The minutes of the Fed’s December meeting are due during U.S. business hours. The central bank raised rates by 50 basis points last month after four straight 75-bps hikes and signalled rates could stay higher for longer. Wall Street fell overnight.
Indian equities, too, dropped due to caution ahead of the minutes, said Neeraj Dewan, director at Quantum Securities.
Asian markets, however, recovered from a mixed start, with MSCI Asia ex Japan, rising 1.39% on hopes of swift post-COVID era recovery in China.
Among the main Indian sectors, the metals index slid 1.5%. Thirty-six of the Nifty 50 constituents were lower, with Hindalco Industries, JSW Steel among the top losers.
Analysts said the uncertainty over demand recovery in China due to the surge in COVID-19 cases has forced metal companies to offer retailers discounts, diluting the effect of higher prices.
“While the prices across metal segments … have risen in January, companies’ margins are not seeing a significant improvement,” said Mohit Lohia, research analyst at ICICI Securities.
Among individual stocks, Vedanta fell 3% after reporting a 9% drop in average gross operated production for the third quarter, while aluminium production also declined.
On the flip side, Equitas Small Finance Bank rose over 5% after the Reserve Bank of India gave SBI Funds Management approval to buy a stake in the lender.
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Ashok Leyland’s Switch Mobility, JBM Auto and PMI Electro Mobility win government’s Rs 3000 crore e-bus tenders: Sources
Price as on 04 Jan, 2023 03:02 PM, Click on company names for their live prices.
AU Small Finance Bank Dec qtr gross advances up 7% Q/Q
* Gross advances for the quarter at Rs 56,335 crore, up 7% Q/Q
HDFC Bank advances grew 19.5% YoY as of December 31
Deposits grew 19.9% Y/Y
Deposits aggregated to about Rs 17.34 lakh crore as of Dec 31, up 19.9%
Retail deposits increased by around Rs 67,000 crore during the quarter
Wholesale deposits grew by around 11.5% YOY
Nexus Venture eyes $700 million fund to bet on India, US tech startups
The planned fund raising, which one of the sources said will close within two months, is an indication that investors may be starting to get more comfortable with Indian technology company valuations after the poor market performance in 2022 of some high-flying startups and amid a global tech sector rout.
It would also expand the pool of funds available to startups, at a time when fundraising by Indian startups fell by a third last year to $24 billion, Venture Intelligence data showed.
Adani plans strategy tweak to enter 5G battlefield dominated by Ambani
As the Indian industrialist looks to expand his business outside the country, he will be focusing on building AI-ML (artificial intelligence & machine learning) and industrial cloud capabilities, and expanding data centres.
BLOCK DEAL IN TATA MOTORS: 14.5 lakh shares change hands
Price as on 04 Jan, 2023 02:05 PM, Click on company names for their live prices.
These 5 real estate stocks fall over 2%
Price as on 04 Jan, 2023 01:31 PM, Click on company names for their live prices.
Japan’s Nikkei tracks Wall St weakness to end at near 10-month low
The Nikkei fell 1.45% to 25,716.86 on Wednesday, its lowest close since March 15. The broader Topix lost 1.25% to 1,868.15.
Wall Street’s main indexes closed lower overnight, while investors worried about the U.S. Federal Reserve’s interest-rate hike path as they awaited minutes from its December policy meeting.
In Japan, clothing brand Uniqlo’s owner Fast Retailing lost 1.24%, dragging the Nikkei the most, while chip related Advantest and Tokyo Electron fell 2.48% and 1.21%, respectively.
R.P.P Infra Projects wins a new order worth Rs 104.55 crore.
Price as on 04 Jan, 2023 12:41 PM, Click on company names for their live prices.
These stocks decline the most in trade today
Price as on 04 Jan, 2023 12:32 PM, Click on company names for their live prices.
SENSEX TANKS 600 POINTS: These stocks emerge as biggest drags
Anupam Rasayan India restarts operations in plant at Sachin Gidc
- Restarted operations in one plant at Sachin Gidc
- Plant was closed after Sept. 10 fire incident
- Shall be able to restart other plant soon
Only 5 Sensex stocks trade in the green in late morning trade
HDFC Bank Q3 update: Retail deposits increased by ~ Rs 67,000 cr during Q3
#StocksInFocus | @HDFC_Bank Q3 update: Retail deposits increased by ~ Rs 67,000 cr during Q3 #StockMarket… https://t.co/aIfwmPhiEf
— ET NOW (@ETNOWlive) 1672809852000
Market LIVE Updates: These PSU bank stocks tank up to 2% in trade today
Price as on 04 Jan, 2023 11:28 AM, Click on company names for their live prices.
Market live updates: Nifty at 18,110; all sectoral indices trade in the red
Orient Cement clarifies on Adani stake purchase buzz
Market Live Updates: Sensex slumps 400 pts
Ambuja Cements incorporated a wholly owned subsidiary company in the name of ‘Ambuja Shipping Services Ltd.’
Price as on 04 Jan, 2023 10:56 AM, Click on company names for their live prices.
Aurobindo Pharma’s subsidiary Eugia Pharma Specialities receives USFDA approval for Azacitidine for Injection.
Price as on 04 Jan, 2023 10:52 AM, Click on company names for their live prices.
Shares of Equitas Small Finance Bank rallied over 7% to hit a 52-week high of Rs 63.9 in Wednesday’s intraday trade on BSE after the Reserve Bank of India (RBI) approved a proposal of SBI Funds Management to acquire 9.99% equity shares in the bank through various schemes managed by it. Equitas SFB in a BSE filing said that the RBI has allowed SBI Funds Management to acquire shares up to 9.99% of the paid-up equity capital of the bank, subject to various regulations of SEBI and RBI.
Price as on 04 Jan, 2023 10:47 AM, Click on company names for their live prices.
STOCK IN FOCUS: YES BANK
#StocksInNews | @YESBANK Q3 update: Loans grew 2.4% QoQ; deposits growth at 6.8% QoQ as of Dec 31, 2022… https://t.co/sgwfBScJof
— ET NOW (@ETNOWlive) 1672807638000
Services growth at 6-month high on robust demand – PMI
- India’s services industry saw activity increase at the fastest pace in six months during the final month of 2022 amid robust demand, fuelling business optimism despite high costs, a private-sector survey showed.
- The S&P Global India services purchasing managers’ index (PMI) rose to 58.5 in December from 56.4 in the previous month, confounding expectation in a Reuters poll for a fall to 55.5.
- The index was above the 50-mark separating growth from contraction for the 17th straight month – the longest stretch of growth since June 2013.
Reliance Consumer Products Limited, the FMCG arm of Reliance Retail Ventures Ltd, will acquire 50% stake in Gujarat-headquartered Sosyo Hajoori Beverages Private Limited (SHBPL), which owns and operates beverage business under the flagship brand ‘Sosyo’.
Price as on 04 Jan, 2023 10:16 AM, Click on company names for their live prices.
Avenue Supermarts said its revenue growth in the quarter ended December slowed down on a sequential basis, eventhough the company posted a double-digit rise in the topline. The company, which operates D-Mart chain of supermarkets, saw revenue rising 25% year-on-year (YoY) in Oct-Dec to Rs 11,305 crore, according to the provisional figures.
Price as on 04 Jan, 2023 10:14 AM, Click on company names for their live prices.
Allcargo Logistics up in today’s trading session after brokerage house Jefferies initiates coverage on the stock with a ‘Buy’ rating
#MarketsWithETNOW | Allcargo Logistics up in today's trading session after brokerage house @Jefferies initiates cov… https://t.co/Pm9ZJYfTt9
— ET NOW (@ETNOWlive) 1672804691000
Radiant Cash Management lists at 10% premium to IPO price
Radiant Cash Management Services Limited made a decent debut on the bourses on Wednesday. The stock listed at Rs 103 on the National Stock Exchange, a premium of 9.57% compared to the issue price of Rs 94 per share. Meanwhile, on BSE, the stock debuted at a premium of 5.64% at Rs Rs 99.30.
Market live updates: Metal pack crashes over 1.5%; check out the top losers from the sector
Price as on 04 Jan, 2023 09:51 AM, Click on company names for their live prices.
Though the moves yesterday lacked the momentum to go all the way to our objective of 18,400, positive bias prevailed. Similar trend is expected today as well with 18,400 continuing to be in sight. Alternate scenarios see consolidation inside the 18,250-150 region, with downside marker placed 18,000, until which, the fears of a 17,500 plunge will be on hold.
– Anand James – Chief Market Strategist at Geojit Financial Services
A significant recent market trend is the disconnect between US and Indian markets. On many days the Indian market has closed positively after negative closing in US markets. The fundamental reason for this disconnect is the resilience of the Indian economy even in the context of a sharp slowdown in global growth expected this year. This disconnect is likely to continue since data indicates continuation of the Indian economy’s outperformance. Latest data on credit growth from HDFC and IndusInd bank is impressive and augurs well for banking stocks. The data of air travel reaching pre-Covid levels indicates robust economic activity. The decline in US 10-year bond yield to 3.75 % and Brent declining to $82 are positives for India. India’s outperformance in the economy and markets is set to continue, but concerns of US recession and high valuations will put a cap on the upside.
– Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
Japan’s Nikkei hits over 3-month low tracking subdued Wall Street
Japan’s Nikkei share average hit a more than three-month low on the first day of trading session of 2023 on Wednesday, tracking Wall Street’s weak finish overnight, while the yen’s strength against the dollar also weighed on sentiment. The Nikkei lost 1.42% to 25,742.66 by the midday break, its lowest level since Oct. 3. The broader Topix lost 1.02% to 1,872.43. Wall Street’s main indexes closed lower overnight with the biggest drags from Tesla and Apple, while investors worried about the U.S. Federal Reserve’s interest-rate hiking path as they awaited minutes from its December policy meeting. In Japan, clothing brand Uniqlo’s owner Fast Retailing lost 2.11% , dragging the Nikkei the most, while chip testing equipment maker Advantest fell 2.24%. Drugmakers Daiichi Sankyo tanked 5.69% and Eisai slipped 6.31%.
Market LIVE Updates: Opening Movers
Price as on 04 Jan, 2023 09:24 AM, Click on company names for their live prices.
Market LIVE Updates: ICRA and CRISIL enhances commercial paper limits of Godrej Properties to Rs1750 crore.
Price as on 04 Jan, 2023 09:22 AM, Click on company names for their live prices.
Rupee opens up 0.05% at 82.8400 per U.S. Dollar; previous close 82.8800
Opening Bell: Sensex flat, Nifty holds above 18,200, DMart falls 2%, IndusInd Bank rises 2%
Pre-open session: Sensex slips 100 points; Nifty below 18,210
Rupee likely to edge higher on oil price tumble
The Indian rupee is expected to open higher against the dollar on Wednesday after oil prices plunged by the most in three months on concerns over demand. The rupee is likely to open at 82.80-82.82, compared with 82.88 in the previous session. On the interbank order matching system, the rupee had fallen to 83.0650 after regular over-the-counter trading hours on Tuesday, and the 1-month USD/INR non-deliverable forward had climbed to near 83.20.
Asian equities mixed, dollar sways as focus firmly on Fed minutes
Asian equities were mixed on Wednesday, while the dollar was on the back foot after a steep spike overnight, with investors keenly awaiting minutes from the Federal Reserve’s most recent meeting to gauge the path forward for interest rates. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.91%, set for a third straight day of gains for the year. The index fell 20% in 2022. Japan’s Nikkei lost 1.12% in early trade, while Australia’s S&P/ASX 200 index rose 1.28%.
Oil steady after last session’s slump as Fed minutes awaited
Oil prices held their ground on Wednesday after tumbling in the previous session as markets braced for minutes from the U.S. Federal Reserve’s December policy meeting.
SGX Nifty signals a negative start
Nifty futures on the Singapore Exchange traded 53.5 points, or 0.29 per cent, lower at 18,252.50, signaling that Dalal Street was headed for a negative start on Wednesday.
Tech View: Nifty charts throw up green candle
After making higher lows for the last three trading sessions, Nifty on Tuesday formed a bullish candle on the daily charts.
Tokyo stocks open lower after US losses
Tokyo stocks opened lower Wednesday on the first trading day of the year, after Wall Street ended down, with investors eyeing the appreciation of the yen.The benchmark Nikkei 225 index dropped 1.60 percent, or 417.82 points, to 25,676.68 in early trade, while the broader Topix index lost 1.45 percent, or 27.37 points, to 1,864.34.
Wall Street starts the year with a dip; Apple, Tesla shares drag
Wall Street’s main indexes closed lower on the first trading day of 2023 with the biggest drags from Tesla and Apple, while investors worried about the Federal Reserve’s interest-rate hiking path as they awaited minutes from its December meeting.
Rupee tumbles 22 paise to all-time low of 83 against US dollar
The rupee pared initial gains and slumped 22 paise to close at its all-time low of 83 against the US dollar on Tuesday, pressured by a strong greenback overseas and sustained foreign fund outflows.
Sensex, Nifty on Tuesday
The Nifty50 index closed 35 points or 0.19% higher at 18,232, while the S&P BSE Sensex rose 126 or 0.21% to settle at 61,294 following lacklustre global cues.
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