Stock Market News: In the previous session on Friday, the Sensex settled 237 points lower at 60,622, while the Nifty declined 80 points to end at 18,028.
Stock Market News: Foreign institutional investors (FII) net sold shares worth Rs 2,002.25 crore, whereas domestic institutional investors (DII) net bought shares worth Rs 1,509.95 crore on January 20.
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The market is expected to open in the green on January 23 as trends in the SGX Nifty indicate a positive opening for the broader index in India with a gain of 83 points.
In the previous session on Friday, the Sensex settled 237 points lower at 60,622, while the Nifty declined 80 points to end at 18,028. The Nifty formed a bearish candle on the daily chart. It has been moving in the range to 300-400 points for three weeks, which experts say will at least continue till February 1 when the Budget 2023 will be presented.
As per the pivot charts, the key support for the Nifty is at 18,014, followed by 17,983, and 17,934. If the index moves up, the key resistance levels to watch out for are 18,112 followed by 18,143 and 18,192.
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
US stocks rallied to close higher on Friday, as the S&P 500 and Dow snapped a three-session losing streak and the Nasdaq rose more than 2%, as quarterly earnings helped lift Netflix, while Google parent Alphabet climbed after announcing job cuts.
The Dow Jones Industrial Average rose 330.93 points, or 1%, to 33,375.49, the S&P 500 gained 73.76 points, or 1.89%, to 3,972.61 and the Nasdaq Composite added 288.17 points, or 2.66%, to 11,140.43.
Asian Markets
Australian shares inched higher on Monday to their highest in nearly nine months, as technology stocks tracked Wall Street’s strong finish last week and firm crude oil prices lifted energy stocks.
The S&P/ASX 200 index rose 0.1% to 7,458.00 by 23:28 GMT, extending gains to a fourth session. Trading volumes were low, with some major Asian markets including key trading partner China closed for holidays. S&P E-minis futures were up 0.1%.
SGX Nifty
Trends in the SGX Nifty indicate a positive opening for the broader index in India with a gain of 83 points. The Nifty futures were trading around 18,128 levels on the Singaporean exchange.
US hits debt ceiling
The US government hit its $31.4 trillion borrowing limit on Thursday, amid a standoff between the Republican-controlled House of Representatives and President Joe Biden’s Democrats on lifting the ceiling, which could lead to a fiscal crisis in a few months.
Treasury Secretary Janet Yellen informed congressional leaders including House Speaker Kevin McCarthy that her department had begun using extraordinary cash management measures that could stave off default until June 5.
Yellen warned that the June date was subject to “considerable uncertainty” due to the challenge of forecasting payments and government revenues months into the future.
Oil prices fall but remain buoyed by China outlook
Oil prices drifted lower in early trade on Monday, thinned by the Lunar New Year holiday in east Asia, but held on to most of last week’s gains on the prospect of an economic recovery in top oil importer China this year.
Brent crude futures retreated by 46 cents, or 0.5%, to $87.17 at 0031 GMT, while US West Texas Intermediate (WTI) crude futures fell 40 cents, also down 0.5%, to $81.24 a barrel.
RIL Q3 net profit comes in at Rs 17,806 crore, revenue rises 15% YoY
Reliance Industries Limited (RIL) on January 20 said its revenue from operations for the quarter ended December 2022 (Q3FY23) came in at Rs 220,592 crore, up 15.32 percent against Rs 191,271 crore reported a year ago.
Its consolidated net profit for the quarter stood at Rs 17,806 crore, down 13.30 percent year-on-year (YoY). The company had reported a net profit of Rs 20,539 crore in the same quarter last year. Company officials said higher finance costs were due to interest rate hikes by central banks and higher loan balances.
According to an analyst poll conducted by Moneycontrol, its net profit was expected to grow 4.4 percent to Rs 16,366 crore from a year earlier. Revenue was expected to rise 21 percent YoY to Rs 2.23 lakh crore.
FII and DII data
Foreign institutional investors (FII) net sold shares worth Rs 2,002.25 crore, whereas domestic institutional investors (DII) net bought shares worth Rs 1,509.95 crore on January 20, as per the provisional data available on the NSE.
Results on January 23
Axis Bank, IDBI Bank, Canara Bank, Container Corporation of India, Amber Enterprises India, Craftsman Automation, Butterfly Gandhimathi Appliances, Gland Pharma, Gravita India, HFCL, Jammu & Kashmir Bank, Jindal Stainless, Poonawalla Fincorp, Route Mobile, Shoppers Stop, Syngene International, Tata Communications, Tamilnad Mercantile Bank, and Zensar Technologies will be in focus ahead of quarterly earnings on January 23.
FPIs pull out Rs 15,236 crore from equities in January as China reopens
Foreign investors pulled out a net amount of Rs 15,236 crore this month so far on attractive Chinese markets and concerns about the US economy entering a recession. However, foreign portfolio investors (FPIs) have turned buyers in the last four trading sessions.
The outflow in the month of January came following a net inflow of Rs 11,119 crore in December and Rs 36,239 crore in November.
Overall, FPIs pulled out Rs 1.21 lakh crore from the Indian equity markets in 2022 on aggressive rate hikes by the central banks globally, particularly the US Federal Reserve, volatile crude, rising commodity prices along with Russia and Ukraine conflict.
Stocks under F&O ban on NSE
The National Stock Exchange added PVR and retained Delta Corp and L&T Finance Holdings under its F&O ban list for January 23. Securities banned under the F&O segment include companies where derivative contracts have crossed 95 percent of the market-wide position limit.
Disclaimer: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.
With inputs from Reuters and other agencies