The market is likely to open in the red today as trends in the SGX Nifty indicate a negative opening for the broader index in India with a loss of 29 points.
The BSE Sensex gained 37 points to 60,979, while the Nifty50 lost 0.2 point to 18,118.30 and formed a bearish candle on the daily charts as the closing was lower than the opening levels.
The index remained rangebound for yet another session.
As per the pivot charts, we have the key support level for the Nifty at 18,086, followed by 18,057, and 18,010.
If the index moves up, the key resistance levels to watch out for are 18,180, followed by 18,208 and 18,255.
Stay tuned to 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:
The S&P 500 ended nominally lower on Tuesday at the close of a rocky session marked by a raft of mixed earnings and a technical malfunction at the opening bell.
The Dow Jones Industrial Average rose 104.4 points, or 0.31 percent, to 33,733.96, the S&P 500 lost 2.86 points, or 0.07 percent, to 4,016.95 and the Nasdaq Composite dropped 30.14 points, or 0.27 percent, to 11,334.27.
Asian Markets
Asia-Pacific shares traded mixed on Wednesday, taking the lead from Wall Street’s struggle for direction as China and Hong Kong markets remain closed for the Lunar New Year holidays.
In South Korea, the Kospi climbed 1.3 percent, while the Kosdaq climbed 1.16 percent in its first hour of trade. Japan’s Nikkei 225 dipped 0.22 percent and the Topix shed 0.06 percent.
Australia’s S&P/ASX 200 declined 0.43 percent as investors await the release of the country’s inflation reading.
SGX Nifty
The SGX Nifty trends indicate a negative opening for the broader index in India with a loss of 29 points on Wednesday.
The Nifty futures were trading around 18,105 levels on the Singaporean exchange.
India’s gross domestic product (GDP) growth is seen declining to 5.6 percent in 2023-24, although it will still be one of the best performing large economies in the G-20, said Christian de Guzman – senior vice-president at Moody’s Investors Service and primary analyst for India.
“This real growth forecast is still amongst the healthiest in the entire G-20.
And we think potential growth can be sustained around 6 percent,” de Guzman told in an interview.
Oil falls $2/barrel on economic jitters, US crude stock build
Crude oil prices slipped on Tuesday on concerns about a global economic slowdown and as preliminary data indicated a bigger-than-expected build in US oil inventories.
Brent futures for March delivery fell $2.06, or 2.3 percent, to $86.13 a barrel.
US crude fell $1.49, or 1.8 percent, to $80.13 per barrel.
US business activity downturn eases slightly; euro zone back to growth
The downturn in the US business activity eased slightly in January even as it contracted for the seventh straight month, while the euro zone business activity made a surprise return to modest growth, as two of the world’s major economies hope to avert recession this year, surveys showed on Tuesday.
S&P Global said its flash US Composite PMI Output Index, which tracks the manufacturing and services sectors, shot off to 46.6 this month from a final reading of 45.0 in December, the first moderation since September but still well below a key reading of 50 used to separate contraction and growth in the private sector.
Bank of England to lift rates to 4% on Feb 2, finish at 4.25% in Mar – Reuters poll
The Bank of England will lift the Bank Rate by 50 basis points on February 2 to 4 percent and then add another 25 basis points in March before pausing, according to a Reuters poll of economists who said the greater risk was that it would do even more.
A firm majority, 29 of 42 respondents to the January 18-24 poll, said the Bank would add 50 basis points next Thursday, while 13 opted for a more modest 25-bps rate rise.
Rupee slides, breaches key level
The rupee weakened on Tuesday to close just below a key technical level, amid mixed cues from Asian markets and as the dollar index attempted to gain.
The partially convertible rupee eased to 81.72 per dollar, compared to its previous close of 81.390.
The currency breached its 100-day moving average of 81.733 late in the session, falling 0.7 percent in two sessions.
Traders had earlier cited fixing-related dollar demand and stop losses of speculators being triggered after the Reserve Bank of India (RBI) was suspected to be in the market on Monday.
Results on January 25
Tata Motors, Bajaj Auto, Dr Reddy’s Laboratories, Cipla, Amara Raja Batteries, Arvind, Ceat, Chennai Petroleum Corporation, Dixon Technologies, DLF, Embassy Office Parks REIT, Equitas Holdings, Go Fashion, Indraprastha Gas, Indian Bank, Jyothy Labs, Olectra Greentech, Patanjali Foods, Tata Elxsi, TeamLease Services, Torrent Pharmaceuticals, and VIP Industries will be in focus ahead of quarterly earnings on January 25.
FII and DII data
Foreign institutional investors (FII) have net sold shares worth Rs 760.51 crore, whereas domestic institutional investors (DII) have net bought shares worth Rs 1,144.75 crore on January 24, as per provisional data available on the NSE.
ByMoneycontrol
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