Opening Bell:
Gift Nifty is up by 28.0 points in the early morning trade, indicating a positive opening for Indian stock market.
On Friday, Asian markets experienced upward momentum, following the overnight surge on Wall Street driven by the strength in technology stocks. Additionally, investors analyzed Japan’s December core inflation figures, which marked the lowest level since June 2022, just ahead of the upcoming monetary policy meeting of the Bank of Japan. Japan’s Nikkei 225 saw a robust rally of 1.4%, and the Topix also posted a gain of 0.98%. South Korea’s Kospi surged by 1.14%, while Kosdaq witnessed a notable increase of 1.37%. The futures of Hong Kong’s Hang Seng index suggested a relatively stable opening.
US stocks ended sharply up on Thursday, with the S&P 500 approaching record highs as AI optimism drove gains in Nvidia and other chipmakers. The S&P 500 climbed 0.88 percent to end the session. The benchmark is down just 0.3 percent from its record-high close in January 2022. The Nasdaq gained 1.35 percent, while the Dow Jones Industrial Average rose 0.54 percent.
European markets closed lower on Wednesday, while regional focus remained on the World Economic Forum in Davos, Switzerland. The Stoxx 600 index ended down 1.1%, with all sectors and major bourses in negative territory. Mining stocks led the losses, closing the session 2.1% lower.
Stocks News:
👉 Tata Communications: The Tata group company reported its fastest quarterly revenue growth in nearly nine years on Thursday, boosted by strength in its mainstay data services business. Revenue rose 24.4% to ₹5,633 crore during Q3FY24, while its earnings before interest, taxes, depreciation, and amortization (Ebitda) margin contracted to 20.1% from 23.8% a year earlier. Net profit fell 88.6% to ₹44.81 crore due to a one-time charge.
👉 Polycab India: The wires and cables manufacturer on Thursday reported a 15.3% YoY increase in consolidated net profit to ₹416 crore for the December quarter of FY24. Revenue from operations rose 17% YoY to ₹4,340.4 crore in Q3FY24.
👉 Wipro: The IT services company has signed a definitive agreement to subscribe for a 14 percent equity share in Huoban Energy 11, for Rs 3.17 crore. The deal will help Wipro enhance the proportion of usage of renewable energy for offices in Maharashtra. The transaction is expected to be completed before March 2024.
👉 Hindustan Unilever: The FMCG major has entered into transaction documents for the acquisition of a 27.73 percent stake in the SPV (special purpose vehicle) Transition Sustainable Energy Services One. On December 1, last year, the board approved the proposal to enter into an agreement for the acquisition of renewable power by acquiring a stake in Transition Sustainable Energy Services One.
👉 Foreign institutional investors (FIIs) sold shares worth Rs 9,901.56 crore, while domestic institutional investors (DIIs) bought Rs 5,977.12 crore worth of stocks on January 18, provisional data from the NSE showed.
Domestic and International Events
- India is expected to maintain its growth momentum into FY25, with an “inclusive and prosperous” policy push in the context of incremental progressive steps towards India@100. Measures for growth could revolve around the rural/farming community, targeting support through transfers, higher farm insurance outlays, and boosts to rural employment schemes and irrigation facilities.
- Japan’s core inflation, which excludes prices of fresh food, slowed for a second straight month in December. The core consumer price index (CPI) in December rose 2.3% from a year earlier, marking the slowest pace of increase since June 2022. It followed a 2.5% rise in November.
- Oil prices climbed on Thursday as the International Energy Agency and OPEC forecasted strong global demand growth. Cold weather disrupted US crude output, and a substantial weekly crude inventory draw was reported. Geopolitical tensions rose as Pakistan struck inside Iran targeting separatist militants. Brent crude settled up 1.6% at $79.10, and US West Texas Intermediate crude settled up 2% at $74.08.
- Gold prices firmed on Thursday, aided by safe-haven demand amid the Middle East conflict, while investors looked out for further clarity on the US Federal Reserve’s future interest rate path. Spot gold rose 0.7 percent to $2,019.12 per ounce by 2:06pm ET (1906 GMT) after hitting a five-week low in the previous session. US gold futures settled 0.8 percent higher at $2021.6.
Key Equity Indices
| EMERGING | LATEST | % 1D |
| Hang Seng | 15,392 | 0.8 % |
| Shanghai Composite | 2,846 | 0.4 % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 37,469 | 0.5 % |
| DAX | 16,567 | 0.8 % |
| FTSE 100 | 7,459 | 0.2 % |
| Nikkei | 35,466 | (0.0) % |
| Straits Times | 3,140 | (0.1) % |
