Stock Market Today: Top 10 things to know before the market opens 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 57 points.
The BSE Sensex rallied 563 points to 60,656, while the Nifty50 climbed 158 points to 18,053 and formed long bullish candle, which somewhat resembles bullish engulfing kind of pattern on the daily charts, with making higher high higher low for third straight session.
Also there was a breakout of downward sloping resistance trend line adjoining December 1, 2022 (all-time high) and January 16, 2023.
According to the pivot charts, we have the key support level for the Nifty at 17,933, followed by 17,890, and 17,819.
If the index moves up, the key resistance levels to watch out for are 18,075, followed by 18,119 and 18,189.
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 Dow fell more than 1 percent on Tuesday as weak earnings from Goldman Sachs dragged the index lower, but a jump in Tesla shares helped the Nasdaq stay postive as the corporate earnings season took center stage.
The Dow Jones Industrial Average fell 391.76 points, or 1.14 percent, to 33,910.85 and the S&P 500 lost 8.12 points, or 0.20 percent, to 3,990.97.
The Nasdaq Composite added 15.96 points, or 0.14 percent, to 11,095.11.
Asian Markets
Asia-Pacific shares rose on Wednesday as investors await the outcome of the Bank of Japan’s monetary policy meeting.
Japan’s Nikkei 225 climbed 0.66 percent in its first hour of trade, and the Topix edged up 0.39 percent as Japan’s central bank enters its second day of monetary policy discussions, which comes amid high government bond yields and a strong yen with some economists expecting the central bank to scrap its yield curve control policy.
SGX Nifty
Trends in the SGX Nifty indicate a positive opening for the broader index in India with a gain of 57 points.
The Nifty futures were trading around 18,133 levels on the Singaporean exchange.
Oil prices settle higher on hopes of China demand rebound
Oil prices settled higher on Tuesday in choppy trading after China posted weak but expectation-beating annual economic growth data and on hopes that a recent shift in its Covid-19 policy will boost fuel demand.
Brent crude futures settled up $1.46, or 1.7 percent, to $85.92 while US West Texas Intermediate (WTI) crude settled up 32 cents, or 0.4 percent, at $80.18.
Recovery in marketing margins, lower oil prices to restore OMC profitability in FY24: Moody’s
State-owned Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) are likely to see weak earnings in current fiscal year despite fall in oil prices mainly because of losses they incurred on holding prices in the first half, Moody’s Investors Service said on Tuesday.
“As international oil prices cool on economic slowdown concerns, marketing losses will ease for the three state-owned refining and marketing companies, IOC, BPCL and HPCL.
“Still, overall earnings for fiscal 2023 ending on March 31, 2023 will be weak because of marketing losses in the first half, when net realized prices did not increase as much as international prices because of fuel price caps,” it said.
Japan yields top BOJ cap for third day on eve of crucial policy decision
Japanese 10-year government bond yields topped the Bank of Japan’s (BOJ) policy ceiling for a third straight session on Tuesday amid swirling speculation that policymakers could tweak stimulus settings when a two-day meeting wraps up on Wednesday.
The 10-year JGB yield rose 0.5 basis point to 0.505 percent as of 0820 GMT, although only one trade had been executed so far at 0136 GMT.
Benchmark 10-year JGB futures advanced just 0.2 yen to end the session at 144.84, making marginal gains for a second day after dipping to the lowest since April 2014 on Friday.
Goldman misses profit estimates as dealmaking, asset management take a hit
Goldman Sachs Group Inc on Tuesday reported a bigger-than-expected 69 percent drop in fourth-quarter profit as it struggled with a slump in dealmaking and weakness in its wealth management business.
Goldman’s investment banking fees fell 48% in the latest quarter, while revenue from its asset and wealth management unit dropped 27 percent due to lower revenue from equity and debt investments.
It also reported a pre-tax loss of $778 million in its platform solutions unit, which houses transaction banking, credit card and financial technology businesses.
Results on January 18
IndusInd Bank, Alok Industries, CCL Products (India), Central Bank of India, Oracle Financial Services Software, Persistent Systems, PSP Projects, Rallis India, Shemaroo Entertainment, and Surya Roshni will be in focus ahead of quarterly earnings on January 18.
FII and DII data
Foreign institutional investors (FII) turned net buyers for the first time in last 18 straight sessions, to the tune of Rs 211.06 crore worth shares, while domestic institutional investors (DII) have net purchased shares worth Rs 90.81 crore on January 17, as per provisional data available on the NSE.
Stocks under F&O ban on NSE
The National Stock Exchange has added Delta Corp and Manappuram Finance, and retained L&T Finance Holdings, Indiabulls Housing Finance and GNFC under its F&O ban list for January 18.
Securities thus 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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