Opening Bell:
Gift Nifty is down by 181.5 points in the early morning trade, indicating a negative opening for Indian stock market.
Asian markets were trading lower in the early trade on Wednesday with Nikkei down 0.7 percent and Kospi down 1.4 percent.
Wall Street’s main indices tumbled on Tuesday after a higher-than-expected consumer inflation reading pushed back market expectations of imminent interest rate cuts, driving US Treasury yields higher. The S&P 500 lost 68.14 points, or 1.37 percent, to end at 4,953.70 points, while the Nasdaq Composite lost 282.64 points, or 1.79 percent, to 15,659.91. The Dow Jones Industrial Average fell 522.05 points, or 1.36 percent, to 38,275.33.
Stocks News:
đ Zee Entertainment has reported a significant surge in profit, with a 140 percent increase to Rs 58.5 crore in the December quarter of FY24, compared to Rs 24.32 crore in the same period last year. Despite facing challenges due to the terminated merger deal with Sony, the company saw a 15 percent rise in income, reaching Rs 223 crore from Rs 194 crore in Q3 FY23. However, sequentially, Zee experienced a 52 percent drop in profits from the previous quarter, with a reported profit of Rs 122.96 crore in Q2 FY24.
đ Moody’s Investor Group announced on February 13 that it has upgraded the outlook on debt papers for four Adani Group companies from negative to stable, while maintaining a stable outlook for the remaining four companies. The ratings for all eight companies have been affirmed. The companies affected by the revised outlook include Adani Green Energy Limited (AGEL), Adani Green Energy Restricted Group (AGEL RG-1), Adani Transmission Step-One Limited (ATSOL), and Adani Electricity Mumbai Limited (AEML).
đ WIPRO has invested $66 million in the US-based Aggne Global Inc. to strengthen its consulting and services capabilities in the insurance sector. Now the company will be acquiring a 60 percent stake in Aggne and has kept the option to purchase the remaining stake over a period of time. The transaction is expected to be completed by February 14, 2024
đ Sula Vineyards has registered net profit at Rs 43 crore for the OctoberâDecember period of FY24, growing 9.4 percent over the corresponding period of the previous fiscal year, aided by healthy operating numbers. Revenue from operations grew by 4 percent YoY to Rs 217.5 crore for the quarter, with the own brands segment growing 3.9 percent to Rs 192.8 crore and the wine tourism business rising 16 percent to Rs 14.7 crore during the quarter.
đ Foreign institutional investors (FIIs) net bought shares worth Rs 376.32 crore, while domestic institutional investors (DIIs) purchased Rs 273.94 crore worth of stocks on February 13, provisional data from the NSE showed.
Domestic and International Events
⢠Japanâs latest growth figures are set to confirm it slipped to fourth-largest economy in the world last year, a development that reflects the impact of its feeble currency and aging demographics. While the economy is seen returning to annualized growth of 1.2% in the fourth quarter after a bruising contraction in the summer, figures for the calendar year due Thursday are almost certain to show the value of output falling behind Germanyâs in dollar terms. Indiaâs economy, meanwhile, is poised to overtake both in the next few years.
⢠The first measure of inflation for 2024, the Consumer Price Index, showed that prices rose by 3.1 percent for the 12 months ended in January, according to Bureau of Labor Statistics data released Tuesday. That marks a step back from December’s 3.4 percent rate and a dramatic cooling from the 6.4 percent increase seen in January 2023
⢠Gold prices (XAU/USD) plunged and reached their weakest point in two months on Tuesday after higher-than-anticipated U.S. CPI data sparked a hawkish repricing of Fed interest rate expectations, boosting U.S. Treasury yields and the U.S. dollar across the board.
⢠Oil prices settled higher on Tuesday as geopolitical tensions continued in the Middle East and eastern Europe, but gains were curtailed as investors reined in expectations for the US Federal Reserve interest rate cuts.
| EMERGING | LATEST | % 1D |
| Hang Seng | 15,747 | (0.8) % |
| Shanghai Composite | 2,866 | 1.3 % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 38,272 | (1.3) % |
| DAX | 16,881 | (0.9) % |
| FTSE 100 | 7,512 | (0.8) % |
| Nikkei | 37,964 | 2.9 % |
| Straits Times | 3,141 | 0.1 % |
