing selling pressure.

The rupee is trading at 90.21 against the US$.

Gold prices for the latest contract on MCX are trading 0.4% higher at Rs 130,261 per 10 grams.

Meanwhile, silver prices were trading 0.4% higher at Rs 182,265 per 1 kg.
 

Why PSU Bank Stocks Are Under Pressure?

In the news from the PSU banking sector, the sharp fall in banks was seen after the Finance Ministry's clarification on the foreign direct investment (FDI) limit in public sector banks.

The statement removed hopes of any near-term increase in FDI limits, a development that investors had been pricing in over the past few months.

The Ministry, in a written reply to the Lok Sabha, confirmed that there is no proposal to raise the FDI limit in PSU banks to 49%.

It reiterated that the current limit remains 20% for public sector banks and 74% for private sector banks, with higher stakes in the private sector requiring government approval.

The clarification was issued in response to questions on whether FDI limits would be hiked, the potential inflows involved, and measures to prevent excessive foreign ownership.
 

Why JSW Steel Shares Fall 3% Today?

Moving on to news from the steel sector, JSW Steel shares fell 3% on December 3 after JFE Steel announced that it will form 50:50 joint venture with JSW Steel for the transfer of Bhushan Power & Steel's integrated steel facility.

JFE will invest Rs 157.5 bn (270 billion yen) in a JV for the transfer of the BPSL integrated steel facility.

JFE Steel said the JV with JSW plans to expand crude steel production at the integrated steelworks to 10 millions tons by 2030.

The cash proceeds received from the transaction will strengthen the company's balance sheet even further and provide a clear runway for growth that will create significant value for its stakeholders.

JFE Steel held a 15% stake in JSW Steel at the end of the September quarter.

JSW Steel is an Top Indian multinational steel-making company based in Mumbai and a part of the JSW Group.

It manufactures and sells a wide range of steel products, including flat and long steel products as it facilitates across India.

They produce items like coils, sheets, plates, bars, and more catering to various industries under different brand names.

In past three months the stock has jumped 6.7%.
 

Chalet Hotels Shares Jump 4%. Here's Why.

Moving on to news from the hotel sector, the shares of Chalet Hotels jumped more than 4% on 3 December after the company announced that it is launching luxury brand 'Athiva Hotels & Resorts'.

The shares of the company rose to Rs 918.80 apiece, the highest level seen by the stock in more than three weeks.

In an exchange filing released in the post-market hours of December 2, Chalet Hotels introduced the new brand which is described as a "new-age premium lifestyle hospitality brand, built on the pillars of joy, wellness and sustainability".

The brand will include 6 hotels with more than 900 rooms.

The firm's debut property under the brand has been built in Khandala. Five more hotels are planned under the brand, which will be built in Navi Mumbai, Aksa Beach in Mumbai, Varca in Goa, Bambolim in Goa and Thiruvananthapuram.
 

RPP Shares Jump 8%

Moving on, RPP Infra Projects shares climbed nearly 8% on Wednesday after the company said it had secured a fresh order in Tamil Nadu.

The gain followed the company's announcement that it had received a Rs 26-crore contract from the Office of the Superintending Engineer (Highways), Construction and Maintenance, Tiruvannamalai Circle, Tamil Nadu.

The project involves widening the Hogenakkal-Pennagaram-Dharmapuri-Thirupathur Road (SH-60) from two lanes to four lanes and is to be completed in 12 months.

In September, the company had secured an order worth Rs 1.3 bn from the Maharashtra State Infrastructure Development Corporation for road improvement works in Raigad district.

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