Equity markets rallied after softer-than-expected inflation data in the US and UK rekindled hopes of the end of the rate-hiking cycle by major central banks. The soft inflation reading drove down bond yields and the US dollar, whetting the appetite for risky assets. The 10-year US bond yield fell below 4.5 per cent after topping 5 per cent less than a month ago.
Fed is still concerned about weak export growth.
With the first quarter earnings season coming to an end, the domestic equity markets would be driven by global trends and trading activity of foreign investors this week, analysts said. The movement of global oil benchmark Brent crude and the rupee against the dollar would also drive trends in the market. "Macroeconomic indicators, trends in global stock markets and FII activities will be pivotal in shaping market trends in the coming days," Pravesh Gour, senior technical analyst at Swastika Investmart Ltd, said.
Axis Bank, Tata Steel, Kotak Mahindra Bank, ICICI Bank, Tata Motors, and Bajaj Finance were among the other major laggards. Tata Consultancy Services, Reliance Industries, UltraTech Cement, Infosys, HCL Technologies, and Tech Mahindra were among the gainers.
Tata Steel was the biggest gainer in the Sensex chart, rising 2.39 per cent, followed by Tata Motors, Power Grid, Reliance Industries, UltraTech Cement, NTPC, Nestle, HUL, Mahindra & Mahindra, Wipro, Kotak Mahindra Bank and Asian Paints. In contrast, Bajaj Finance, IndusInd Bank, Axis Bank, Bharti Airtel, Bajaj Finserv, ICICI Bank, Infosys and Titan were among the laggards.
Fed seen holding rates steady as investor confidence shakes
Russia retained their Fed Cup title on Sunday after Svetlana Kuznetsova beat Spanish number one Anabel Medina Garrigues in a thrilling match to take an unassailable 3-0 lead.
tailwinds of a remarkable year and handsome investor returns, Indian equities are set for an eventful journey in 2024, with a slew of local and global cues -- varying from interest rates to Lok Sabha polls to geopolitical happenings. Analysts are of the view that the bull run in the domestic equity market will continue, and over the next 3-6 months, the benchmark indices -- Sensex and Nifty -- could climb up to 7 per cent. In 2023, the 30-share BSE Sensex jumped 11,399.52 points or 18.73 per cent, and the NSE Nifty climbed 3,626.1 points or 20 per cent.
Bullion may settle with limited upside potential
India was less directly affected by the Chinese stock market rout and yuan devaluation that battered currencies and markets in the region.
Higher levels could not be sustained as participants offloaded their long positions in view of September series expiry.
Isha Lakhani and Ankita Bhambri won their singles matches against Philippines.
Outsiders France face a daunting task when they take on 2014 and 2015 champions Czech Republic at the Fed Cup final in Strasbourg this weekend.
In a memorable year for the equity market, Dalal Street investors added a whopping Rs 81.90 lakh crore to their wealth in 2023 as a raft of positive factors powered a stellar rally in stocks. Experts said India's strong macroeconomic fundamentals, political stability owing to the BJP's success in recent elections in three significant states, optimistic corporate earnings outlook, signals from the US Federal Reserve about three prospective rate cuts next year and heavy retail investors participation played a major role in fuelling the stock market rally in 2023. In the year 2023, the 30-share BSE Sensex jumped 11,399.52 points or 18.73 per cent.
Former world number one Amelie Mauresmo is stepping down as France's Fed Cup captain as she is expecting her second child, she said on Monday.
Global trends and trading activity of foreign investors would largely dictate terms in the equity markets this week amid a lack of major domestic triggers, analysts said. Markets may face near-term consolidation due to elevated valuations, they noted. "While the previous week was predominantly shaped by developments in the US Federal Reserve policy, attention will now shift to the Bank of Japan's policy decision on December 19," Santosh Meena, Head of Research, Swastika Investmart Ltd, said.
'The response from the government using words like malicious, deliberate, etc is diverting from the real issue.' 'The indicators related to young children such as stunting or child mortality are a reflection of the social development in the country.' 'That's how we have to look at it and not ignore the issue by denying the data.'
Govt sees little Fed hike impact on 'fortressed' Indian markets.
Among the Sensex firms, Infosys, Tech Mahindra, HCL Technologies, Tata Consultancy Services, Wipro and JSW Steel were the major gainers during the morning deals. Nestle, Bharti Airtel, Axis Bank ITC were among the laggards.
NITI is trying to partner with other knowledge institutions.
Market breadth is positive with 942 advances and 196 declines.
'It makes sense to have gold in one's portfolio keeping the political and economic risks of 2024 in mind.'
'Valuations of midcaps and smallcaps have reached very high levels, and hence to that extent leave little margin of safety.'
The Czech Republic further established themselves as the dominant force in women's team tennis as they claimed a 3-2 comeback win against hosts France to capture their fifth Fed Cup title in six years on Sunday, and 10th overall. Karolina Pliskova and Barbora Strycova downed Kristina Mladenovic and Caroline Garcia 7-5 7-5 in the doubles to hand the visitors the decisive point. The nation won five titles as Czechoslovakia in the 1970s and 80s before dominating the women's team competition in recent years.
The US Fed also said that the unemployment rate too would rise to 5.7 per cent.
The chief beneficiary of the cycle of interest rate cuts and liquidity injections will be emerging markets, specifically Asia.
World No 1 Sania Mirza was, on Monday, named captain of the Indian team for next year's Fed Cup while two six-member squads were announced by the AITA selection panel for the South Asian Games.
Domestic fund houses are of the view that the US Fed's status quo stance on rates is a positive indication for RBI to lower its lending rates.
Among the Sensex firms, Tech Mahindra, HCL Technologies, Wipro, Infosys, Bajaj Finance, Tata Consultancy Services, Bajaj Finserv and ICICI Bank were the major gainers. Power Grid, Nestle, Asian Paints and Hindustan Unilever were among the laggards.
India will begin their campaign by locking horns with China on Tuesday. Ankita has been in tremendous form since the start of the season, winning two ITF singles and as many doubles titles.
Russia, last year's runners-up, were unable to call on world number six Maria Sharapova who was injured
The new Samvat 2080 is viewed as a year of hope for industrial and precious metals. A key reason is the expectation of US interest rates peaking, followed by a reduction in the coming months. Regarding crude oil, its trajectory depends more on how the situation unfolds in West Asia.
Among the Sensex firms, Larsen & Toubro, UltraTech Cement, JSW Steel, Titan, Bajaj Finance, Wipro, Tech Mahindra and Nestle were the major laggards. Maruti, Power Grid, Axis Bank, State Bank of India, NTPC, HDFC Bank, ITC and IndusInd Bank were the gainers.
Rajan has ignored pressure to loosen policy.
A prominent 72-year-old social activist on fast since July 6 demanding implementation of Inner Line Permit System in Manipur was force fed at a state-run hospital after his condition deteriorated.
He is only the agent that can bring them that change for they are quite aware that he has articulated no vision on how to set Pakistan back on the rails, notes Lieutenant General Gautam Moorthy (retd).
Roads are being expanded, bridges are being built, hotels are springing up, and the crowds are pouring in. Bringing with them promise of unforeseen economic boom. Ayodhya, it seems, has opened up its heart, Saisuresh Sivaswamy/Rediff.com discovers on his first day in the city.
After an extremely stable 2023, the Indian rupee started 2024 on a promising note and has turned out to be the best-performing Asian currency so far in January, appreciating 0.1 per cent despite 2 per cent rise in the dollar index. All other Asian currencies depreciated by around 1.4-4 per cent during the month. The local currency regained its ground against the greenback on the back of foreign portfolio inflows, said market participants.
Stock markets will be largely driven by global trends and macroeconomic data announcements in a holiday-shortened week which may see volatility amid monthly derivatives expiry, say analysts. Equity markets will remain closed on Monday for Gurunanak Jayanti. Trading activity of foreign investors and the movement of the rupee against the dollar will also be tracked by investors.
The rate hike in the future is set to be 'calibrated and cautious'.
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