Opening Bell:
Gift Nifty is down by 27 points in the early morning trade, indicating a negative opening for Indian stock market.
Asia-Pacific markets were set for a mixed open ahead of Australia’s November inflation data, with Japan stocks set to extend gains after hitting a 33-year in the previous session. Japan’s Nikkei 225, meanwhile, is set to touch levels not seen since March 1990. Futures for Hong Kong’s Hang Seng index stood at 16,145, pointing to a weaker open compared with the HSI’s close of 16,190.02
In overnight trading on January 9, stock futures showed minimal movement. Futures linked to the Dow Jones Industrial Average experienced a slight decrease of 35 points, while S&P 500 futures dipped by a marginal 0.05 percent. Nasdaq-100 futures remained close to the neutral point, showing little change in their value. Overall, the market exhibited a relatively stable trend during this trading period.
European markets retreated on January 9, reversing earlier gains and extending their gloomy start to the new trading year. The Stoxx 600 index provisionally closed 0.17 percent lower, with most sectors and major bourses in negative territory.
Stocks News:
👉 Ratings agency Moody’s Investors Service on January 9 said it has downgraded its rating on the senior unsecured bonds issued by Vedanta Resources to Ca from Caa3. The rating for the Corporate Family Rating (CFR) of Vedanta Resources was also downgraded to Caa3 from Caa2.
👉 Infosys’ December quarter earnings performance will be marred by lower pass-through revenues, higher-than-usual furloughs, and weak discretionary spending, say analysts. The Street also expects the operating margin of India’s second-largest IT services company to decline due to salary hikes that the company rolled out in November last year.
👉 FTSE will announce changes to its indices in February as Phoenix Mills, Thermax, and Suzlon Energy are most likely to be added to the FTSE All World index, as per IIFL Alternative Research.The firm on January 9 said that Phoenix Mills’ addition can bring in flows worth $46.2 million, Thermax could see $26.5 million worth of flows and Suzlon Energy is likely to get $89.4 million inflows.
👉 Airtel’s enterprise arm said it will power over 20 million smart meters for Adani Energy Solutions Limited (AESL). Adani Energy Solutions has an order book of over 20 million smart meters from the power utilities of Assam, Andhra Pradesh, Bihar, Maharashtra, and Uttarakhand.
👉 Foreign institutional investors (FIIs) sold shares worth Rs 990.90 crore, while domestic institutional investors (DIIs) purchased Rs 104.23 crore worth of stocks on January 9, provisional data from the NSE showed.
Domestic and International Events
- The World Bank highlights a concerning trend for the global economy despite its surprising resilience. Following a rebound at 6.2 percent in 2021, growth decelerated to 3.0 percent in 2022 and 2.6 percent in 2023. Projections indicate a continued slowdown, with growth expected to hit 2.4 percent in 2024 before a marginal uptick to 2.7 percent in 2025, notably below the 2010s’ average of 3.1 percent.
- A record 40.32 lakh people registered for systematic investment plans (SIPs) in December riding on the back of a sustained bull run in markets. This was a 31 percent spike over November and a 73.5 percent surge over the last year.
- Oil prices rose on January 9 after sliding in the previous session as markets weighed Middle East tensions against demand worries and rising OPEC supply. Brent crude futures rose $1.47, or 1.93 percent, to settle at $77.59 a barrel, while US West Texas Intermediate crude futures gained $1.47, or 2.08 percent, to settle at $72.24 a barrel.
- Gold prices held steady on January 9 as investors remained cautious ahead of US inflation data due later in the week, which could provide more insights into the Federal Reserve’s policy path.
Key Equity Indices
| EMERGING | LATEST | % 1D |
| Hang Seng | 16,190 | (0.2) % |
| Shanghai Composite | 2,893 | 0.2 % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 37,525 | (0.4) % |
| DAX | 16,688 | (0.2) % |
| FTSE 100 | 7,684 | (0.1) % |
| Nikkei | 33,763 | 1.2 % |
| Straits Times | 3,198 | 0.3 % |
