[ad_1]
As Nifty ended below the psychological 18000-mark, the headline equity index on Thursday formed a bearish candle on the daily charts with a long lower shadow, indicating that downside continuation pattern but buying at lower levels. Now, it has to cross and hold above 18018 zones for an up move towards 18123 and 18181 zones, whereas support exists at 17850, then 17777 zones, said Chandan Taparia of Motilal Oswal.
Analysts said today’s intra-day recovery shows that buying is expected to emerge from near the lower support of around 17750-17800 levels.
The daily momentum indicator was in a bearish crossover, suggesting weak price momentum for the near term.
!1 New UpdateClick here for latest updates
Crypto-focused bank Silvergate Capital Corp sinks 47% to $11.6, hits lowest since July 2020
Company says crypto-related deposits plummeted in Q4 as withdrawals surged after the collapse of crypto exchange FTX
It sold $5.2 billion of assets at a loss of $718 million in Q4 to maintain liquidity
“While the decline in average deposits from digital asset customers was less pronounced… it appears that this decline is not expected to be temporary,” says brokerage JP Morgan
SI on course for its worst session on record should losses hold until close
Silvergate plans to cut headcount by 40%; flags it will incur restructuring charge of $4 million in Q4
SI had jumped 27% on Wednesday; ended 2022 down 88%
US stocks open lower as labour data fans rate hike fears
Wall Street’s main indexes opened lower on Thursday after further evidence of a strong labour market spurred worries that the Federal Reserve could keep raising interest rates for longer than expected. The Dow Jones Industrial Average fell 78.05 points, or 0.23%, at the open to 33,191.72.The S&P 500 opened lower by 13.23 points, or 0.34%, at 3,839.74, while the Nasdaq Composite dropped 68.45 points, or 0.65%, to 10,390.31 at the opening bell.
Treasury yields slightly extend gains after jobless claims; 10-year yield last up 3.50 bps at 3.744%
Saudi Arabia lowers February Arab Light crude prices to Asia
Saudi Arabia lowered the February official selling prices (OSPs) for the flagship Arab light crude it sells to Asia to plus $1.80 a barrel versus the Oman/Dubai average, a source familiar with the knowledge told Reuters on Thursday.
Sebi allows govt stake in IDBI Bank to be reclassified as public post sale
The government, with a more than 45% stake in IDBI Bank, is currently classified as a co-promoter of the lender.
Domestic equities struggled to maintain 18k zone after minutes from the mid-December meeting showed that US Fed officials agreed to slower it pace of rate hikes but continues to maintain hawkish view until inflation comes within control. Nifty opened positive but drifted below 18,000 levels and went in negative territory. The index finally closed with loss of 51 points at 17992 levels. However, broader market closed in green. Sectorially, it was mixed bag with Oil & Gas, Auto, FMCG and Pharma being top gainers. NBFC stock witnessed profit booking after Bajaj Finance pre-quarterly business update highlighted lower than expected growth in AUM. Markets have corrected more than 1% in last five days amid cautious view globally. We expect market to move sideways due to lack of fresh triggers. Investors will now wait for Q3 earning season to provide some direction. Sectors linked to crude oil will continue to remain in momentum after crude oil prices fell by ~10% in last two days.
– Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services
Gold declines Rs 201; silver plummets Rs 1,475
Silver also plummeted Rs 1,475 to Rs 69,286 per kilogram.
“Comex Spot gold prices traded lower in early Asian hours on Thursday on back of profit taking after recent rally,” said an analyst at HDFC Securities.
In the overseas market, gold was trading in the red at USD 1,848 per ounce while silver was up at USD 24.45 per ounce.
Ambuja Cements incorporated unit Ambuja Resources
SEBI says new IDBI owner to meet public holding rules in one year (From Agencies)
#StocksInNews | IDBI Bank in focus! SEBI says new IDBI owner to meet public holding rules in one year (From Agencie… https://t.co/FGLjTcOTCl
— ET NOW (@ETNOWlive) 1672915839000
Nitfy remained volatile before ending below the psychological 18000 mark. The market continued to remain under the bears’ control as the benchmark Nifty corrected for the second consecutive day. The daily momentum indicator is in bearish crossover, suggesting weak price momentum for the near term. The volatility may continue over the short term, with a predominant weakness. On the lower end, support is visible at 17800. On the higher end, resistance is visible at 18250, above which a bullish reversal may happen.
– Rupak De, Senior Technical Analyst at LKP Securities.
Rail Vikas Nigam JV received LOA worth Rs 166 crore: Agencies
Globally, investors are digesting the FOMC minutes with stock markets trading lower revealing that the Fed officials’ are determined to tame inflation by maintaining its aggressive stance. Financials led the losses in the domestic market, following dismal business numbers from NBFC leader. Oil prices recovered after falling sharply on fears of a worldwide recession, as investors remain optimistic about long-term demand.
– Vinod Nair, Head of Research at Geojit Financial Services
Rupee ends up 0.31% at 82.5550 per U.S. dollar; previous close 82.8025; posts biggest single session percentage rise since december 14
Closing Bell: Sensex slumps 304 points in volatile trade; Nifty below 18,000; Bajaj Finance cracks 7%, Adani Total Gas rises 5%
India’s FY24 growth to dip to 5.5% from 6.8% in FY23 – HSBC economist
India’s economy is expected to grow 5.5% in the next financial year, a notch below the expected potential rate of 6%, as growth momentum in the country was slowing gradually, an economist at HSBC said on Thursday. The Indian economy grew 8.7% in year ended March 2022, and is expected to grow by 6.8% in the current financial year. A Reserve Bank of India survey of professional forecasters released in December had pegged growth at 6% in 2023/24.
India makes changes to govt portal to allow for new corporate bond issue filings
The so-called PAS-3 “return-of-allotment” form will be available for filing in “V2” until Jan. 19, 2023 11:59 PM, the Ministry of Corporate Affairs said in a statement.
Corporate bond issuances could have come to a halt for the next two weeks as the government upgrades an online portal used by companies to file regulatory disclosures, merchant bankers had said.
Stock in news: TTK Prestige
#StocksInNews | TTK Prestige ups stake in Ultrafresh Modular to 51% from 40.9% (From Agencies) #StocksToWatch… https://t.co/yN9pWqwygE
— ET NOW (@ETNOWlive) 1672901568000
ICICI Bank, Bajaj Finance among top Sensex drags
Market live updates: Sensex tumbles over 500 pts
Suryoday Small Finance Bank Q3 update
Ujjivan Small Finance Bank Q3 update
Grasim Industries Incorporated unit Grasim Business Services.
Price as on 05 Jan, 2023 12:38 PM, Click on company names for their live prices.
Market live updates: Sensex erases early gains, tanks 300 pts
Market live updates: Nifty slips below 18,000
Bharat Forge entered into non-binding memorandum of understanding (MoU) with General Atomics.
Price as on 05 Jan, 2023 11:32 AM, Click on company names for their live prices.
Shares of smallcap Likhitha Infrastructure rallied about 5% to Rs 246 in Thursday’s intraday trade on BSE after the company received total orders worth approximately Rs 457.39 crore from various oil and gas distribution companies during the recently-concluded quarter.
Price as on 05 Jan, 2023 11:28 AM, Click on company names for their live prices.
Godrej Consumer Products on Thursday forecast sales on a constant currency basis to increase in the mid-teens percentage range for the third quarter, benefiting from demand for its home and personal care products in India.
Price as on 05 Jan, 2023 11:18 AM, Click on company names for their live prices.
Arvind Fashions appoints Girdhar Kumar Chitlangia as Chief Financial Officer (From Agencies)
Price as on 05 Jan, 2023 11:15 AM, Click on company names for their live prices.
The US Fed published its minutes of the December meeting. The key takeaways from the minutes is that the Fed doesn’t want to take inflation lightly. Fed Chair Jerome Powell was caught on the wrong foot when he called inflation as ‘transitory’ in 2021. Fed is once bitten twice shy. They want to err on the side of caution and change gears only once they see the inflation hitting their target of 2%. Clearly, they don’t want to trap themselves in a box once again.
– Apurva Sheth, Head of Market Perspectives, Samco Securities
Lupin launches fixed-dose triple drug combination of Indacaterol, Glycopyrronium and Mometasone for managing inadequately controlled asthma amongst patients under the brand name DIFIZMA® in India.
Price as on 05 Jan, 2023 11:03 AM, Click on company names for their live prices.
RHI Magnesita’s board meeting will be held to issue and allot 2,70,00,000 equity shares on a preferential basis to DBRL.
Price as on 05 Jan, 2023 10:59 AM, Click on company names for their live prices.
SJVN will make an investment of Rs 2,615 crore in a hydroelectric project in Himachal Pradesh. On completion of the project, the company will earn 16.50% return on the equity infusion. The investment will be 70% debt and 30% equity.
Price as on 05 Jan, 2023 10:40 AM, Click on company names for their live prices.
The Reserve Bank of India has lifted the restrictions on M&M Financial for carrying out loan recovery or repossession activities through outsourcing arrangements with third parties.
Price as on 05 Jan, 2023 10:28 AM, Click on company names for their live prices.
FMCG index rallies over 1%; check out the top performers from the pack
Price as on 05 Jan, 2023 10:10 AM, Click on company names for their live prices.
Hindustan Unilever completed acquisition of 19.8% stake in Nutritionalab for Rs 70 crore.
Price as on 05 Jan, 2023 09:49 AM, Click on company names for their live prices.
Though the pull back towards close restricted a breach of 18000 yesterday, bears dominated the day, bringing 17500 into the radar. An outright collapse is less expected early today though. Favoured view expects renewed bargain hunting from the 18000 vicinity, but we would wait for a breach of 18150 to confirm strength.Alternatively, direct fall below 17960 will allow bears to continue dominance with nearest support seen at 17670.
– Anand James – Chief Market Strategist at Geojit Financial Services
Rupee rises 9 paise to 82.73 against US dollar in early trade: Agencies
The Fed minutes were distinctly hawkish with the message that “restrictive policy stance would need to be maintained until the incoming data provided confidence that inflation was on a sustained downward path to 2 percent”. In spite of this hawkish minutes the US markets closed in the positive territory because the markets expect a soft landing for the US economy since the economy continues to be resilient. In India the near-term challenge to the market comes from the sustained selling by FIIs who sold Rs 2620 crores equity in the cash market yesterday taking their selling spree to 9 consecutive days. FIIs are net short in the derivatives segment too. Data from the banking segment indicates continuing credit growth and improving asset quality which indicates good Q3 results. Investors can utilise market weakness to buy high quality banking stocks.
– Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
Bajaj Finance falls 6%; here are the top losers from the financial services sector
Price as on 05 Jan, 2023 09:32 AM, Click on company names for their live prices.
GOLDMAN SACHS ON FMCG
#BrokerageRadar | @GoldmanSachs on FMCG 2023: Staples outperformance over discretionary may continue #StockMarket… https://t.co/7XPrf9s2aN
— ET NOW (@ETNOWlive) 1672886206000
Sector Watch: Nifty Financial Services falls 0.40%
Active stocks in morning trade
Price as on 05 Jan, 2023 09:20 AM, Click on company names for their live prices.
Bajaj Finance has booked 7.8 million new loans in the quarter ended December, compared with 7.4 million a year ago, according to provisional figures. The new loans booked in the last quarter were the highest-ever for the company. The company’s liquidity position remains strong, with the consolidated net liquidity surplus at Rs 12,750 crore at the end of the last quarter.
Price as on 05 Jan, 2023 09:20 AM, Click on company names for their live prices.
Opening Bell: Sensex rises 150 pts, Nifty nears 18,100; Bajaj twins tumble up to 6%
Pre-open session: Sensex rises over 150 points; Nifty above 18,100
Asia stocks hit 4-month high on reopening of Chinese economy
Asian shares rose on Thursday on investor hopes for China’s emergence from the COVID-19 pandemic, while the dollar stayed under pressure even as the U.S. Federal Reserve had a warning against market bets on interest rate cuts this year.
SGX Nifty signals a positive start
Nifty futures on the Singapore Exchange traded 51 points, or 0.28 per cent, higher at 18,162, signaling that Dalal Street was headed for a positive start on Thursday.
Tech View: Nifty forms long bear candle
While negating the higher low formation of the last four trading sessions, headline equity index Nifty today formed a long bear candle on the daily charts and indicated a downside breakout of the recent sideways range movement in the market.
Tokyo stocks open higher after US gains
Tokyo stocks opened higher Thursday following Wall Street gains as markets shrugged off messaging from the Federal Reserve reiterating its commitment to lowering inflation.The benchmark Nikkei 225 index rose 0.57 percent, or 147.01 points, to 25,863.87 at the open, while the broader Topix index added 0.17 percent, or 3.15 points, to 1,871.30.
S&P closes higher after Fed minutes confirm inflation focus
The S&P 500 finished higher on Wednesday but below its session peak after volatile trading following the release of minutes from the Federal Reserve’s last meeting, which showed officials laser-focused on controlling inflation even as they agreed to slow their interest rate hiking pace.
Oil prices rebound after opening the year with steep losses
Oil prices rebounded on Thursday after opening the year down more than 9%, the worst yearly start in over three decades, as investors took advantage of the decline to buy futures on expectations long-term fuel demand will remain steady.
Rupee climbs 23 paise to 82.77 against US dollar
The rupee recovered from its all-time low level and settled 23 paise higher at 82.77 against the US dollar on Wednesday, supported by easing crude oil prices.
Sensex, Nifty on Wednesday
The BSE Sensex ended 636 points or 1.04% lower at 60,826, and Nifty 50 closed with cuts of 190 points or 1.04% at 18,127.
Good morning, dear reader! Here’s something to kickstart your trading day
[ad_2]
Source link