Opening Bell:
Gift Nifty is up by 0.5 points in the early morning trade, indicating a positive opening for Indian stock market.
On Wednesday, Asian markets experienced a decline, influenced by varied movements on Wall Street the previous night and investors’ assessment of crucial economic indicators from Japan. The Nikkei 225 in Japan saw a 0.26% decrease, and the Topix declined by 0.15%. South Korea’s Kospi recorded a 0.43% drop, with the Kosdaq sliding 1.35%. Despite this, Hong Kong’s Hang Seng index futures suggested a more robust opening.
On Tuesday, the US stock market exhibited a mixed performance, witnessing the S&P 500 reaching a record high close for the third consecutive session. Investors absorbed a diverse set of early quarterly results and anticipated forthcoming reports from companies, including Tesla, later in the week. The S&P 500 concluded the day with a 0.29% increase, while the Nasdaq saw a 0.43% gain, Conversely, the Dow Jones Industrial Average concluded 0.25% lower.
Stocks News:
đ Tata Elxsi: The design-led technology services provider has registered net profit at Rs 206.4 crore for the October-December quarter of FY24, growing 3.2% over the previous quarter despite pressure in operating margin. Revenue from operations grew by 3.7% sequentially to Rs 914.2 crore in Q3 FY24, with transportation segment growth at 2.7% QoQ, healthcare at 4.6%, media and communications at 0.6%, industrial design at 12.3%, and system integration services segment growth at 14.7% for the quarter.
đ United Spirits: The beverage alcohol company has recorded 63.5% on-year growth in consolidated net profit at Rs 350.2 crore for the quarter ended December FY24, driven by healthy operating margin performance. Consolidated revenue from operations in Q3 FY24 grew by 8% to Rs 3,002 crore compared to the year-ago period.
đ L&T Finance Holdings: The non-banking finance company has reported consolidated net profit of Rs 640 crore for the OctoberâDecember period of FY24, growing 41% over the year-ago period. Net interest income grew by 8% year-on-year to Rs 1,833 crore for the quarter. The company has appointed Sudipta Roy as the Managing Director and Chief Executive Officer of the company for five years, with effect from January 24.
đ JSW Energy: The power-producing company has clocked 28.8% on-year growth in consolidated net profit at Rs 231.3 crore for the quarter ended December FY24, backed by robust operating performance and a fall in fuel costs. Revenue from operations increased by 13.1% YoY to Rs 2,542.8 crore during the quarter.
đ Foreign institutional investors (FIIs) continued to be net sellers for five days in a row, selling shares worth Rs 3,115.39 crore, while domestic institutional investors (DIIs) bought Rs 214.40 crore worth of stocks on January 23, provisional data from the NSE showed.
Domestic and International Events
- The centre has increased duty on the import of gold and silver finding and coins of precious metals to 15% and from the existing 10%. This includes basic custom duty of 10% and Agriculture Infrastructure and Development Cess (AIDC) of 5%. Findings are items line hooks, clips, which is a component of jewellery making. It also increased duty on spent catalysts which are used to extract precious metals 14.35%. The new rates will be effective January 22.
- Japan trade balance in December flipped to a surplus of 62.1 billion yen ($419 million) from a revised deficit of 780.4 billion yen in the previous month as exports saw a strong pickup with shipments to the US increasing by 20%. Exports rose 9.8% in December from a year earlier, the biggest jump in a year and reversing from a 0.2% dip in the previous month. Imports dropped 6.8%.
- Oil prices fell on Tuesday, handing back some of the previous day’s gains, as traders weighed rising crude supply in Libya and Norway against production outages in the United States and geopolitical tensions. Brent crude futures were down 58 cents, or 0.72%, to $79.48 a barrel at 1441 GMT. US West Texas Intermediate crude futures (WTI) were down 45 cents, or 0.6%, to $74.31 a barrel. Brent slipped back below $80 a barrel after settling above the threshold on Monday for the first time since December 26.
- Gold prices inched higher on Tuesday as investors awaited a slew of US economic data this week for more cues to the Federal Reserve’s interest rate cut timeline. Spot gold was up 0.2% to $2,024.49 per ounce. US gold futures also gained 0.2% to $2,025.70.
Key Equity Indices
| EMERGING | LATEST | % 1D |
| Hang Seng | 15,354 | 2.6 % |
| Shanghai Composite | 2,771 | 0.5 % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 37,905 | (0.3) % |
| DAX | 16,627 | (0.3) % |
| FTSE 100 | 7,486 | (0.0) % |
| Nikkei | 36,518 | (0.1) % |
| Straits Times | 3,135 | (0.4) % |
