“Stock Market News: In the previous session on Thursday, the BSE Sensex dropped 187 points to 60,858, while the Nifty50 retreated 58 points to 18,108”
Foreign institutional investors (FII) bought shares worth Rs 399.98 crore, whereas domestic institutional investors (DII) net sold shares worth Rs 128.96 crore on January 19, as per provisional data available on the NSE.
The market is expected to open in the green on January 20 as trends in the SGX Nifty indicate a positive opening for the broader index in India with a gain of 13 points.
In the previous session on Thursday, the BSE Sensex dropped 187 points to 60,858, while the Nifty50 retreated 58 points to 18,108 and formed a small bearish candle.
As per the pivot charts, we have the key support level for the Nifty at 18,074, followed by 18,052, and 18,017. If the index moves up, the key resistance levels to watch out for are 18,144, followed by 18,165 and 18,200.
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
US stock indexes closed lower on Thursday after data pointing to a tight labor market renewed concerns the Federal Reserve will continue its aggressive path of rate hikes that could lead the economy into a recession.
The Dow Jones Industrial Average fell 252.4 points, or 0.76%, to 33,044.56, the S&P 500 lost 30.01 points, or 0.76%, to 3,898.85 and the Nasdaq Composite dropped 104.74 points, or 0.96%, to 10,852.27.
Asian Markets
Markets in the Asia-Pacific traded mostly higher on Friday as investors digested Japan’s inflation data. The nationwide core consumer price index rose 4% in December on an annualized basis, the fastest pace since 1981.
The Nikkei 225 gained 0.02% and the Topix traded 0.15% higher. The Kospi in South Korea fell 0.21%, bucking the regional trend while the Kosdaq gained 0.14%. In Australia the S&P/ASX 200 pared earlier losses to gain 0.13%.
SGX Nifty
Trends in the SGX Nifty indicate a positive opening for the broader index in India with a gain of 13 points. The Nifty futures were trading around 18,126 levels on the Singaporean exchange.
Fed to deliver two 25-basis-point hikes in Q1, followed by long pause
The US Federal Reserve will end its tightening cycle after a 25-basis-point hike at each of its next two policy meetings and then likely hold interest rates steady for at least the rest of the year, according to most economists in a Reuters poll.
Fed officials broadly agree the U.S. central bank should slow the pace of tightening to assess the impact of the rate hikes. The Fed raised its benchmark overnight interest rate by 425 basis points last year, with the bulk of the tightening coming in 75- and 50-basis-point moves.
Oil prices rally to highest close since December 1 on China optimism
Oil prices settled 1% higher on Thursday, extending a recent rally built around rising Chinese demand, while the market wrote off a second straight week of large builds in US crude inventories.
Brent crude futures gained $1.18, or 1.4%, to settle at $86.16 per barrel, while US West Texas Intermediate (WTI) crude futures rose by 85 cents, or 1.1%, to settle at $80.33 per barrel.
HUL Q3 net profit rises 12% to Rs 2,505 crore, beats estimates
Hindustan Unilever (HUL) on January 19 released its December quarter (Q3FY23) results wherein its standalone net profit increased by 12 percent to Rs 2,505 crore. The company had reported a profit of Rs 2,243 crore in the year-ago period.
The FMCG behemoth’s standalone revenue from operations came in at Rs 15,228 crore, up 16 percent against Rs 13,092 crore logged in the corresponding quarter of the previous fiscal.
The numbers beat estimates as according to a poll of brokerages, standalone revenue was expected to come in at Rs 14,904 crore, up 13.8 percent YoY while profit after tax (PAT) was estimated to increase 8.3 percent YoY to Rs 2,481 crore.
RIL Q3 revenue set to grow 21%, powered by Jio and retail
Diversified conglomerate and the biggest Nifty heavyweight Reliance Industries is expected to report double-digit growth in consolidated revenue and EBITDA (earnings before interest, taxes, depreciation and amortisation) for the October-December quarter, according to a Moneycontrol poll.
Net profit is expected to grow 4.4 percent to Rs 16,366 crore from a year earlier and sequentially by 19.7 percent, according to the average of estimates of brokerages polled by Moneycontrol. Revenue is expected to rise 21 percent YoY to Rs 2.23 lakh crore.
While most brokerages expect RIL to report broad-based growth across segments, the retail and Jio verticals’ performances will be watched with particular interest.
Results on January 20 and January 21
Reliance Industries, HDFC Life Insurance Company, JSW Steel, LTIMindtree, Union Bank of India, Bandhan Bank, RBL Bank, Aether Industries, Atul, Coforge, DCM Shriram, Heritage Foods, Indian Energy Exchange, JSW Energy, NELCO, Petronet LNG, Ramkrishna Forgings, Shakti Pumps, and Tanla Platforms will be in focus ahead of their quarterly earnings on January 20.
ICICI Bank, Kotak Mahindra Bank, SBI Life Insurance Company, UltraTech Cement, Yes Bank, IDFC First Bank, Dodla Dairy, Meghmani Organics, and Punjab & Sind Bank will also be in focus ahead of their quarterly earnings on due on January 21.
Stocks under F&O ban on NSE
The National Stock Exchange has retained Delta Corp, Manappuram Finance, L&T Finance Holdings, and GNFC under its F&O ban list for January 20. Securities thus banned under the F&O segment include companies where derivative contracts have crossed 95 percent of the market-wide position limit.
Source :- National stock exchange (NSE)