Top 10 things to know about the stock market today before it opens

Top 10 things to know about the stock market today before it opens

Top 10 things to know about the stock market today before it opens

Provisional NSE data shows that on January 5, domestic institutional investors (DIIs) sold shares worth Rs 3,497.62 crore, however foreign institutional investors (FIIs) purchased shares worth Rs 1,696.86 crore.

Investor nervousness is also rising due to expectations of a bad results season for the IT services industry.

On January 8, the benchmark Sensex and Nifty indexes are probably going to open slightly higher since GIFT Nifty indicators show that the wider index is off to a solid start with a gain of 12 points.

The Nifty 50 was up 52 points at 21,711, and it finished near to its starting level on the daily chart, forming a Doji candlestick pattern. Meanwhile, the BSE Sensex increased 179 points to 72,026, on January 5. This suggests that bulls and bears are undecided about the direction the market will go in the future.

Senior technical research analyst Nagaraj Shetty of HDFC Securities stated: "Long-term Doji formations at higher levels typically call for caution." However, the pattern's creation during range movement suggests a significant detrimental influence. Not to be anticipated."

He thinks the Nifty's short-term positive outlook is still valid, but in the next sessions, the market is probably going to run into resistance near the 21,800–21,850 area. The next upside goal of 22,200 levels can only be reached with a strong rise over the 21,850–21,900 levels. From here, any negative might need backing of around 21,500, according to Shetty.

Nifty is expected to encounter immediate resistance around 21,722, followed by 21,771 and 21,817 levels, according to the pivot point calculator. Conversely, Nifty may find support at 21,651, followed by 21,622 and 21,576 levels, if it continues to decline.

Keep up with Moneycontrol to find out what's going on in the equities and currency markets right now. Important headlines from various news sources that might affect the Indian and global markets are included below.

present nifty

The GIFT Nifty jumps 12 points, suggesting that the wider index is off to a somewhat bullish start. After peaking at 21,797 points, GIFT Nifty futures were trading at 21,786 points.

Monday's trading setup: the top 15 items you should know before the opening bell

US marketplace

After the main indexes began the week with a 2024 fall, US stock futures saw little movement on Sunday night as traders braced themselves for inflation data and significant bank profits the following week.

Futures for the Dow Jones Industrial Average dropped 35 points, or 0.1%. Nasdaq 100 and S&P 500 futures increased by 0.21 and 0.14 percent, respectively. Congressmen struck a compromise on Sunday to reserve $1.59 trillion for top-line expenditure in order to avert a possible government shutdown.

After an explosion on part of an Alaska Airlines flight caused the temporary suspension of several Boeing 737 Max 9 aircraft for inspection, shares of the company are probably going to fall on Monday when normal trading resumes.

Treasury rates increased while large-cap tech companies like Apple underperformed, causing the Wall Street 10 to experience its first drop. This week, the S&P 500 declined by 0.6 percent and the Dow Jones Industrial Average sank by 1.5 percent. With a 3.25 percent decline, the tech-heavy Nasdaq Composite had its worst weekly performance since September. Apple's stock dropped by about 6% last week. The 10-year Treasury yield has returned to a level over 4 percent.

European marketplace

Friday's lower closing for European markets marked the end of a turbulent first week of the year as investors responded to statistics on inflation in the euro zone and the US employment report for December.

Amidst a decline in major equities and most sectors, the Stoxx 600 ended the day 0.35 percent down. Following a higher than anticipated decline in German retail sales in November, retail shares dropped 1.1%, resulting in losses. Banking stocks had a 0.5% increase in the interim.

Following two down days, the pan-European index increased by 0.7 percent on Thursday. 2024 has seen a mostly poor start to the US and Asia-Pacific stock markets, with the main Wall Street averages about to snap nine-week winning streaks.

Initial flash estimates released on Friday indicated that annual inflation in the euro zone increased to 2.9 percent in December from 2.4 percent in November, but it fell short of the 3 percent predicted by experts surveyed by Reuters. Employers in the US created 216,000 new jobs in December, greatly above the 170,000 jobs that the Dow Jones consensus predicted. The unemployment rate stayed at 3.7%.

Asian marketplace

As investors wait for important economic data and events in the coming days, Asia-Pacific markets began the week with small gains. China will reveal its trade balance and December inflation statistics on Friday, while Australia and Japan will report their inflation data on Tuesday and Thursday.

the Bank of Korea on Thursday, major economies in Asia In between, the central bank will meet for the first time this year, and it is anticipated that it will maintain interest rates at 3.50 percent.

While futures for Hong Kong's Hang Seng index began marginally higher at 16,590, compared with the HSI's finish of 16,535.33, the S&P/ASX 200 in Australia opened 0.17 percent higher.

Japan's markets will reopen for business on Tuesday after being closed for a national holiday. The small-cap Kosdaq lost 0.08 percent, while South Korea's Kospi began 0.34 percent higher.

Inflation in the US and India, the Red Sea issue, Q3 profits, and Dalal Street are all things to keep an eye on this coming week.

The start of Q3 earnings season, inflation data, and stock-specific triggers are among the major events that will determine the tone of the next trading week after the markets' flat end last week. Investors will be watching the Nifty as it approaches 22,000 points after its recent high of 21,834.

Sensex dropped 0.3% to 72,026 for the week that concluded on January 5, while Nifty dipped 0.1% to settle at 21,710. Among the sectors, the major gainers were Nifty Media (up 3.3%), Nifty Realty (up 7.8%), while the top loses were IT (down 1.9%), and Metal (down 1.3%).

For a second week running, the overall market outperformed itself. While the Nifty Smallcap 100 gained 1.9%, the Nifty Midcap 100 gained 2.5%. Analysts advise investors to exercise caution, meanwhile, in light of the continued unrest in the Red Sea and the impending results season.

TN GIM 2024: Ahead of the Vibrant Gujarat meeting, Tamil Nadu makes every effort to court investors

There was probably a sense of unease among government representatives and the organizers of the Tamil Nadu Global Investors Meet (GIM) for a while as ominous clouds passed over Chennai on Sunday morning.

They were relieved when it ended in rain, and delegates and company executives crowded the summit venue in Nandambakkam, the western section of the capital city.

MK Stalin, the chief minister of Tamil Nadu, wore a sharp suit instead of his trademark all-white shirt and waistcoat. In his inauguration speech, he said this: "I usually go overseas solely in suits. I chose to wear it today since Chennai is home to people from all over the globe.

Next week, Dalal Street will see four initial public offerings (IPOs), one of which is set to become public.

Following a calm start to 2024, there will likely be more action in the main market in the next week as four firms prepare to go public on Dalal Street. These businesses want to raise around Rs 1,100 crore.

IPO for Jyoti CNC Automation

This is the mainboard segment's first IPO of the year. Subscriptions will be accepted from January 9–11, with prices per share ranging from Rs 315 to Rs 331.

There is no offer for sale associated with the Rs 1,000 crore IPO; it is only a new issuance by the corporation. The business will thus keep all of the revenues from the offering for itself.

Since May 2023, 29,273 fictitious companies engaged in tax fraud of Rs 44,015 crore have been discovered.

On January 7, the Finance Ministry said that since the special campaign against bogus registrations was started in mid-May 2023, 29,273 fictitious companies that are allegedly engaged in input tax credit (ITC) evasion of Rs 44,015 crore had been uncovered.

"A total of 29,273 phony firms were implicated in suspected input tax credit (ITC) evasion since the start of the special effort against false registrations in mid-May 2023. There has been identified Rs 44,015 crore. As a consequence, there have been savings of Rs 4,646 crore, of which Rs 3,802 crore have been preserved via the blockage of ITC. To be recovered is Rs 844 crore. In relation to the cases, 121 arrests have been made so far, according to a ministry statement.

According to the report, 4,153 shell companies were found in the quarter that ended in December 2023, and among them was an alleged Rs 12,036 crore ITC evasion. 2,358 of these fraudulent businesses have been found by Central GST inspectors.

"This has secured revenue of INR 1,317 crore, of which ITC blocking has secured Rs 997 crore and recovery has secured Rs 319 crore." In these situations, 41 persons were taken into custody. According to the government, central GST officers were responsible for around 31 of these arrests.

TN GIM 2024: The Tamil Nadu government releases a plan to build an economy worth $1 trillion.

A plan to make the state's GDP $1 trillion by 2030 was presented by the Tamil Nadu government on January 7 during the two-day Global Investors Meet in Chennai. Upon releasing the study, Chief Minister MK Stalin said, "We have set an ambitious target of becoming a $1 trillion economy by 2030."

To achieve this, the state has identified seven fundamental tenets: infrastructure, governance, investment, human capital, innovation, market efficiency, as well as overall inclusive growth.

In five years, there will likely be a 40% increase in need for AI specialists. Sriram Raghavan of IBM

Vice President of IBM Research AI Sriram Raghavan visited India in late 2023 for two different events: the CNBC TV18 and Moneycontrol Global AI Conclave 2023 in Bengaluru on December 16 and the Global Partnership on machine learning, or GPAI Summit, in Delhi on December 12–14.

Raghavan took part in a panel discussion on "How AI can help solve population scale challenges with India" at the Moneycontrol Conclave. Back in the US, Raghavan discussed developing a talent pipeline for future AI positions as well as using AI to address important issues like climate change and severe weather prediction.

oil costs

As US Secretary of State Antony Blinken was ready to go to the Middle East in an attempt to stop the Israel-Gaza conflict from becoming worse, oil prices increased on Friday. U.S. West Texas Intermediate oil futures increased by $1.78, or 2.47 percent, to $73.97, while Brent crude futures increased by $1.42, or 1.83 percent, to $79.01 a barrel.

Both benchmarks are expected to close the first week of the year higher, having almost recovered from their Thursday losses after a significant gain in US distillate and gasoline stocks. Price increases serve as a "reminder of the risks that lie in continuing escalating tensions in the Middle East," according to a report from PVM analyst Tamas Varga.

According to the country's defense minister, Israeli soldiers were preparing a more focused operation in the north and were hunting Hamas commanders in the south. Blinken was supposed to spend a week in the Middle East doing diplomacy, but the State Department said that there was still a chance of the violence becoming worse.

According to a research released on Friday by ING analysts, "tensions remain high in the Middle East due to Houthi rebels releasing underwater drones into the Red Sea and US airstrikes in Baghdad."

dollar index

In futures, the dollar index was up 0.06 percent at 102.44, while the price of a dollar was close to Rs 83.19.

gold costs

After fluctuating by one percentage point on a range of US economic data, gold held constant on Friday. However, due to an overall strengthening of the dollar and rising Treasury rates, bullion saw its first weekly loss in four weeks.

Spot gold fell early in the day and then increased by about 1%; it then increased by 0.1 percent to $2,044.21 an ounce. Over 1% of prices dropped throughout the course of the week. US gold futures ended the day at $2,049.80, almost unchanged.

The US services industry slowed sharply in December, according to alternative statistics from the Institute for Supply Management (ISM), despite official figures showing US firms employed more people than anticipated in December.

First, gold saw some pressure as the non-farm payrolls report exceeded expectations. But after this, we got somewhat worse than anticipated ISM data, and as a consequence, we saw a shift in trend,” David Megger, Ridge Futures' director of metals trading, added in a statement.

Both the 10-year Treasury yield and the US dollar reached their highest points in three weeks, on course for their best weeks since October and July, respectively.

Ole Hansen, head of commodities strategy at Saxo Bank, said in a note that "we see a guessing game regarding the number of rate cuts in the coming months," given the US Federal Reserve's move toward a rate decrease. It is a significant cause of instability.

NSE stocks prohibited from F&O

While Balrampur Chini Mills, Chambal Fertilizers & Chemicals, Delta Corp, Escorts Kubota, GNFC (Gujarat Narmada Valley Fertilizers & Chemicals), Indian Energy Exchange, India Cements, and National have been retained, Piramal Enterprises has been added to the NSE's F&O ban notice for January 8. Zee Entertainment Enterprises, SAIL, and Aluminum Company are on the aforementioned list.

Hindustan Copper was taken off of the aforementioned list. The F&O segment's prohibited securities include many corporations whose derivative contracts over 95% of the market-wide position limit.

FII and DII

Provisional NSE data shows that on January 5, domestic institutional investors (DIIs) sold shares worth Rs 3,497.62 crore, however foreign institutional investors (FIIs) purchased shares worth Rs 1,696.86 crore.