Stock Market Highlights: FPIs turn net sellers after two days of buying – The Economic

08:19:32 PM IST, 17 January 2024

US stocks open lower as strong retail sales dash hopes of early rate cuts

Wall Street’s main indexes fell at the open on Wednesday, as investors scaled back hopes of an early start to interest-rate cuts after data showed retail sales in December surpassed expectations.

The Dow Jones Industrial Average fell 79.26 points, or 0.21%, at the open to 37,281.86.

The S&P 500 opened lower by 26.85 points, or 0.56%, at 4,739.13, while the Nasdaq Composite dropped 129.58 points, or 0.87%, to 14,814.77 at the opening bell.

08:03:30 PM IST, 17 January 2024

Inflows to spot bitcoin ETFs drop on second day of trading

Fund inflows to exchange traded funds (ETFs) tied to the spot price of bitcoin dropped to about $200 million on the second day of trading after attracting $629 million on their debut on Jan. 11, early estimates from J.P. Morgan showed.

07:49:25 PM IST, 17 January 2024

India bond yields end higher on hawkish commentary, higher inflation data

Indian government bond yields ended higher on Wednesday as bets of aggressive rate cuts by the US Federal Reserve eased following cautious comments from a central bank official, while higher inflation data in the UK also weighed.

India’s benchmark 10-year yield ended at 7.1642%, after its previous close at 7.1460%.

07:48:25 PM IST, 17 January 2024

Shriram Finance raises $750 million through social bond from international bond markets

07:41:35 PM IST, 17 January 2024

Dollar reaches one month high as sentiment nervous , pound jumps on inflation data

The dollar hit a one-month high against a basket of its peers on Wednesday as the safe haven gained on the hit to sentiment from soft Chinese data and global rate setters arguing against imminent cuts, while sterling rose on higher British inflation. The dollar index reached 103.58, its highest since December 13, extending gains after a 0.67% jump on Tuesday. It was last up a fraction on the day at 103.34.

07:10:53 PM IST, 17 January 2024

FPIs turn net sellers after two days of buying

Foreign portfolio investors were net sellers at Rs 10,578 crore on Wednesday. DIIs bought shares worth Rs 4,006 crore.

05:55:08 PM IST, 17 January 2024

Nifty Bank cracks 2000 points, records worst fall since May 2020; what traders should do

The Nifty Bank fell over 2,000 points on Wednesday to record its worst single-day fall since May 2020 weighed down by losses in HDFC Bank, Kotak Mahindra Bank as well as ICICI Bank. The index plunged 2,060 points to close at 46,064 while the Nifty50 fell more than 460 points to close at 21,571.

05:27:33 PM IST, 17 January 2024

Tech View: Nifty charts call for sell on rise strategy. What traders should do

Nifty today ended 460 points lower to form a red candle on the daily charts with a decisive break below the 20-day moving average of 21,629. Both price and momentum indicators are pointing toward weakness.

Nifty has engulfed the gains of the last four sessions but somehow managed to hold the support zone of the short term moving average (20 EMA). The close indicates more pain ahead and can gradually inch towards the 21,200-21,450 zone. We thus suggest reducing existing longs on the bounce and looking for shorting opportunities as well, said Ajit Mishra of Religare Broking.

04:44:18 PM IST, 17 January 2024

LTIMindtree Q3 Results: PAT at Rs 1,169 cr vs ET NOW poll of Rs 1,175 cr

Revenue at Rs 9017 cr vs ET NOW poll of Rs 9035 cr
Attrition at 14.2%

04:30:38 PM IST, 17 January 2024

Rupee traded flat in range of 83.10-83.16 with dollar index rising and sell off in capital markets rupee weakness can continue towards 83.25-83.30. US RETAILS data will be in focus in evening which can give dollar new triggers. Range for rupee can be seen between 82.90-83.30

– Jateen Trivedi, VP Research Analyst, LKP Securities

04:30:12 PM IST, 17 January 2024

Bank Nifty experienced a sharp decline on the back of sell off in the heavyweight HDFCBANK. The index sharply fell below the 38.20% Fibonacci Retracement level of the previous leg of rally (from 43,230 to 48,347). Additionally, the index retreated within the area of the previous swing high after a consolidation breakdown on the daily chart. The sentiment may remain weak, with immediate support at 45,900-45,930. A drop below 45,900 could potentially initiate a further correction towards 45,500. On the upside, resistance is identified at 46,350.

– Rupak De, Senior Technical Analyst at LKP Securities

04:24:28 PM IST, 17 January 2024

Rupee ends lower pressured by likely equity outflows, stronger dollar

The Indian rupee ended lower on Wednesday, pressured by likely equity outflows and as the US dollar index rose to a more than one-month high on the back of moderation in US rate cut expectations. The rupee ended at 83.1375 against the dollar, lower by 0.08% compared with its close at 83.07 in the previous session.

03:58:27 PM IST, 17 January 2024

Nifty witnessed a significant decline driven by profit-taking following its record high of 22,124 in the previous trading session. Wednesday’s profit booking led the index to the 21-day Exponential Moving Average, a crucial short-term moving average. Sentiment could potentially deteriorate further if Nifty drops below 21,550, where the 21EMA is situated. On the downside, a breach of 21,550 may result in the index descending towards 21,350. Conversely, on the upside, resistance is observed at 21,650.

– Rupak De, Senior Technical Analyst, LKP Securities

03:42:45 PM IST, 17 January 2024

Rupee settles 2 paise lower at 83.14 (provisional) against US dollar.

03:42:20 PM IST, 17 January 2024

A nosedive correction in banking stocks, along with concerns over delays in US FED rate cuts, impacted market sentiments. The addition of discouraging Chinese growth data and rising US bond yields, also resulted in widespread profit-booking. Given the elevated valuations, coupled with the fact that optimism regarding earnings and GDP growth for FY24 is already reflected in the market, triggered the correction.

– Vinod Nair, Head of Research, Geojit Financial Services

03:36:35 PM IST, 17 January 2024

Top gainers & losers in closing trade

03:34:58 PM IST, 17 January 2024

Closing Bell: Sensex tumbles 1,628 points; Nifty below 21,600; Tata Steel, Kotak Bank slide 4% each

03:22:30 PM IST, 17 January 2024

ECB’s Lagarde says summer rate cut ‘likely’

The European Central Bank could start cutting interest rates this summer, president Christine Lagarde said Wednesday, while stressing that any such move would depend on the latest economic data. The ECB began hiking borrowing costs at a historically fast pace in July 2022 to tame red-hot inflation after Russia’s war in Ukraine sent energy costs soaring.

02:57:49 PM IST, 17 January 2024

Asian Paints Q3 Results: Cons PAT rises 35% YoY to Rs 1,448 crore, beats estimates

Asian Paints on Wednesday reported a 35% year-on-year (YoY) rise in consolidated net profit for the quarter ended December to Rs 1,448 crore. This was higher than the ETNow poll of Rs 1,353 crore.

Consolidated revenue from operations grew by 5.4% YoY to Rs 9,103 crore but trailed estimates of Rs 9,356 crore.

02:52:09 PM IST, 17 January 2024

Asian Paints Q3 Results: Key Highlights

Q3 FY’24 Consolidated Net Sales at Rs 9,075 crores, up 5.4%
Q3 FY’24 Standalone Net Sales at Rs 7,883 crores, up 5.2%
Consolidated PBDIT Margin increased by 400 bps
Standalone PBDIT Margin increased by 410 bps
Q3 FY’24 Consolidated PAT up 34.5%

02:51:09 PM IST, 17 January 2024

Stock Market Crash LIVE Updates: Asian Paints trade 1% lower post Q3 show

02:49:20 PM IST, 17 January 2024

Asian Paints Q3 Results: PAT at Rs 1448 cr vs ET Now Poll of Rs 1353 cr

Revenue at Rs 9103 crore vs poll of Rs 9356 crore

02:44:04 PM IST, 17 January 2024

D B Realty approved raising of funds worth up to Rs 2000 crore

02:39:27 PM IST, 17 January 2024

Sensex Today | Stock Market Crash LIVE Updates: Top 5 losers on NSE today

02:31:15 PM IST, 17 January 2024

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02:29:37 PM IST, 17 January 2024

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