Asian equities traded mixed on Wednesday as global traders took their cue from another rally on Wall Street, although the enthusiasm remained limited ahead of crucial US economic data and next week’s Federal Reserve meeting.Hong Kong’s HSI was down 252 points or 0.97% to reach 25,842. Shenzhen and Shanghai also traded in red, down 0.09% and 0.05% respectively. Nikkei, meanwhile, jumped 817 points to trade at 50,120 at 11:05 AM IST. The prospect of a third straight US interest rate cut has been absorbed into pricing for days, leaving investors reluctant to place fresh bets until the final economic updates arrive. The two figures now commanding the most attention are the private-sector jobs reading from payrolls group ADP, scheduled for release later on Wednesday, and the personal consumption expenditure (PCE) index coming on Friday, the inflation measure the Fed relies on most heavily. Money markets currently assign around a 90% likelihood to a December 10 rate cut and anticipate three more reductions during the course of the next year. Adding to the broader market mood are reports that President Donald Trump’s senior economic adviser Kevin Hassett, known for advocating deeper rate cuts, is now the frontrunner to succeed Jerome Powell when the Fed chair’s term expires in May. Still, analysts pointed out that the policy board does not appear aligned on whether monetary decisions should be driven more by persistent inflation pressures or weakening employment conditions. One area offering relief came from the American retail sector, where the National Retail Federation reported a record turnout for the “Black Friday” shopping period. According to the industry group, 202.9 million consumers made purchases across the five-day stretch, beating projections and reflecting what the NRF described as a “highly engaged consumer”. Following the latest gains on Wall Street, most Asian markets also registered advances. Tokyo climbed by more than one per cent, while Seoul, Sydney, Singapore, Wellington, Taipei and Jakarta all traded higher. Losses were recorded in Hong Kong, Shanghai and Manila. Meanwhile, Bitcoin pushed back above the $90,000 mark after almost 10% was wiped from its value earlier in the week during a broad shift away from risk assets. Even with the rebound, sentiment within the crypto space remains cautious after the token fell as low as $80,550 last month, having previously touched an all-time high above $126,250 in October.

Online shopping platform Meesho is set to open for subscription on Wednesday, attracting investors with a solid grey market premium. The excitement has been fuelled by positive commentary from analysts.The company is targeting proceeds of Rs 5,421 crore from the IPO, which will remain open until 5 December. The price band has been set between Rs 105 and Rs 111 per share, valuing Meesho at Rs 50,096 crore ($5.6 billion) at the upper end. Its current grey market premium is hovering around 45%, according to ET. What makes this debut particularly significant is the backdrop: India’s e-commerce ecosystem is tilting towards lower-ticket shopping, unbranded merchandise and regional sellers. This shift has benefited Meesho more than any other large platform.

Meesho IPO

Ahead of the IPO, the SoftBank-backed e-commerce platform Meesho has secured a little over Rs 2,439 crore from anchor investors ahead of its initial public offering. The anchor tranche attracted demand of more than Rs 80,000 crore, translating to nearly 30 times oversubscription, according to market sources.A total of 60 investors participated in the anchor book, featuring a mix of leading domestic institutions and major global names. The Government of Singapore, the Monetary Authority of Singapore, Tiger Global, Fidelity Funds, BlackRock, Goldman Sachs and Morgan Stanley were among those allotted shares, as per a circular uploaded on the BSE website.On the domestic side, allocations were made to SBI Mutual Fund, UTI MF, Tata MF, Motilal Oswal MF, Axis MF, Bandhan MF and HSBC MF, among others. In total, Meesho allotted 21.97 crore equity shares at Rs 111 per share.The issue consists of a fresh share sale worth Rs 4,250 crore and an offer for sale of 10.55 crore shares estimated at Rs 1,171 crore at the upper band. Meesho has stated that funds raised will be deployed towards investment in cloud infrastructure, marketing and brand spending, inorganic expansion through acquisitions and other strategic plans, and general corporate purposes. The company is expected to debut on the stock exchanges on December 10.

Should you subscribe?

ICICI Direct has assigned Meesho a subscribe rating, citing strong funnel expansion, better operating performance and attractive relative valuation. SBI Securities has also recommended subscribing while emphasising that Meesho’s path to durable profitability will require ongoing monitoring as investments in tech, marketing and engineering continue.“The company is still loss-making, but the market is clearly betting that its rising order volumes and improving operating efficiency will help it turn profitable in the coming years. However, the risk is that Meesho must prove it can convert this scale into sustainable profits. In a competitive e-commerce industry, high valuations for loss-making firms can change quickly if growth slows or costs rise. For now, the optimism is about future potential, not present profits,” Ishan Tanna, research analyst at Ashika Institutional Equity Research told ET.With interest from retail investors running high, a solid GMP and largely favourable brokerage outlook, Meesho’s listing is shaping up to be one of the most closely followed market events of the year and could signal how India’s mass-market digital consumption trend will be valued on the public exchanges.

Winning formula — and weak spots

A major differentiator for Meesho remains its zero-commission model, which has drawn a large pool of sellers and helped build a very wide catalogue focused on unbranded and regional products. In H1FY26, the marketplace recorded 15.4 crore daily active product listings, sharply higher year on year.At the same time, the business still leans heavily on cash-on-delivery, a format that heightens cancellation and fraud risks and increases operational costs. Competition stays intense too, including in logistics, seller acquisition, affordability features and product discovery, with large rivals capable of spending more aggressively.Even so, many analysts say Meesho sits squarely inside the fastest-growing part of Indian e-commerce and has already shown a degree of capital efficiency uncommon in scaled tech listings.

Financial scoreboard

Between FY23 and FY25, the company recorded a 46% jump in annual transacting users, far ahead of the broader industry’s 11–20% growth. In FY25, 19.9 crore customers placed orders on Meesho, and 17.4 crore of them came from outside the biggest eight metropolitan markets, underlining the platform’s deep presence across Tier-2 and Tier-3 India.The shopping platform ended FY25 with revenues of Rs 9,389.9 crore, marking a 23.3% year-on-year expansion. EBITDA losses have narrowed substantially across two years, though the company remains loss-making overall, reporting an adjusted FY25 loss of Rs 2,595.3 crore. According to ICICI Direct, improving unit economics and operating leverage mitigate long-term concerns despite the losses.(Disclaimer: Recommendations and views on the stock market, other asset classes or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India)

Bias remains positive for the month amid volatility that could persist in the current week ahead of the all important US Fed meet on 10th Dec. (AI image)

Gold price prediction today: Gold prices may continue to trade with a positive bias this month, though some volatility is expected, says Maneesh Sharma, AVP – Commodities & Currencies, Anand Rathi Shares and Stock Brokers. He shares his views and recommendations for gold and silver investors:Bullion’s witnessed a positive outgoing week as the Silver price roared from below $50 to around $58.85 per troy ounce in spot driven by persistent shortage of white metal in global markets and soaring rate cut expectations. The rise in the price of Silver thus eclipsed that of Gold with the Gold/Silver ratio subsequently falling to an annual low of just over 73. Silver inventories registered on the Shanghai Futures Exchange fell to their lowest level in 10 years, and those on the Shanghai Gold Exchange to their lowest level in more than nine years last week being triggered by China’s record exports of 660 tons in October. These apparently went to London, where shortages had occurred in October. The Silver ETFs tracked by Bloomberg recorded inflows of a good 290 tons in last week, which withdrew supply from the market and is also likely to have contributed to the price increase.Data released from the World Gold council also showed that Central bank demand for gold remained robust in October, totalling 53t (+36% m/m) and continuing the strong trend seen throughout the year. Buying remained concentrated among a small number of central banks, led by the National Bank of Poland which became active again during the month.Data on Monday also showed US manufacturing contracted for the ninth straight month in November. Investors are now looking out for Wednesday’s November ADP employment report and Friday’s delayed September PCE Index, for clues on a Fed interest rate cut at the central bank’s meeting next week. Traders are currently pricing in an 87% chance of a December Fed rate cut, per CME’s FedWatch tool. Markets are also waiting on President Donald Trump’s announcement of the new Federal Reserve chairman, with White House economic adviser Kevin Hassett reportedly emerging as a frontrunner. Hassett, like Trump, favors lower interest rates.

Gold Price Outlook:

Bias remains positive for the month amid volatility that could persist in the current week ahead of the all important US Fed meet on 10th Dec.Weekly Bias:Gold: Sideways, Silver: VolatileRate-cut expectations drove a lot of the move in bullions complex last week as traders priced in nearly 90 % odds of a December cut with Fed officials, including Christopher Waller & John Williams, reinforced the dovish narrative while Silver rose on thin liquidity as supply tightness drove the market.Going ahead for the week, the main trend remains up for the bullions complex though volatility amid profit booking moves could also persist especially for Silver prices. A weaker dollar could provide support at lower levels with the dollar index settling at 99.479, down 0.72% on last week. Traders could also monitor any announcement of potential tariff on silver after the precious metal was added to the US Geological Survey list of critical minerals in November. While 75 million ounces have left the vaults of the Comex futures exchange in New York since early October, fears of a sudden premium for US silver could keep some traders to hesitate before shipping metal out of the country keeping sentiments volatile for Silver prices.(Disclaimer: Recommendations and views on the stock market, other asset classes or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India)

Analysts believe that In the near term, major resistance for the Nifty is placed at 26,325. (AI image)

Stock market today: Nifty50 and BSE Sensex, the Indian equity benchmark indices, opened flat in trade on Wednesday on weak global cues. While Nifty50 was above 26,000, BSE Sensex was near 85,100. At 9:16 AM, Nifty50 was trading at 26,010.65, down 22 points or 0.083%. BSE Sensex was at 85,116.06, down 22 points or 0.026%.Analysts believe that In the near term, major resistance for the Nifty is placed at 26,325. Until the index persists below this level, any bounce should be used for profit booking, they say.Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited says, “Nifty’s correction of about 300 points from the record high can be seen as a correction driven by technical factors like rejig in the Bank Nifty and the concerns arising from the continued depreciation of the rupee. Rejig in the Bank Nifty and the consequent reduction in the weight of HDFC Bank and ICICI Bank are pure technical factors that have nothing to do with the fundamentals of these stocks. With improving credit growth in the economy and strong fundamentals of these banking majors, they will bounce back in due course. A real concern now, which has contributed to the slow drifting down of the market, is the continued depreciation in the rupee and fears of further depreciation since the RBI is not intervening to support the rupee. This concern is forcing the FIIs to sell despite the improving fundamentals of rising corporate earnings and strong rebound in GDP growth.” “The rupee depreciation will halt and even reverse when the India-US trade deal materialises. This is likely this month. A lot, however, will depend on the details of the tariffs to be imposed on India as part of the deal. The ideal strategy for investors in this period of uncertainty is to remain invested in high quality growth stocks in the large and midcap segments. Smallcaps, as a segment, continue to be overvalued and are, therefore, best avoided.”US equities finished higher, marking their sixth positive close in seven sessions during quiet trading on Tuesday. Technology shares led the advance amid strong expectations for Federal Reserve rate cuts next week.Asian stocks were flat on Wednesday, reflecting similar patterns on Wall Street, as investors sought new market drivers whilst cryptocurrency recovery lost momentum.Gold prices stayed flat following a 1% decline in the previous session, as rising equities and stable Treasury yields continued to affect the metal whilst traders awaited crucial US economic indicators for insights on potential rate reductions later this week.Foreign portfolio investors recorded net sales of Rs 3,642 crore on Tuesday. Domestic institutional investors registered net purchases of Rs 4,646 crore.(Disclaimer: Recommendations and views on the stock market, other asset classes or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India)

The RBI’s three-day monetary policy committee meeting opens in Mumbai on Wednesday, marking the start of the central bank’s latest policy review. Over the course of the discussions, members of the six-member panel is set to hold discussions on how the central bank should navigate policy, in accordance with the newest growth and inflation readings. The meeting will be conducted from December 3 to 5 and the results of the monetary discussions will be announced by RBI governor Sanjay Malhotra at 10 AM on Friday. The review is taking place during a phase in which the economy is showing considerable resilience while prices are cooling at an unprecedented pace.

Another rate cut? Here’s what experts say

As the Reserve Bank of India prepares to announce its decision this week, the latest economic data has presented a contrasting backdrop — rapid economic expansion on one hand, and historically low inflation on the other. India’s GDP expanded by 8.2% in the second quarter of FY26, a pace of growth that has encouraged expectations of stability in policy action. Economists say the momentum may have extended into the October–December period as well, supported by firm rural demand and improving urban consumption patterns. At the same time, inflation has fallen sharply. Consumer price inflation dropped to a series low of 0.25% in October, driven largely by a decline in food prices. Forecasts suggest this softness could persist and even settle below the Reserve Bank’s own earlier projections. Commenting on the conflicting economic signals, Mehul Pandya, MD and Group CEO of CareEdge Ratings, highlighted how they complicate rate decisions. “Both these developments (of a continued strong GDP growth and multi-year low inflationary levels) are mutually opposing forces from an interest rate perspective. Central banks usually do not tend to cut interest rates during the periods of strong economic activity, represented by GDP growth. At the same time, the central banks usually respond to a low inflationary environment by cutting interest rates,” ANI quoted Pandya as saying. Some industry voices believe the data now gives the central bank enough headroom to ease policy. Taking an optimistic view, Mayur Modi, Co-founder and Co-CEO of Moneyboxx Finance Limited, argued that robust growth has widened the RBI’s scope for action. He said, “With inflation easing to multi-year lows and remaining comfortably within the RBI’s tolerance band, the probability of a repo rate cut has strengthened meaningfully. Softening price pressures give the MPC more room to prioritise growth without risking macroeconomic stability.” Modi added that a well-timed reduction could help lift consumption cycles and stimulate credit demand across key segments. Despite growing speculation of a cut, an assessment by Bank of Baroda suggests that the central bank will keep the repo rate unchanged at 5.50% and maintain its neutral stance. The report pointed out that economic performance has continued to beat expectations, with urban spending and a resilient rural economy expected to sustain momentum into the third quarter. It also flagged signs of recovery in private investment, supported by a rise in credit demand.

HSBC has a buy on Dr Reddys Labs with the target price at Rs 1,430. Analysts said that the semaglutide opportunity is intact for Dr Reddy’s in Canada, and it has replied to Health Canada’s queries on its application. GLP-1 drugs class remains the company’s focus segment and it is making progress in long-term drivers like biosimilars. Health Canada approval for generic semaglutide will be a key catalyst for the stock.Goldman Sachs has a buy on Titan with the target price at Rs 4,500. Analysts said the company expects a 15-20% growth in its jewellery business in the medium term. The company is maintaining jewellery margins despite headwinds. Its consolidated earnings before interest and taxes (EBIT) growth is ahead of standalone jewellery EBIT growth, driven by the strong trajectory of Caratlane, watches and other businesses. Titan’s eyewear business is strong in the premium segment and it is exploring how to address the mass market opportunity.Bernstein has and outperform rating on Trent with the target price cut to Rs 5,000. Analysts said they believe that the company’s revenue growth now is at a bottom. From here on the key drivers of recovery are like-for-like for split stores turns positive with base effect, about 20% compounded annual growth rate in Zudio network for three years, improved consumer demand cycle and growth in Westside business. On the other hand the key risk remains the competitive upsurge (more stores and replicating Zudio’s fashion sense and demand pull).CLSA has an outperform rating on Power Grid Corp with the target price at Rs 342. Analysts said that the company’s entry into the battery energy storage systems (BESS) should be a positive surprise with it emerging as a preferred bidder for a 150MW project. The company’s strategy of entering adjacencies such as BESS inside a transmission substation as it is likely to win the BESS concession at 11% above the price of lowest bid. They expect the company to scale-up its BESS portfolio to multi-GW with its competitive advantage of a 100 basis points (= 1 percentage point) lower interest rate versus private competitors.Macquarie has an outperform rating on ITC with the target price at Rs 480. Analysts said that the govt is proposing a new cess on cigarettes, which is likely to replace the compensation cess. This new levy increases uncertainty on taxation for the players, analysts said. In turn this could involve a transition period for things to adapt and normalise to any new system.(Disclaimer: Recommendations and views on the stock market, other asset classes or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India)

‘Tere Ishk Mein’ is emerging as a full-blown box office triumph. The Anand L Rai directorial, starring Dhanush and Kriti Sanon, has lived up to its pre-release momentum and is now racing toward the coveted Rs 100 crore net mark at the Indian box office.Tere Ishk Mein Movie Review

Day 5 box office collections

According to early estimates from Sacnilk, the film collected an impressive Rs 10.25 crore net collection on Day 5. Of the total collections, it was reported that an estimated Rs 9.50-10 crore was collected from the Hindi version alone. Tuesday’s collections saw good growth from Monday’s collections which was estimated to be around Rs 8.25 crore. The movie saw a nearly 50% dip in collections on Monday, after recording its highest numbers on Sunday, by raking in Rs 18.25 crore.

Total India net collections

The film that was off to an impressive start at the box office, earning an estimated Rs 50 crore on its opening weekend, has seemingly kept the momentum going. ‘Tere Ishk Mein’ has now climbed its way to an estimated total collection of Rs 71 crore India net. As per the report, the film has earned an all-India gross collection of Rs 84.25 crore.The film has also shown strong performance overseas, adding Rs 7.25 crore, from international markets. This has taken its worldwide 5-day total to an estimated Rs 91.5 crore.

‘Tere Ishk Mein’ surpasses ‘Raanjhanaa’ collections

What makes Day 5 especially significant is that the film’s domestic gross is now set to cross Rs 82 crore, officially surpassing the lifetime all-India gross of Dhanush’s 2013 hit ‘Raanjhanaa’ which earned a little over Rs 60 crore net and saw its total collections hit the Rs 81 crore mark. With the Hindi net collection of ‘Tere Ishk Mein’ already crossing these numbers, it is now Dhanush’s highest-grossing Hindi film ever, and that too in just five days.Marketed as the spiritual sequel to the 2013 classic, ‘Tere Ishk Mein’ had good word of mouth, boosting its box office performance. Its impressive weekday hold has also cemented its status as a major commercial hit.

‘Tere Ishk Mein’ to hit Rs 100 crore mark

With its current pace, ‘Tere Ishk Mein’ is expected to enter the Rs 100 crore India net club by the end of its first weekend, thus making it Dhanush’s first-ever Rs 100 crore net film in Hindi.

NEW DELHI: The protection enjoyed by a woman under Code of Criminal Procedure (CrPC) is not available in proceedings related to Foreign Exchange Management Act (Fema), which is governed by civil law, Delhi high court has ruled.Justice Neena Bansal Krishna dismissed a writ petition filed by a 53-year-old Canadian citizen challenging ED summons issued under Fema Section 37 for recording of her statement, rejecting the contention that safeguards guaranteed to women under CrPC applied to such summons.The petitioner argued that she could not be compelled to appear at the ED office and her statement must be recorded at her residence. She cited CrPC Section 160(1), which prevents women from being required to appear at places other than their residence for investigation. However, the HC highlighted that Fema investigations were civil-administrative proceedings, not criminal inquiries, and therefore, the gender-based protection available under CrPC could not be invoked.“The PMLA and the Fema have distinct statutory frameworks and nature of proceedings. Section 50 PMLA confers criminal investigative powers on ED involving summons for inquiries related to money laundering, which is a scheduled offence under PMLA and involves criminal prosecution. In contrast, Section 37 Fema is primarily concerned with civil-administrative investigations of foreign exchange contraventions governed by a regulatory framework distinct from criminal law. Secondly, there is a difference in the scope of summons and procedural safeguards,” the court said.“Civil code contains no provision like Section 160 CrPC mandating the recording of the statement of a woman at her residence. The insistence of the petitioner for not appearing before the authority is, therefore, without any basis,” Justice Krishna observed.“Powers regarding discovery and production of evidence under Section 37 Fema are analogous to those under Section 131 Income Tax Act, which is governed by civil code and therefore, Section 160 CrPC would not be applicable,” HC added.