Morning Update :–HCL Technologies, Cipla, Adani Ports, Wipro, and Adani Enterpris were among the Nifty’s biggest gainers, while ONGC, BPCL, NTPC, Coal India, and Power Grid Corporation fell.
Sensex – Rise +1.84 Points at 71,388
Nifty 50 – Rise   +0,25  Points at  21,545
Indian Market
FII AND DII
| FII Sold | Â 990.90 Cr |
| DII Bought | 104.23 Cr |
Indian Market News
- As traders prepare for US inflation statistics, the dollar remains stable, but bitcoin is turbulent.
- Gold is stable as the market US Inflation Data
- Asian markets trade generally down; Shanghai Composite and Kospi down 0.5% each, while Nikkei is up 1%.
- The US trade deficit surprisingly narrowed as the services surplus increased.
- The Indian rupee opened unchanged at 83.12 per dollar, compared to its previous finish of 83.13.
- RBI enables PFC to establish a finance company in GIFT City.
- Delta Corp’s Q3 net profit drops 59% to Rs 34 crore.
- Lupin launched Bromfenac Ophthalmic Solution, 0.07% in the US.
- Paytm plans to spend Rs 100 crore in GIFT City.
- Shyam Metalics raises Rs 1,385 crore via QIP, with Madhusudan Kela among allottees.
Global Markets updates
GIFT Nifty
The GIFT Nifty shows a mildly negative opening for the larger market, with a 30-point loss. GIFT Nifty futures were at 21,596 points after reaching a high of 21,817 points.
US Markets
January 9 overnight trade saw minimal movement in stock futures. Dow Jones Industrial Average futures fell 35 points, and S&P 500 futures barely moved lower by 0.05 percent. Nasdaq-100 futures were trading close to the zero line.
As bitcoin prices dropped, cryptocurrency exchanges Coinbase and Marathon Digital saw 1 percent and 2 percent declines, respectively. The US Securities and Exchange Commission mistakenly announced on its X account that it had approved bitcoin ETFs, which sparked a price increase.
In other news, Juniper Networks increased by almost 1%, consolidating its gains from January 9 when it was announced that Hewlett Packard Enterprise will acquire the firm for around $14 billion, or $40 per share, in an all-cash transaction. HPE’s stock fell 0.3 percent, bringing its January 9 loss to almost 9 percent.
European Markets
On January 9, European markets fell, undoing previous gains and prolonging their dismal start to the new year. With the majority of industries and significant bourses in negative territory, the Stoxx 600 index provisionally closed 0.17 percent lower.
Healthcare stocks increased by 0.69 percent, but mining stocks led the losers, falling 1.35 percent. This week, major bank earnings reports and the most recent US inflation statistics will be released, and investors across the world will be watching for additional hints about the health of the economy and the Federal Reserve’s plan to reduce interest rates.
Asian Markets
Ahead of Australia’s November inflation report, Asia-Pacific markets were expected to begin mixed, with Japan equities expected to continue their upward trend after reaching a 33-year high in the previous session. A Reuters poll predicts that in November, Australia’s weighted consumer price index, which is calculated as the weighted average CPI of the country’s eight major cities, will increase by 4.4 percent year over year.
The S&P/ASX 200 ended its four-day losing skid on Tuesday, but it opened the day 0.39 percent lower. In contrast, the Nikkei 225 in Japan is poised to reach levels not seen since March 1990, with the Chicago futures contract trading at 33,870 and the Osaka futures contract at 33,880, both versus the index’s most recent closing of 33,763.18, respectively. Futures for the Hang Seng index in Hong Kong were trading at 16,145, suggesting a worse opening than the HSI’s closing of 16,190.02.
Oil Prices
After falling the day before, oil prices rebounded on January 9 as investors balanced concerns about increased OPEC supply and Middle East tensions against concerns about demand. US West Texas Intermediate crude futures climbed $1.47, or 2.08 percent, to close at $72.24 a barrel, while Brent crude futures increased by $1.47, or 1.93 percent, to settle at $77.59 a barrel.
Dollar Index
The dollar’s value stayed around Rs 83.16, while the Dollar index saw a 0.28 percent increase in futures trading at 102.50.
Gold Prices
As investors remained cautious ahead of US inflation data that is expected later this week, which could offer more insights into the Federal Reserve’s policy path, gold prices stayed stable on January 9.
When spot gold touched its lowest point in more than three weeks on January 8, it increased less than 0.1 percent to $2,029.06 per ounce. At $2,035.3 an ounce, US gold futures increased by more than 0.1 percent as well. According to Jim Wyckoff, senior analyst at Kitco Metals, if inflation data surprise to the upside, the Fed would not be able to lower interest rates anytime soon, which would be negative for the gold and silver markets.
News Updates
Surprisingly strong global economy, but bleak outlook: Global Bank
Despite its “surprisingly resilient” nature, the global economy is anticipated to have a dismal future as the World Bank has predicted that growth will drop down for the third consecutive year in 2024.
The World Bank predicts that following a low-base-fueled rebound to 6.2 percent in 2021, global growth dropped to 3.0 percent in 2022 and then to 2.6 percent in 2023. The projection for global economic growth in 2024 is likely to slow down even more to 2.4 percent, then gradually increase to 2.7 percent in 2025 – a far cry from the 3.1 percent average growth observed in the 2010s.
Infosys Earnings Preview Q3 FY24: Performance will be hampered by more furloughs and lower pass-through revenues
Analysts predict that weaker pass-through revenues, higher-than-usual furloughs, and lacklustre discretionary expenditure will negatively impact Infosys’ December quarter profits performance. The Street further predicts that the compensation increases that the second-largest IT services company in India implemented in November of last year will have a negative impact on the company’s operating margin.
IT companies can generate one-time revenue known as pass-through revenues.
On January 11, the Bengaluru-based exporter of IT services will release its October–December financial results.
Based on an average of six brokerage forecasts, Infosys’ profit after tax (PAT) for the quarter is anticipated to increase by 0.5 percent quarter-over-quarter (QoQ) to Rs 6,244 crore. The same group of brokerages’ average projections for revenue for the quarter predict a 0.9 percent decline to Rs 38,630 crore. In the March quarter, Kotak Institutional Equities anticipates that the company will resume sequential sales growth.
Bulls of D-St accuse that in December, SIP registrations will reach a record 40.32 lakh.
Riding high on a prolonged market bull run, a record 40.32 lakh consumers signed up for systematic investment plans (SIPs) in December. This represented an increase of 31% from November and a 73.5 % increase from the previous year.
The Association of Mutual Funds in India (AMFI) reports that the number of SIP registrations for FY24 has surpassed the total for FY23 and FY22 due to a steady 30 lakh new additions per month since July. 2.85 crore new registrations were made between April and December 2023, exceeding the totals of 2.51 crore and 2.66 crore for the whole FY23 and FY22, respectively.
FTSE semi-annual revision: Suzlon Energy, Thermax, and Phoenix Mills are the main focus
IIFL Alternative Research predicts that Phoenix Mills, Thermax, and Suzlon Energy will likely be included to the FTSE All World index, which is why FTSE will likely announce adjustments to its indices in February.
On January 9, the company announced that the inclusion of Phoenix Mills might result in cash inflows of $46.2 million, $26.5 million for Thermax, and $89.4 million for Suzlon Energy.
Stocks in news
SpiceJet: Prior to the company’s annual general meeting, CNBC-TV18 was informed by sources that the president of Carlyle Aviation met with Ajay Singh, the CMD of SpiceJet. SpiceJet and SpiceXpress prospects and plans were discussed by Carlyle Aviation. Currently, Carlyle Aviation owns a 7% share in Spicejet.
Steel Strips Wheels: Steel Strips Wheels declared that it has paid Rs 138.5 crore to purchase AMW Autocomponent. AMW Autocomponent has received a Rs 133.15 crore intercorporate loan and Rs 5 crore in equity from the company.
Delta Corp.: The firm reported Q3 net profit of Rs 34.48 crore, a 59.34% decrease from the prior year. At Rs 231.74 crore, its revenue decreased by 15.58 percent. Even the company’s robust commercial sectors, online gambling and casinos, have seen a dramatic decline in income.
Power financing Corporation: PFC was able to establish a wholly-owned subsidiary financing firm in the International Financial Services Centre (IFSC) located in Gujarat’s GIFT City without receiving a letter of objection from the RBI.
Lupin: Following US FDA approval, Lupin announced the introduction of Bromfenac Opthalmic Solution, 0.07% in the US market. Patients who have had cataract surgery might use the solution to lessen ocular pain and reduce postoperative inflammation.
Shyam Metalics and Energy: 3.5 times the total amount obtained, or Rs 1,385 crore, was raised by the business through the Qualified Institutional Placement (QIP) in comparison to the Rs 4,055 crore total bid amount received. 38 Qualified Institutional Buyers (QIBs) were allotted 2,40,51,165 equity shares with a face value of Rs 10 each, at an issue price of Rs 576 per equity share, as approved by the QIP Committee.
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