Morning Update :–GIFT Nifty, which has lost 70.5 points, suggests a slightly bearish start for the overall index. GIFT Nifty futures reached a high of 21,820 points and were now at 21,682 points.
Sensex – Fall -207 Points at 71,684
Nifty 50 – Fall -51 Points at 21,614
Indian Market
FII AND DII
| FII Bought | 1,602.16 Cr |
| DII Sold | 1,959.04 Cr |
Indian Market News
- Asian markets are under pressure as Wall Street provides mixed signals.
- S&P and Nasdaq begin 2024 with lower closes as Apple and big tech weigh in.
- The rupee begins at 83.30/$, up from Tuesday’s closing of 83.32/$.
- Avenue Supermart shares are in the spotlight.
- Adani Group shares soar ahead of the Supreme Court’s decision in the Adani-Hindenburg case.
- Radhakishan Damani has purchased a 1.4% stake in VST Industries.
- M&M Financial Services shares jump following a third-quarter business update, but analysts remain cautious.
- Adani stocks are being scrutinised.
- RVNL gains 2% after acquiring a 49% interest in the Varkala Sivagiri Station Project Joint Venture.
Global Markets updates
GIFT Nifty
With a loss of 70.5 points, the GIFT Nifty suggests a slightly negative start for the overall index. After peaking at 21,820 points, GIFT Nifty futures were trading at 21,682 points.
US Markets
• Nasdaq Composite recorded its worst session since October, with stock futures little changed.
• Bloomin’ Brands added two new board members, a move in line with an agreement with activist investor Starboard Value.
• Futures tied to the Dow Jones Industrial Average rose 10 points, while S&P 500 and Nasdaq-100 futures remained near the flatline.
• The Nasdaq Composite dropped over 1.6% for its worst day since October, dragged down by major technology stocks and Apple’s decline.
• AI beneficiaries Nvidia and Advanced Micro Devices fell 2.7% and 6% respectively.
• Chatbot challengers Alphabet and Microsoft lost over 1%.
European Markets
• European Stocks Close Lower
• Stoxx 600 index provisionally ended down 0.2%, erasing gains of nearly 0.7% earlier in the session.
• Oil and gas stocks increased by 0.6% due to Red Sea tensions impacting oil prices.
• Technology sector fell by 1.8%.
• S&P Global’s latest index suggests the bloc entered a recession in Q3 of last year.
Asian Markets
•Asia-Pacific Markets Fall on Wednesday
• Wall Street’s Nasdaq Composite and S&P500 indexes fell on the first trading day of the year.
• Investors await India’s factory activity data from S&P Global for December.
• Oil prices are closely monitored due to Iran’s deployment of a destroyer to the Red Sea.
• S&P/ASX 200 retreated 1% in Australia after nearing its all-time high.
• South Korea’s Kospi dropped 1.36 percent, while Kosdaq fell 1%.
• Japan’s markets closed until Thursday due to a collision involving a Coast Guard aircraft.
Oil Prices
Oil prices were volatile on Tuesday after Iran sent a warship to the Red Sea, causing tension in the critical waterway for global shipments. The West Texas Intermediate contract for February gained 0.01% to trade at $71.66 a barrel, while the Brent contract for March gained 0.18% to trade at $77.18. Crude prices had jumped over 2% earlier in the trading session. Iran announced it sent the Alborz destroyer through the strategic Bab al-Mandeb Strait, without elaborating on the warship’s mission. The move comes after the US Navy destroyed three boats of Iran-backed Houthi rebels, killing 10 militants.
Dollar Index
One dollar was trading around Rs 83.28, while the Dollar index was up 0.77 percent in futures trading at 102.11.
Gold Prices
Tuesday saw a rise in gold prices because to predictions that the US Federal Reserve will ease its monetary policy in 2024. Investors are also anticipating a plethora of economic data this week that may provide additional insight into when rate cuts will occur.
For the first time since 2020, spot gold increased by 13 percent in 2023. As of 10:25 GMT on Tuesday, it was up 0.6% at $2,074.40 per ounce. Additionally, U.S. gold futures increased by 0.6 percent to $2,084.00 an ounce.
News Updates
Equity markets don’t appear fatigued but do feel frothy: TRUST Mutual Fund’s CIO
The Indian equities markets don’t appear fatigued but do seem bubbly, especially with greater valuations in mid-caps and small-caps. Despite a favourable global sentiment towards India, Mihir Vora, Chief Investment Officer (CIO) at TRUST Mutual Fund, underlined the significance of constantly monitoring consumption growth, which is still seen as uneven, following a ‘K-shaped’ trajectory. He expressed significant interest in witnessing the kick-off of the capital expenditure cycle by the private sector.
According to the CIO’s findings, the market is anticipated to produce single-digit or lower double-digit returns in 2024, much lower than the 20 percent provided by the Indian equities markets in 2023. Additionally, the CIO said that valuations of some large-caps in information technology (IT), pharma, banks, metals, and certain specialty chemicals still appear tempting.
D-Mart Q3 business update: Revenue climbs 17% to Rs 13,247 crore
Avenue Supermarts, parent firm of retail brand D-Mart, on January 2 stated standalone revenue from operations for the quarter ended December 31, 2023 grew 17.19 percent to Rs 13,247.33 crore.
The company generated revenue of Rs 11,304.58 crore in the same quarter previous year. “The total number of stores as of December 31, 2023 stood at 341,” claimed the business in an exchange filing.
The standalone revenue from operations for quarter ended December 31, 2023 mentioned above is subject to restricted assessment by the statutory auditors of the firm, Avenue Supermarts noted.
UPI transactions exceed 100-billion threshold in 2023
Transactions over the unified payments interface (UPI) network crossed the 100 billion-mark in calendar year 2023 to conclude at roughly 118 billion, as per the data given by the National Payments Corporation of India (NPCI).
This marks a 60 percent gain as opposed to 74 billion UPI transactions reported in 2022. During August 2023, UPI had crossed the milestone of 10 billion transactions a month for the first time and proceeded to do so in the following months. In December, UPI recorded 12 billion transactions with a combined value of Rs 18.23 lakh crore.
The entire amount of UPI transactions in 2003 stood at roughly Rs 182 lakh crore, greater by 44 percent as compared to Rs 126 lakh crore in 2022.
Stocks in news
Avenue Supermarts: The D-Mart chain operator has registered 17.2 percent on-year rise in standalone income from operations at Rs 13,247.33 crore for the quarter ended December FY24. The total number of stores as of December 2023 stands at 341.
Hero MotoCorp:The world’s top two-wheeler company has sold 3,93,952 units of motorbikes and scooters in December 2023, down 0.05 percent compared to 3,94,179 units delivered in the year-ago month. Domestic sales declined 0.92 percent YoY to 3,77,842 units but exports soared 25.7 percent to 16,110 units over the same period.
Bank of Maharashtra: The public sector institution has registered an 18.92 percent on-year growth in overall business at Rs 4.34 lakh crore for the quarter ended December FY24, with deposits increasing by 17.9 percent to Rs 2.46 lakh crore and gross advances jumping 20.3 percent to Rs 1.89 lakh crore.
Birlasoft: Manjunath Kygonahally has been appointed as the Chief Executive Officer (CEO) for the Rest of the World (ROW) region and senior management staff of the firm with effect from Jan 2.
Hindustan Zinc: The mined metal output at 2,71,000 tonnes climbed by 7 percent YoY and 8 percent QoQ, led by a mix of improved mined metal grades and higher ore production at Rampura Agucha & Sindesar Khurd Mine.
Rail Vikas Nigam: The joint venture – KRDCL-RVNL – has got a Letter of Acceptance for the substantial upgradation/redevelopment of Varkala Sivagiri railway station. The project cost is Rs 123.36 crore.
Coal India: Coal India supplied an all-time high volume of 98 million tonnes (mts) to non-regulated sector (NRS) users till December FY24. This amounts to a huge 23 million tonnes increase with 31 percent gain over 75 million tonnes of the same period last year.
Yes Bank: For the quarter that ended in December of FY24, the private sector lender reported 11.9 percent year-over-year growth in loans and advances at Rs 2.17 lakh crore and 13.2 percent growth in deposits at Rs 2.41 lakh crore. CASA increased by 12.2 percent to Rs 71,749 crore.
V-Mart: For the quarter ending in December of FY24, the same store sales growth (SSSG) was +4%. The company’s operating revenue for the quarter was Rs 889 crore, up 14% from the same period last year. The commission income from sellers on the net merchandising value (NMV) of Rs 41 crore was represented by revenue from the LimeRoad digital marketplace, which brought in Rs 17 crore.
Exide Industries: The producer of automotive batteries has raised the corporate guarantee limit for its subsidiary, Exide Energy Solutions, from Rs 2,000 crore to Rs 3,000 crore. The company has executed a corporate guarantee deed with ICICI Bank as part of this procedure, bringing the total available capacity to Rs 750 crore. The business is now carrying out the arrangements for outstanding balances with other banks.
Punjab National Bank: For the quarter that ended in December of FY24, the public sector lender reported 11.1 percent year-over-year growth in global business at Rs 22.96 lakh crore. Global deposits increased 9.4 percent YoY to Rs 13.23 lakh crore, while advances increased 13.5 percent to Rs 9.72 lakh billion.
MOIL: In December 2023, the company recorded 1.85 lakh MT of manganese ore production, a 31% YoY increase, marking the best monthly production of the business. As of now in FY24, production of manganese ore has increased by 41% YoY to 12.73 lakh MT.
Strides Pharma Science: Amansa Holding has acquired a two percent ownership position in Strides Pharma Science through open market transactions. Amansa purchased 12,23,200 shares at an average price of Rs. 659.81 per share and 5,94,000 equity shares on the BSE at an average price of Rs. 659.41 per share.
VST Industries: Super investor Radhakishan Shivkishan Damani purchased 2,22,935 equity shares in VST Industries, valued at Rs 75.57 crore, at an average price of Rs 3,390 per share. While HDFC Mutual Fund sold 2 lakh shares at an average price of Rs 3,390.13 per share and DSP Mutual Fund offloaded 2.5 lakh shares at an average price of Rs 3,390 per share, SBI Mutual Fund purchased 2.25 lakh shares at the same price.
Sundaram Clayton: The Joint Commissioner of Commercial Tax Officer, Chennai, has sent the company a GST demand totaling Rs 14.40 crore along with a penalty of Rs 70.8 lakh for FY18. The orders were given to the corporation because of the excess IGST credit that was used and the underpayment of taxes according to the filed returns.
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