Asian share markets climbed into the black today after an upbeat reading on US consumers cheered wall street investors, while the yen added to its recent massive gains as Japanese bond yields shifted into a new higher range.

The Nikkei rose by 0.5% while the Hang Seng was up by 2.8%. The Shanghai Composite is trading higher by 0.2%.

Wall Street's three main stock indexes closed higher on Wednesday for their biggest daily gains so far in December with help from upbeat Nike and FedEx quarterly earnings, as well as improving consumer confidence and easing inflation expectations from investors.

The Dow Jones ended higher by 1.6% while the tech-heavy Nasdaq Composite ended higher by 1.5%

Here's a table showing the performance of US stocks yesterday:

Source: Equitymaster

Back home, Indian share markets are trading on a negative note following the trend on SGX Nifty.

At present, the BSE Sensex is trading lower by 54 points. Meanwhile, the NSE Nifty is trading lower by 31 points.

Sun Pharma and Infosys are among the top gainers today. Bajaj Finserv and Axis Bank are among the top losers today.

Broader markets are trading on a negative note. The BSE Mid Cap index is trading lower by 0.5% and the BSE Small Cap index is trading lower by 1.3%.

Sectoral indices are trading on a negative note with the exception of the IT sector and healthcare sector. Stocks in the industrials sector, oil and gas sector, and power sector witness selling.

The rupee is trading at 82.7 against the US dollar.

In the commodity markets, gold prices trade lower by Rs 1 at Rs 55,070 per 10 grams.

Meanwhile, silver prices are trading lower by 0.1% at Rs 69,651 per 1 kg.
 

Technical Analysis of TCS

Tata Consultancy Services (TCS) is an investor's favorite stock as well as a trader's favorite stock on Dalal Street.

The IT index has underperformed in 2022, down over 25%, while TCS is down over 12%.

Since September 2022, IT stocks witness a short-covering rally but fizzled in the last couple of weeks.

Technically, the topping pattern head and shoulder are visible on the short-term chart with the breakdown at Rs 3,250.

TCS Technical Chart

(Click on image to enlarge)

As the year ends and some profit booking is on cards, the underperformance of TCS may hurt the market sentiments. It can affect how the best IT stocks in India perform in the year ahead.
 

Reliance to Acquire Metro AG's India Business

Reliance Industries will acquire German firm Metro AG's wholesale operations in India for Rs 2,850 crore (about Rs 28.5 billion) as the conglomerate run by billionaire Mukesh Ambani seeks to strengthen its dominant position in India's mammoth retail sector.

Reliance Retail Ventures (RRVL), a subsidiary of Reliance Industries, signed definitive agreements to acquire a 100% equity stake in Metro Cash & Carry India (Metro India) subject to closing adjustments.

Metro India started operations in India in 2003 as the first company to introduce a cash-and-carry business format in the country and currently operates 31 large format stores across 21 cities with about 3,500 employees.

In the financial year 2021-22, Metro India generated sales of Rs 77 bn, its best sales performance since its market entry into India.

Reliance is India's biggest brick-and-mortar retailer with over 16,600 stores, and a strong wholesale unit would further deepen its operations in India.

Metro is a leading international specialist in wholesale and food retail in 34 countries.
 

Adani Solar Launches Large-Sized Monocrystalline Ingots

Adani Solar, the photovoltaic manufacturing and research arm of the Adani Group, has introduced India's first large-sized monocrystalline silicon ingot.

Inaugurated by Gautam Adani, Chairman of the Adani Group at its Mundra facility recently, the monocrystalline ingots will drive indigenization to produce renewable electricity from Silicon-based PV modules with efficiencies ranging from 21% to 24%.

Adani Solar is a part of Adani New Industries (ANIL), which is leading India's energy transition through the development of the world's largest green hydrogen ecosystem.

It is the first company in India to complete the backward integration of ingot line infrastructure in a record time of about 7 months, making significant progress towards the goal of energy swaraj.

The new manufacturing line will produce silicon ingots exclusively for its solar wafers, cells, and modules production.

With this, Adani Solar becomes the sole producer of large-sized monocrystalline silicon ingots in India which shall be a critical link in the photovoltaic crystalline silicon industry value-chain and drive towards a self-reliant India in the near future.
 

Bandhan Bank Receives Bid from ARC

Bandhan Bank on Wednesday announced receiving bids worth Rs 8,010 m from an asset reconstruction company (ARC) for the written-off portfolio with an outstanding of Rs 88.9 bn. The bank will take up the bidding as per the Swiss challenge method.

The decision comes after the board of directors approved the transfer of the Group's loan and SBAL written-off portfolio to an ARC. However, the name of the ARC was not revealed yet.

Last week, Bandhan Bank obtained a guarantee under the credit guarantee fund for micro units (CGFMU), the Trust Fund set up by the Government of India, managed by NCGTC as a Trustee, with the purpose of guaranteeing payment against default in loans extended to eligible borrowers by banks.

That being said, Bandhan bank has received a claim under the scheme for FY 2022-23 amounting to Rs 9,166.1 m.

Did you know that Bandhan Bank is one of the 5 banking stocks to watch out for potential multibagger returns?

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