Markets Today: TCS, IREDA Q3; Fed Dec minutes; Standard Glass IPO allotment

Stock Markets Today, January 9, 2025: Key benchmark indices, the Nifty50 and Sensex, may react to mixed global cues during Thursday's trading session.

 

At 6:31 AM, GIFT Nifty futures were trading 64 points lower at 23,717, signaling a weak start for Indian bourses.

 

In the previous session, the Sensex ended at 78,141.06, registering a decline of 58 points or 0.07 per cent, while the Nifty50 closed at 23,688.95, down 19 points or 0.08 per cent.

 

Global cues

 

Global markets faced turbulence on Thursday, with Asia-Pacific stocks declining following a volatile session on Wall Street. Investors reacted to minutes from the Federal Reserve’s December meeting, which hinted at prolonged higher interest rates due to persistent inflationary pressures.

 

In Asia, market participants awaited China’s December inflation data, with economists forecasting near-zero growth in consumer prices and continued declines in producer prices. Nikkei fell 0.49 per cent, while the broader Topix index declined 0.61 per cent. ASX 200 shed 0.40 per cent. Meanwhile, Kospi was up marginally.

 

In the US, the S&P 500 and Dow Jones posted modest gains. The Fed's meeting minutes revealed that most policymakers believe inflation risks have increased, leading to speculation that the pace of policy easing may slow. The S&P 500 rose 0.16 per cent, the Dow added 0.25 per cent, and the Nasdaq Composite ended 0.06 per cent lower. Notably, the US 10-year Treasury yields briefly surpassed 4.7 per cent, reflecting inflationary concerns among investors.

 

Domestic cues

 

The corporate sector may witness a modest recovery in revenue and earnings growth for the October-December quarter (Q3FY25) after a subdued performance in the first half of 2024-25. Brokerage estimates suggest that growth could remain in single digits, largely reflecting underlying inflation levels in the economy. 

  Also Read: Unlisted firms outpace listed peers with faster revenue, earnings growth  

The number of dematerialised (demat) accounts registered major growth in 2024, with 46 million new accounts added—an average of 3.8 million per month. This represents a 33 per cent increase from the previous year, bringing the total number of demat accounts to 185.3 million.

 

The National Stock Exchange (NSE) announced plans to expand its colocation facility by adding approximately 2,000 new racks within its existing premises, signaling its commitment to enhancing infrastructure and capacity.

 

Meanwhile, the strong momentum in new fund offerings (NFOs) that set records in 2024 has carried over into 2025. Six equity mutual fund NFOs have already opened for subscription this year, including innovative offerings such as ICICI Prudential Mutual Fund’s Rural Opportunities Fund and WhiteOak Capital Mutual Fund’s Quality Equity Fund.

 

Other market triggers

 

Q3 results 

 

Brokerages tracked by Business Standard estimate the revenue of TCS to grow by 6.3 per cent year-on-year (Y-o-Y), on an average, to Rs 6,445.63 crore as compared to Rs 6,060 crore a year ago. On a quarter-on-quarter (Q-o-Q) basis, revenue is forecasted to grow marginally by 0.24 per cent. READ MORE

 

Other big companies announcing their results include IREDA, Tata Elxsi, and GTPL Hathway.

 

FII, DII activity

 

FIIs continued their selling spree, offloading shares worth Rs 3,362.18 crore on January 8. On the other hand, Domestic Institutional Investors (DIIs) remained net buyers, buying Rs equities worth 2,716.28 crore.

 

IPO market

 

Parmeshwar Metal IPO (SME), Davin Sons IPO (SME) will list on the bourses. 

 

Also Read: Sebi approves IPOs of Regreen-Excel, Dr Agarwal's, Casagrand, Highway Infra

 

Quadrant Future Tek IPO (Mainline), Capital Infra Trust InvIT IPO (Mainline), Avax Apparels And Ornaments IPO (SME), Delta Autocorp IPO (SME), BR Goyal Infrastructure IPO (SME) will enter Day 3 of their subscription.

 

Also Read: Realtor Casagrand Premier Builder gets Sebi nod for Rs 1,100 crore IPO

 

Standard Glass Lining IPO (Mainline) and Indobell Insulation IPO (SME) will see their allotment today.

 

Moreover, OrbiMed-backed Laxmi Dental on Wednesday said it has fixed the price band at Rs 407-428 per share for Rs 698 crore initial public offer which will hit the markets for public subscription on January 13.

 

Commodity check

 

Gold prices surged to a nearly four-week high, with spot gold rising 0.4 per cent to $2,659.16 per ounce, and US gold futures gaining 0.4 per cent to $2,676.90. 

 

Oil prices, on the other hand, fell over 1 per cent on Wednesday, pressured by a stronger dollar and significant increases in US fuel inventories. Brent crude declined to $76.22 per barrel, while US WTI crude settled at $73.47.

 

Here's how analysts are assessing today's (January 9) trading session:

 

Vatsal Bhuva, Technical Analyst at LKP Securities

 

A decisive move will require the index to close below 23,500, which could lead to heightened selling pressure, or sustain above 24,000 to pave the way for a potential rally toward 24,500. Monitoring these crucial levels is essential to identify the next trend in the index.

 

Shrikant Chouhan, head of equity research at Kotak Securities

 

On the upside, it could bounce back to around 23,800/78,500. Further gains may occur, potentially lifting the index to the 200-day Simple Moving Average (SMA) or at 23,925/78,900. However, below 23,500/77,500 sentiment could change below the same, traders may prefer to exit out from the trading long positions.