Opening Bell:
Gift Nifty is up by 19.0 points in the early morning trade, indicating a positive opening for Indian stock market.
Asia-Pacific markets rose overall, led by Japan’s Nikkei 225 hitting a brief 1.88% surge, marking its highest since February 1990. South Korea’s Kospi rose 0.17%, and Australia’s S&P/ASX 200 opened 0.42% higher. Investors await the Bank of Korea’s rate decision, expected to hold at 3.5%. Hong Kong’s Hang Seng futures point to a strong open at 16,150, surpassing the previous close of 16,097.28.
US stock market indices ended higher on Wednesday led by a rally in megacap stocks. Investors looked ahead to inflation data and major bank earnings later in the week. The Dow Jones Industrial Average gained 0.45%, while the S&P 500 rose or 0.57%. The Nasdaq Composite ended 0.75%, higher. The benchmark 10-year Treasury note yield held near 4%and a $37 billion auction of the notes drew above-average demand.
European markets dipped for a second straight session on Wednesday, as last year’s rally continues to stutter. The Stoxx 600 index provisionally closed 0.17% lower, with sectors trading in mixed territory. Mining stocks remained one of the week’s worst performers, down 1.07%, while media stocks rose 0.75%.
Stocks News:
👉 Tata Consultancy Services: TCS is expected to report a tepid growth in revenue and profit after tax for the third quarter of the current financial year on account of the prevailing weakness in discretionary spending in key markets in the West. The company had reported ₹59,692 crore in revenue in the previous quarter and a consolidated net profit of ₹11,342 crore.
👉 Phoenix Mills: Total consumption for the quarter ended December FY24 stood at Rs 3,287 crore, increasing 24 percent over a year-ago period. On a like-to-like basis, consumption in Q3 FY24 grew by 4 percent over Q3 FY23. Gross retail collections at Rs 700 crore during the quarter increased by 30 percent YoY. Meanwhile, the total consumption in the nine-month period ended December FY24 at Rs 8,500 crore grew by 21 percent YoY.
👉 SpiceJet: SpiceJet plans to raise funds worth ₹2,250 crore through a preferential issue of shares and warrants to reduce liabilities. The airline’s chairman and managing director Ajay Singh said the company also has exclusive rights under the government’s regional connectivity scheme, and will soon launch its air services to Lakshadweep and Ayodhya.
👉 Bank of India: The lender’s total business rose 9.9% globally to ₹12.76 lakh crore, compared to ₹11.61 lakh crore in the same period last year. Total deposits increased 8.66% to ₹7.10 lakh crore. In the domestic market, total deposits increased by 7.62%, to ₹5.99 lakh crore.
👉 Foreign institutional investors (FIIs) sold shares worth Rs 1,721.35 crore, while domestic institutional investors (DIIs) purchased Rs 2,080.01 crore worth of stocks on January 10, provisional data from the NSE showed.
Domestic and International Events
- India has decided to impose anti-dumping duties on three Chinese products, namely wheel loaders, gypsum tiles, and industrial laser machinery. The purpose of these duties is to protect local manufacturers from the influx of cheap imports from China. The imposition of these duties follows the recommendations made by the Directorate General of Trade Remedies (DGTR), which is the investigation arm of the commerce ministry.
- The US Securities and Exchange Commission (SEC) approved the first US-listed exchange traded funds (ETFs) to track bitcoin. The US SEC approved 11 applications, including from BlackRock, Ark Investments/21Shares, Fidelity, Invesco and VanEck, among others. Some products are expected to begin trading as early as Thursday. Bitcoin price topped $47,000 briefly.
- Oil steadied on Wednesday, paring earlier gains as Middle East supply concerns and a shutdown of a major Libyan oilfield balanced against increased U.S. output. Despite OPEC’s production cuts, the Energy Information Administration expects a record-high U.S. crude production in 2024. Brent crude edged up 10 cents to $77.69 per barrel, and U.S. West Texas Intermediate rose by 21 cents to $72.48.
- Gold prices ticked up on Wednesday, supported by a slightly weaker U.S. dollar ahead of a crucial inflation report that could provide insights into the Federal Reserve’s potential interest rate cuts this year. Spot gold inched up 0.2% to $2,032.90 per ounce, while U.S. gold futures rose 0.3% to $2,039.60 per ounce. Han Tan, chief market analyst at Exinity Group, noted that if CPI figures surpass expectations, it might lead the Fed to delay its policy pivot, impacting gold’s gains from Q4 2023.
Key Equity Indices
| EMERGING | LATEST | % 1D |
| Hang Seng | 16,097 | (0.6) % |
| Shanghai Composite | 2,878 | (0.5) % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 37,696 | 0.5 % |
| DAX | 16,690 | 0.0 % |
| FTSE 100 | 7,652 | (0.4) % |
| Nikkei | 34,442 | 2.0 % |
| Straits Times | 3,180 | (0.6) % |
