F&O expiry: Nifty ends Jan series near 21,350; Sensex drops 360 pts

Stock market highlights on January 25, 2024: The frontlines were dragged by Tech M, Axis Bank, Bharti Airtel, HCL Tech, Kotak Bank, HDFC Bank, Wipro, Asian Paints

SI Reporter New Delhi

F&O expiry: Nifty ends Jan series near 21,350; Sensex drops 360 pts

8:22 AM

Foreign money to help PM Modi push near-record India sovereign bond sales

Foreigners have plowed more than Rs 50,000 crore into index-eligible debt since JPMorgan Chase & Co’s September’s inclusion announcement. The nation’s bonds may lure $100 billion of inflows in the coming years, according to HSBC Asset Management, as one of the world’s fastest rates of economic growth lures investors. READ MORE

8:19 AM

ALERT :: FAA halts Boeing 737 Max production expansion

>> The Federal Aviation Administration on Wednesday halted Boeing’s planned expansion of its 737 Max aircraft production,

>> It, however, cleared a path for the manufacturer’s Max 9 to return to service in the coming days, nearly three weeks after a door plug blew out during an Alaska Airlines flight.

>> Boeing has been scrambling to ramp up output of its best-selling aircraft as airlines clamor for new jets in the wake of the Covid-19 pandemic.

Source: Agencies

8:15 AM

Uranium prices could rally past 16-year highs as the world’s largest producer runs short

>> The uranium renaissance has a slight hitch: the world’s largest producer of the yellowcake is staring at a production snag over the next two years.

>> It is about to send uranium prices, already at 16-year highs, on another rally.

>> Kazakh mining company Kazatomprom recently cautioned that it is likely to fall short of production targets through 2025 due to construction delays and “challenges related to the availability of sulfuric acid.”

>> Sulfuric acid is critical in the extraction process as it is used to leach and recover uranium from raw ore.

Source: CNBC

8:11 AM

ALERT :: South Korea economy grows 1.4% in 2023

>> South Korea’s economy grew at a faster-than-expected pace in the last quarter of 2023, according to an advance estimate from the Bank of Korea.

>> Gross domestic product grew 2.2% in the fourth quarter compared with a year ago, more than a Reuters poll estimate of 2.1%.

>> During the year, data showed South Korea’s GDP rose 1.4%.

Source: Agencies

8:08 AM

Shares of Tesla suppliers and EVs in Asia drop after Tesla's earnings miss

>> Shares of electric vehicle makers and Tesla suppliers in Asia tumbled after Tesla missed fourth-quarter revenue and profit estimates on Thursday.

>> EV makers Nio, Xpeng and Li Auto were among the largest losers on the Hang Seng index, with Nio plunging over 7%.

>> Shares of Xpeng and Li Auto lost 6.05% and 4.47% in early trading.

>> Separately, Tesla suppliers also fell after the automaker’s results, with South Korean display manufacturer LG Display slipping over 4%.

>> LG Display is known to supply the car displays for Tesla’s Model 3.

Source: CNBC

8:05 AM

Fed to allow emergency bank lending program expire on March 11

>> The Federal Reserve on Wednesday said a funding lifeline created for banks last year after the collapse of Silicon Valley Bank threatened to spark a wider financial crisis would close as scheduled in March.

>> The Fed also will immediately raise the interest rate on new loans from the Bank Term Funding Program (BTFP) for the remainder of its life, effectively ending what had become a popular and profitable arbitrage opportunity for U.S. lenders.

>> The sun-setting of the program on March 11 had been signaled by Fed officials as fear in the banking system abated.

Source: Reuters

8:02 AM