The market is expected to open flat as trends in the SGX Nifty indicate a cautious opening for the broader index in India with a loss of 2 points.
The BSE Sensex rallied 847 points to 60,747, while the Nifty50 rose 242 points to 18,101 and formed a bullish candle on the daily charts, making higher high higher low formation. The index has taken strong support at 17,750 as well as a psychological 18,000 level.
As per the pivot charts, we have the key support level for the Nifty at 17,981, followed by 17,933, and 17,854. If the index moves up, the key resistance levels to watch out for are 18,138, followed by 18,186 and 18,265.
Stay tuned to Moneycontrol to find out what happens in the currency and equity markets today. We have collated a list of important headlines across news platforms which could impact Indian as well as international markets:
US Markets
The S&P 500 index erased early gains to close nearly flat on Monday as expectations that the Federal Reserve will become less aggressive with its interest rate hikes were offset by lingering worries about inflation. The Dow ended lower, and the Nasdaq Composite ended well off the day's highs.
The Dow Jones Industrial Average fell 112.96 points, or 0.34 percent, to 33,517.65, the S&P 500 lost 2.99 points, or 0.08 percent, to 3,892.09 and the Nasdaq Composite added 66.36 points, or 0.63 percent, to 10,635.65.
Asian Markets
Asia-Pacific markets traded mixed after the Nasdaq Composite extended gains for a second day on Wall Street. Technology stocks helped the index skirt losses Monday as traders added to bets that inflation may be easing.
The Nikkei 225 rose 1.08 percent in its first hour of trade and the Topix gained 0.91 percent as consumer prices in Japan’s capital city rising 4 percent in December on an annualized basis, beating expectations for a 3.8 percent rise.
SGX Nifty
Trends in the SGX Nifty indicate a cautious opening for the broader index in India with a loss of 2 points. The Nifty futures were trading around 18,171 levels on the Singaporean exchange.
Sebi clarifies on mode of payment for settlement of trades on RFQ platform
Capital markets regulator Sebi on Monday said payment mechanisms provided by banks and payment aggregators can be used for settlement of trades in the debt securities executed on the request for quote (RFQ) platform of stock exchanges.
This is in addition to the existing payment mechanism of Real-Time Gross Settlement (RTGS) provided by banks, the Securities and Exchange Board of India (Sebi) said in a circular.
The clarification came after stock exchanges and market participants sought clarification as to whether payment mechanisms other than RTGS provided by banks or payment aggregators can be permitted for settlement of trades executed on the RFQ platform.
"It is clarified that in addition to the existing payment mechanisms, payment mechanisms provided by banks/ payment aggregators authorised by Reserve Bank of India, from time to time, may be used for settlement of trades executed on the RFQ platform," Sebi said.
TCS Q3 result: Net profit rises 11% to Rs 10,883 crore, revenue up 19%
Tata Consultancy Services (TCS) on January 9 reported a 10.98 percent increase in its consolidated net profit at Rs 10,883 crore for the quarter ended December 2022 (Q3FY23). The company had posted a profit of Rs 9,806 crore in the year-ago period.
The consolidated revenue from operations came in at Rs 58,229 crore, up 19.11 percent against Rs 48,885 crore in the corresponding quarter of the previous fiscal. The revenue beat expectations but the profit was below expectations.
Govt considers lifting rice export curbs as supply improves
India, the world’s biggest rice exporter, is likely to lift restrictions on grain shipments in a move that would mark a further easing of a global wave of food protectionism after Russia’s invasion of Ukraine. Authorities are actively considering removing curbs on some rice exports as domestic prices are stable, according to a person familiar with the matter. Government stockpiles are adequate to meet the needs of welfare programs, said the person, who asked not to be identified as the information is private.
The Rice Exporters Association will call on the government to scrap some limits on exports as domestic supplies have increased following the harvest of monsoon-fed crops. The industry group will seek approval to ship at least 1 million tons of broken rice and request that the 20% tax on white rice exports be removed, according to BV Krishna Rao, president of the group.
Officials are also considering selling about 2 million tonnes of wheat from state reserves in the local market to control prices, according to the person.
Results expected today
Atharv Enterprises, Excel Realty N Infra, Gala Global Products, GI Engineering Solutions, Marsons, Quest Capital Markets, and Visagar Financial Services will be in focus ahead of quarterly earnings on January 10.
FII and DII data
Foreign institutional investors (FII) net sold shares worth Rs 203.13 crore, while domestic institutional investors (DII) net bought shares worth Rs 1,723.79 crore on January 9, as per provisional data available on the NSE.
Adani Enterprises may file for mega Rs 20,000-crore FPO in January; takes more I-bankers on board
Adani Enterprises, the flagship entity of Gautam Adani-led Adani Group is likely to file the red herring prospectus (RHP) with market regulator Sebi for its big-bang Rs 20,000-crore follow-up public offering ( FPO) later this month, multiple industry sources with knowledge of the matter told Moneycontrol.
The move is seen as a step towards fulfilling the ambitious expansion plans of the port to power diversified conglomerate which has seen group stocks sizzle on the bourses in the past few years. “The roadshows for the FPO began in December and are continuing and Adani Enterprises is looking to fill the RHP in the next few weeks,” said one of the persons cited above.
Stocks under F&O ban on NSE
The National Stock Exchange has retained Indiabulls Housing Finance and has added GNFC under its F&O ban list for January 9. Securities thus banned under the F&O segment include companies where derivative contracts have crossed 95 percent of the market-wide position limit.
With inputs from Reuters and other agencies
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