Banking industry lenders are not keen to fund the Vodafone India

Opening Bell:

SGX Nifty is up by 130.5 points in the early morning trade, indicating a positive opening for Indian stock market.

Asian shares rallied on Monday as hopes for less aggressive US rate hikes and the opening of China’s borders bolstered the outlook for the global economy. Hong Kong’s Hang Seng is up by 2.0 percent and South Korea’s Kospi is up by 0.45 percent in early morning deals.

Wall Street’s main indices gained more than 2 percent on Friday after December payrolls expanded more than expected even as wage increases slowed and services activity contracted, easing worries about the Federal Reserve’s interest rate hiking path. The S&P 500 gained 2.28 percent; and the Nasdaq Composite added 2.0 percent respectively.

Stocks News:

?Tata Consultancy Services will be in focus on January 9 as the country’s largest software services exporter will announce its December quarter (Q3FY23) earnings.

?Banking industry lenders are not keen to fund the Vodafone India. The State Bank of India (SBI)-led lenders have sought clarity on whether the interest of Rs 16,130 crore on deferred adjusted gross revenue, which Vi is liable to pay, will be converted into government equity.

?TATA Steel India business production up 4.2% at 5 million tonne and delivery volumes down 3.6% at 4.73 million tonne, QoQ. Europe business production down 6.25% at 2.25 million tonne and Europe business Delivery volumes up 4.8% at 1.96 million tonne, QoQ.

?TITAN total sales climbed by around 12% year-on-year during the third quarter of fiscal year 2022-23. Last quarter company added a total of 111 new retail outlets and jewellery business grew 11%.

?Foreign institutional investors (FII) net sold shares worth Rs 2,902.46 crore, while domestic institutional investors (DII) net bought shares worth Rs 1,083.17 crore on January 6, as per provisional data available on the NSE.

Domestic and International Events

• India’s gross domestic product (GDP) is estimated to grow by 7 percent in 2022-23, the statistics ministry said on January 6. In the fiscal year 2021-22, the GDP had grown by 8.7 percent.
• The US economy produced jobs at a slower but still comfortable rate at the end of 2022, as higher interest rates and changing consumer habits downshifted the labour market without bringing it to a halt.
• Employers added 223,000 jobs in December on a seasonally adjusted basis, the Labor Department reported Friday, in line with economists’ expectations although the smallest gain since President Joe Biden took office.
• Gold prices shot up over 1 percent on Friday to seven-month highs as Treasury yields and the dollar fell after US economic data cemented expectations of a less-hawkish Fed, setting the metal on track for its third consecutive weekly rise.

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