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On Wednesday, at 12:00 pm IST, BSE Sensex was trading 518.45 points down at 60,775.75 and NSE Nifty was trading 156.15 points down at 18,076.40
New Delhi: Taking cues from their global peers, Indian indices opened flat today and continued to trade in the thin line between red and green initially before slipping into deep red. IndusInd Bank, the two Tata stocks, Tata Steel and Tata Motors lead the decline in Sensex points, while Hindalco, JSW Steel, Coal India, ONGC lead the fall on Nifty50 index.
On Wednesday, at 12:00 pm IST, BSE Sensex was trading 518.45 points down at 60,775.75 and NSE Nifty was trading 156.15 points down at 18,076.40
STOCKS TO WATCH ON JANUARY 4, 2023
Reliance Industries: Reliance Consumer Products Limited, the FMCG arm and wholly-owned subsidiary of Reliance Retail Ventures yesterday, January 3, announced that it’d acquire 50 per cent stake in Gujarat-based Sosyo Hajoori Beverages (SHBPL), which owns and operates a beverage business under the flagship brand ‘Sosyo’. The remaining 50 per cent will be held by the existing promoters, i.e., the Hajoori family.
Vedanta: The company on Tuesday said that its total aluminum production dropped by 2 per cent to 5,66,000 tonnes in the third quarter of the current fiscal. Vedanta’s total aluminum output stood at 5,79,000 tonnes in the year-ago period.
ONGC, IOC, PowerGrid: The central public sector enterprises (CPSEs) posted a whopping 51 per cent annual growth in aggregate net profit at Rs 2.49 trillion in FY22. ONGC, Indian Oil and Power Grid have emerged as the top profit-making CPSEs. The top five CPSEs accounted for 41.57% and the top 10 accounted for 60.91% of the aggregate net profit in FY22, according to the Public Enterprises Survey 2021-22.
Avenue Supermarts: Radhakishan Damani-owned Avenue Supermarts, which runs DMart chain, reported revenue from operations rose by 24.7 per cent to ₹11,304.58 for October-December quarter. The revenue from operations stood at ₹9,065.02 in the corresponding quarter last fiscal.
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Seoul: South Korean market regulator has fined Elon Musk-run Tesla $2.2 million for misleading consumers about the range of its electric vehicles via advertisements.
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Dalal Street @ 12pm
BSE Sensex: -516.45 @ 60,775.75 | Nifty50: -156.15 @ 18,076.40
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On Crude Prices
“NYMEX WTI crude started the new year with high volatility as price initially inched up testing the immediate resistance near $81.50/bbl and then fell to as low as $76.60/bbl before ending the day in red by around 4%. If we take the retreat from the highs, it fell around 5.5%. The major factor that triggered selling was the looming recession and slowing factory activity in China. The recent data showing slowing factory activity in the world’s biggest oil-importing nation has added fuel to fire. Moreover, IMF’s warning of a potential global recession in 2023 has cast doubts on world oil demand. Additionally, a sharp recovery in US Dollar has supported the bear case. As the global growth worries are haunting oil markets important economic data releases in the week from the world’s largest economy, US, might drive oil prices in the near term,” said Ravindra V. Rao, CMT, EPAT, VP-Head Commodity Research, Kotak Securities Ltd.
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On Gold
“COMEX Gold started the year 2023 shining as it ended the first official session of the year with gains. Gold ended Tuesday’s session around 1% higher as cut down in the pace of Interest rate hikes from Fed and fears of recession have triggered safe haven plays in the yellow metal. The safe haven play can be seen as both the yellow metal and US Dollar gained yesterday which normally is not the case as gold is negatively correlated to the dollar. Gold and dollar will be driven by important data pointers this week from the US. It will start will ISM manufacturing and Dec FOMC meeting minutes today followed by the all-important NFP print later in the week,” said Ravindra V. Rao, CMT, EPAT, VP-Head Commodity Research, Kotak Securities Ltd
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Kolkata: “The City of Joy, Kolkata gears up for the first Meeting of Global Partnership for Financial Inclusion Working Group on 9th-11th January 2023″, said G20 India on Twitter.
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Mumbai: Uttar Pradesh Chief Minister Yogi Adityanath will interact with the top names of India Inc. when he leads the first domestic roadshow in Mumbai on Thursday (January 5) ahead of the Global Investors’ Summit 2023 to be held in Lucknow from February 10 to 12.
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Dalal Street
“Overnight fall in the US markets would drag down local markets in early Wednesday trades, but optimism in other Asian peers could fuel a rebound intra-day. Relentless run of interest rate hikes from the Federal Reserve, and China’s Covid crisis will keep investors guarded. Investors will be keeping an eye on the Federal Reserve’s December meeting minutes to trickle in on Thursday. FIIs were again on the sell side in yesterday’s trade, bringing their last seven days of selling to the tune of Rs 6605 crores. Technically, Nifty’s biggest make-or-break intraday support is now placed at 17,971 mark,” said Prashanth Tapse – Research Analyst, Senior VP (Research), Mehta Equities Ltd.
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