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Sensex jumps around 250 pts at open, while Nifty gains around 100 pts with Metal stocks climbing.Sensex reclaims 60k, Nifty up 100 pts; IT, Metal jump
Markets bet on central bankers getting moderate on inflation .
Indian markets opened higher on Monday as Sensex gains 300 pts and Nifty 100 pts amidst positive global cues. All indices gain with IT, Metal and Energy climbing the most. Titan sheds at open while TechM and Hindalco jump. Wall Street made a rally on Friday and Asian stocks are trading higher in the morning session.
Markets hope that inflation may keep cooling and the Feds may ease up on its interest rate hikes. Analysts warn that volatility may still persist as it is yet to be seen whether the economy can avoid a recession.
IT Index starts strongly ahead of TCS declaring its December quarter report later today.In India, the major drag has been the sustained FII selling. This is the data to watch
The US economic data released on Friday is significant from the global market perspective. All data point to a strong but cooling US economy which indicates the rising possibility of a soft landing for the US economy. The ISM Services data came at 49.6 against the previous figure of 56.5. The December jobs increase was 223000, the lowest in 2 years. The hourly wage increase slowed to 4.6% against the recent peak of 5.6%. All these point to cooling inflation and the possibility of the Fed going less hawkish in 2023. The market has already started discounting this with the dollar index declining below 104 and the US 10-year bond yield declining by 12bp. All signals are bullish.
In India, the major drag has been the sustained FII selling. This is the data to watch. If this too turns, Nifty can break out on the upside.
Drone startups secure record funding despite slow takeoff
JSPL to invest ₹1,500 crore to make Monnet Power project operational: MD Bimlendra Jha
Jindal Steel and Power Limited (JSPL) will invest up to ₹1,500 crore to make recently-acquired Monnet Power operational, its Managing Director Bimlendra Jha said.
The investment will be made over the period of the next 12 to 18 months, he said.
In December 2022, the steelmaker acquired debt-laden Monnet Power for ₹410 crore through the insolvency route.
The 1,050 megawatts (MW) under-construction coal-based power project is located near JSPL’s steel plant in Angul, Odisha.
“We will invest fresh investment of up to ₹1,500 crore to make the plant operational. The amount will be invested over the period of the next 12-18 months,” Jha told PTI.
Once completed, the new asset will provide power to JSPL’s steel plant in Angul, which is in expansion mode, he said.
The coal for Monnet Power will be sourced from the Uktal B1 and B2 mines of JSPL.
Titan’s sales across standalone biz up 12% in Oct-Dec
The Titan Company has said its sales across standalone businesses went up 12 per cent year-on-year in the third quarter of fiscal 2022-23.
The positive consumer sentiment helped all categories clock healthy double-digit growths despite a high base in the same period of last year, according to the company statement shared with exchanges.
The company statement said healthy new buyer growths in the festive period, higher value purchases in the studded category and unique new collections for the season helped the jewellery division achieve an 11 per cent growth y-o-y (excluding bullion sales).
Watches division’s 14 per cent growth y-o-y was led by strong traction in the wearables space, the company said. A slew of exciting product launches in the fiscal year leading to the festive season contributed well to more than tripling sales from the wearables sub-segment in the quarter compared to same period last year, according to the company statement.
Paytm Payments Bank appoints MD and CEO post RBI nod
TCS Q3 results: Ease in supply-side pressure may lift margins. Key factors to look out
All eyes are set on IT-giant Tata Consultancy Services (TCS) which is set to announce its financial performance for the quarter ending December 31, 2022 (Q3FY23) period on January 9. TCS stock will also be in focus during this week’s session. TCS which is the largest IT company in terms of market share will be the first to present its Q3FY23 earnings in the sector. In Q3, the company is expected to see improvement in operating margin as supply-side disruption eases. Among key things to watch out for will also be TCS’ third interim dividend announcement.
Ahead of Q3 earnings, TCS shares closed at ₹3,212 apiece on BSE down by 2.97% on Friday. TCS is the second largest Indian firm with a valuation of over ₹11.75 lakh crore as of January 6, 2023, after RIL.
Sah Polymers IPO allotment date today. How to check status online
The finalisation of share allocation for the initial public offering (IPO) of Sah Polymers Ltd can be announced any time today. As per the tentative schedule of the public issue, Sah Polymers IPO allotment date is most likely on 9th January 2023. Those who applied for the public offer will be able to check their allotment status online by logging in at the BSE website or on the website of the official registrar of the IPO. Link Intime Private Limited has been appointed as the official registrar of the Sah Polymers IPO.
As mentioned above Those who have applied for the public issue can check their application status online by logging in at the BSE website — bseindia.com or at the website of official registrar of the public issue.
Govt coffers swell on boost from import duty receipts
A flood of imports swelled the Centre’s customs duty receipts in the three months to November, reversing the declining trend of most of the first half of the current fiscal, official data showed.
That leaves excise duty the only laggard in the Centre’s tax revenue collections so far this year, which has contracted from year-ago levels. The dramatic recovery in customs duty receipts comes as a relief to policymakers trying to balance the budget amid a surge in subsidy outgo.
Wall Street rallies on Friday on rate hopes, notches gain for the week
Stocks rallied after a shaky start and closed with broad gains Friday as some mixed readings on the U.S. economy stoked hope on Wall Street that inflation may keep cooling and the Federal Reserve may ease up on its interest rate hikes.
The S&P 500 rose 2.3%, marking its first winning week in the last five. The Dow Jones Industrial Average gained 2.1% and the Nasdaq composite added 2.6%. Small-company stocks also rose, lifting the Russell 2000 index 2.3% higher.
Markets worldwide got an initial jolt from the U.S. jobs report. On the upside for them, it showed workers’ wage gains are slowing, which could mean easing pressure on the nation’s high inflation. On the downside, it also showed hiring across the job market may still be too strong for the Fed’s liking, even after its fusillade of rate hikes last year.
Analysts warned trading may remain turbulent in the coming hours and weeks as investors keep trying to handicap whether the economy can avoid a recession. Much of the trading is based entirely on expectations for what the Fed will do with rates: High rates slow the economy by design, hoping to grind down inflation, while also threatening to cause a recession and dragging down prices for all kinds of investments.
Perhaps the clearest action for investors was in the bond market, where the yield on the two-year Treasury dropped to 4.28% from 4.48% just before the release of the data on the U.S. labour market.
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