Stock Market News: “Trends in the SGX Nifty indicate a positive opening for the broader index in India with most global cues being supportive for a rebound. Among stocks, Larsen & Toubro, Tech Mahindra and Bajaj Finserv will be in focus today”
The market is expected to open in the green as trends in the SGX Nifty indicate a positive opening for the broader index in India with a gain of 30 points.
The 30-pack Sensex closed 874 points, or 1.45 percent, down at 59,331 on January 27, while the broad-based Nifty declined 288 points, or 1.6 percent, to 17,604.
As per pivot charts, the key support for the Nifty is at 17,512, followed by 17,419 and 17,270. If the index moves up, the key resistance levels to watch out for are 17,810, 17,903 and 18,052.
Stay tuned to Shriramtradersclub.com 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
Wall Street advanced on Friday, marking the end of an rocky week in which economic data and corporate earnings guidance hinted at softening demand but also economic resiliency ahead of next week’s Federal Reserve monetary policy meeting.
The Dow Jones Industrial Average rose 28.67 points, or 0.08 percent, to 33,978.08, the S&P 500 gained 10.13 points, or 0.25 percent, to 4,070.56 and the Nasdaq Composite added 109.30 points, or 0.95 percent, to 11,621.71.
Asian shares started cautiously on Monday in a week that is certain to see interest rates rise in Europe and the United States, along with US jobs and wage data that may influence how much further they still have to go.
MSCI’s broadest index of Asia-Pacific shares outside Japan up 11 percent in January at a nine-month high. Early Monday, the index was up 0.1 percent as investors looked forward to China’s market resuming after the Lunar New Year holidays, while Japan’s Nikkei added 0.2 percent.
Trends in the SGX Nifty indicate a positive opening for the broader index in India with a gain of 30 points. The Nifty futures were trading around 17,719 levels on the Singaporean exchange.
Equity mutual funds to adopt T+2 redemption payment cycle from Feb 1
In a move to benefit mutual fund investors, all asset management companies (AMCs) in India will move to T+2 — shorthand for “trade date plus two days” — redemption payment cycle for equity schemes from February.
In an announcement on January 27, the Association of Mutual Funds in India (AMFI) said that the move will be implemented uniformly with effect from February 1 (i.e., for all transactions received before cut off timing on February 1, and processed at closing NAV for February 1 2023) after allowing a couple of days for the settlement cycle /process to stabilise.
Bajaj Finance Q3 net profit surges 40%
Shares of Bajaj Finance are likely to remain in focus on January 30, after the as company announced its December quarter earnings. On Friday, after market hours, Bajaj Finance reported 40 percent year-on-year (YoY) jump in its consolidated net profit at Rs 2,973 crore for the Q3FY23, largely in line with analysts’ expectations.
On a standalone basis, company’s net profit grew 36 percent to Rs 2,624 crore. The net profit surge comes on the back of a healthy growth in disbursements that lifted net interest income by 24 percent to Rs 7,435 crore for the December quarter.
FPIs adopt cautious stance ahead of Budget; take out Rs 17,000 crore from equities in Jan
Foreign investors have pulled out a net of over Rs 17,000 crore this month so far due to the attractiveness of the Chinese markets and the cautious stance adopted by them ahead of the Union Budget and US Federal Reserve meeting. The outflow in January came after a net inflow of Rs 11,119 crore in December and Rs 36,239 crore in November.
Overall, foreign portfolio investors (FPIs) have pulled out Rs 1.21 lakh crore from the Indian equity markets in 2022, following aggressive rate hikes by the central banks globally, particularly the US Federal Reserve, volatile crude, rising commodity prices and the Russia-Ukraine conflict.
Larsen & Toubro, Tech Mahindra, Bharat Petroleum Corporation, Bajaj Finserv, Bajaj Holdings & Investment, CSB Bank, Emkay Global Financial Services, Exide Industries, GAIL (India), Inox Leisure, Laurus Labs, Mazagon Dock Shipbuilders, Nippon Life India Asset Management, Punjab National Bank, REC, SRF, Trident, and Welspun India will be in focus ahead of quarterly earnings on January 30.
Foreign institutional investors (FII) on January 27 net sold shares worth Rs 5,977.86 crore, the highest outflow in a single day since April 18, 2022, whereas domestic institutional investors (DII) net bought shares worth Rs 4,252.33 crore, as per provisional NSE data.
The dollar firmed on Monday and distanced itself from an eight-month trough ahead of a slew of central bank meetings this week, including the Federal Reserve’s, with traders keenly focused on guidance for the path of interest rate rises. The US dollar index , which measures the greenback against a basket of currencies, rose 0.03 percent to 101.92, edging away from last week’s eight-month low of 101.50.
Stocks under F&O ban on NSE
The National Stock Exchange has added Ambuja Cements to its F&O ban list for January 30. Securities banned under the F&O segment include companies where derivative contracts have crossed 95 percent of the market-wide position limit.
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