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.
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.
Rajan has ignored pressure to loosen policy.
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.
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.
The rate hike in the future is set to be 'calibrated and cautious'.
'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.'
Also keenly watching inflation numbers, with wholesale inflation data expected today
'Valuations of midcaps and smallcaps have reached very high levels, and hence to that extent leave little margin of safety.'
'It makes sense to have gold in one's portfolio keeping the political and economic risks of 2024 in mind.'
Production from many gold producing regions of the world is currently constrained by power shortages; and rapidly inflating development costs are causing the postponement of several otherwise promising development projects around the world.
Indian markets on Thursday shrugged off any negative impact.
"There was a misunderstanding with the translation because I didn't say that I'm not going to play at all," said Myskina.
The recent weakness of the rupee has been due to yuan's devaluation.
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.
The US Fed has also retained its benchmark rates for the Federal funds in the range of zero to 0.25 per cent, as part of its efforts to help in boosting the economy. After its two-day monetary policy meeting, which ended on Wednesday, the Fed said that 'economic activity is leveling out'.
Some investors had speculated that the US central bank might put its plans on hold given the jitters overseas.
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.
Federal Reserve Chair Janet Yellen on Wednesday pointed to a possible December interest rate "liftoff" but said rates would rise only slowly from then on to nurture the U.S. economic recovery.
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.
In a big setback to the Indian Fed Cup team, Sania Mirza will miss the upcoming Group I Asia/Oceania zone tie, citing an abdominal injury.
Hawkish guidance by the US Fed raises concerns it could tie the hands of RBI from trimming rates.
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.
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.
Strong currency and sagging oil prices are spooking policymakers.
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.
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).
'If individual stocks start falling 25% to 30% or more, then I doubt how many of them will be able to withstand that (kind of selloff). That is when you'll see panic coming in.'
In the United States, economic data is likely to take a back seat next week.
'Returns can be very variable in equity markets.' 'That is why I tell small investors don't put 100 per cent of your money in equities, even if you are young.'
A significant number of flights were impacted at the Delhi and Mumbai airports in the last few days due to dense fog and low visibility conditions.
'The darker it is, the more our chances of emerging stronger in the light.'
Among the Sensex firms, ITC, NTPC, Axis Bank, Larsen & Toubro, Bajaj Finance, Asian Paints and Tata Steel were the major gainers. Mahindra & Mahindra, Wipro, Maruti, IndusInd Bank, Kotak Mahindra Bank and HDFC Bank were among the laggards.
Years of unprecedented stimulus has left the Fed swollen with $4.5 trillion in bonds
Fed rate hike 'makes sense,' says US reserve bank president.
An expected withdrawal of FIIs from the market likely to weaken the rupee against the dollar.
India is more insulated to Fed-related volatility than other emerging markets due to its better economic fundamentals
'Investors with higher risk appetite and longer horizon (more than one year) can invest in longer-duration funds like corporate bond funds, long-duration funds and gilt funds for maximum gain.'
Holders Manchester City cruised into the Champions League quarter-finals for the seventh consecutive season with a 3-1 victory over FC Copenhagen.
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