Domestic stock markets are likely to start Wednesday's session on a positive note, continuing a rally amid optimism on a fast recovery from the coronavirus pandemic-caused slowdown. The Singapore Exchange (SGX) Nifty futures - an early indicator of the National Stock Exchange's Nifty 50 benchmark index - rose 48.4 points, or 0.36 per cent, to touch 13,467.20 at the strongest level recorded ahead of the opening of Indian markets. At 8:16 am, the SGX Nifty futures were up 44.00 points - or 0.33 per cent - at 13,462.80.
Record highs in global markets also supported investor sentiment. Equities in Asia rose to a record high and US stock futures gained on Wednesday as investors tracked positive news on COVID-19 vaccines and ongoing efforts to launch more fiscal stimulus. MSCI's broadest index of Asia-Pacific shares outside Japan was last seen trading 0.51 per cent higher. MSCI's gauge of stocks across the globe also hit a record high.
Here are some stocks to watch in Wednesday's session (December 9):
Standard & Poor's revised its outlook on Tata Steel to "stable" on the prospect of a solid earnings rebound. Tata Steel's earnings outlook over the next 12-18 months and recovery from COVID-19 disruptions are stronger than previously expected, the credit ratings agency said.
US-based pharmaceutical company Pfizer cleared another hurdle when the American health regulator released documents flagging no new safety or efficacy concerns.
ICICI Bank, ICICI Securities
ICICI Bank said on Tuesday its board approved a plan to offload a 2.21 per cent stake in ICICI Securities through an offer for sale (OFS). The move is aimed at meeting regulatory norms, ICICI Bank said.
JSW Steel said its crude steel output grew 3 per cent to 13.32 lakh tonnes in November, with an average capacity utilisation of 89 per cent. The company, however, said iron shortage remained a constraint to achieving higher capacity utilisation.