Opening Bell:
Gift Nifty is up by 11.5 points in the early morning trade, indicating a positive opening for Indian stock market.
On Friday, most Asia-Pacific markets declined, except for Japan, which continued its record-breaking rally. Investors awaited economic data from China, including December’s inflation and trade figures. The Nikkei 225 and Topix indices hit their highest levels since 1990, with the Nikkei initially up 2.1% before retracing gains, and the Topix rising by 0.53%. However, South Korea’s Kospi fell by 0.15%, Kosdaq declined by 0.65%, and Hong Kong’s Hang Seng index futures indicated a weaker opening.
In the U.S. overnight, all three major indexes closed Thursday with minimal changes despite a higher-than-expected December inflation report. Consumer prices rose by 0.3%, surpassing the anticipated 3.2% annual rate, reaching 3.4%. The Nasdaq Composite ended neutral, the Dow Jones gained 0.04%, and the S&P 500 marginally declined by 0.07%. Earlier, the S&P 500 briefly traded above its record closing high of 4,796.56.
European markets closed lower Thursday after U.S. inflation came in above expectations. After a choppy session, the regional Stoxx 600 index finished 0.77% lower, with all sectors in the red. Bank stocks were down 1.9%, as utilities fell 1.23%.
Stocks News:
đ In December 2023, Mahindra and Mahindra’s production fell by 2.1% to 44,348 units, but total sales grew by 8.9% to 58,369 units. Exports, however, sharply declined by 41.3% to 1,819 units. The company approved a Rs 630 crore investment in Mahindra Electric Automobile (MEAL) through a rights issue to support MEAL’s operational needs.
đ Wipro: The IT company will announce its December quarter earnings today. Analysts at BNP Paribas expect services revenue to decline 2.5% sequentially in line with guidance and due to seasonal furloughs and the continued impact of a slowdown related to a cut in discretionary tech spending.
đ UltraTech Cement: The company has announced the acquisition of a 26% stake in Amplus Ages by investing âš49 crore. The acquisition is to meet the company’s green energy needs, optimizing energy costs and comply with regulatory requirements for captive power consumption under electricity laws, it said.
đ HCL Tech: The company is likely to report a 6.3% growth in net profit to âš4,063 crore, driven by robust revenue expansion and a 5.47% sequential uptick in EBIT to âš5,204 crore, During the second quarter, HCL recorded profit at âš3,832 crore, and revenue from operations at âš26,672 crore.
đ Foreign institutional investors (FIIs) sold shares worth Rs 865 crore, while domestic institutional investors (DIIs) purchased Rs 1,607.08 crore worth of stocks on January 11, provisional data from the NSE showed.    Â
Domestic and International Events
- India’s net direct tax collection increased 19% to âš14.71 lakh crore in the current fiscal so far, the income tax department said. The gross collection is 24.58% higher than the gross collection for the corresponding period of last year.
- US consumer prices increased more than expected in December. The consumer price index (CPI) rose 0.3% last month after nudging up 0.1% in November, the Labor Department’s Bureau of Labor Statistics said on Thursday. In the 12 months through December, the CPI rose 3.4% after increasing 3.1% in November. Economists polled by Reuters had forecast the CPI gaining 0.2% on the month and climbing 3.2% on a year-on-year basis.
- Oil prices rose nearly 1% on Thursday after Iran seized an oil tanker off the coast of Oman, raising the prospect of escalating conflict in the Middle East. The West Texas Intermediate futures contract for February rose 65 cents, or .91%, to settle at $72.02 a barrel. The Brent futures contract for March gained 61 cents, or .79%, to settle at $77.41 a barrel.
- Gold eased on Thursday to a one-month low as the dollar ticked higher after hotter-than-expected inflation data, while hawkish remarks from Federal Reserve officials fueled worries that higher interest rates could stay unchanged beyond March. Spot gold was down 0.1% at $2,024.99 per ounce, after rising as much as 0.8% before the data. U.S. gold futures settled 0.4% lower at $2019.20.
Key Equity Indices
| EMERGING | LATEST | % 1D |
| Hang Seng | 16,302 | 1.3 % |
| Shanghai Composite | 2,887 | 0.3 % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 37,711 | 0.0 % |
| DAX | 16,547 | (0.9) % |
| FTSE 100 | 7,577 | (1.0) % |
| Nikkei | 35,050 | 1.8 % |
| Straits Times | 3,201 | 0.7 % |
