Sensex slides 1,053 pts, Nifty ends below 21,250; ZEE plunges 31%, RIL 2%

Stock market highlights on Tuesday, January 23: The BSE MidCap and SmallCap indices fell nearly 3 per cent each. Sectorally, the Nifty Media index crashed 13 per cent

9:17 AM

Opening Bell: Sensex zooms 570 pts

9:09 AM

Pre-Open: Nifty above 21,700

9:08 AM

Pre-Open: Sensex off to strong start

9:03 AM

Currency Alert: Rupee weakens 3 paise to open at 83.09/$

8:55 AM

Interim Budget to reduce fiscal deficit, focus on capex, suggests poll

The Indian government will target a lower deficit in the 2024-25 fiscal year despite lifting capital expenditure to an all-time high, according to a Reuters poll of economists who said infrastructure investment would be a priority. Read

8:49 AM

Opinion: Sony puts large advertisers in tough spot as it terminates merger deal

Sony Group Corp.’s decision to walk away from a $10 billion Indian media merger will put large advertisers such as Unilever Plc and Procter & Gamble Co. in a bind. To reach the country’s 1.4 billion population they may have no option except to go through a prospective rival. Read  

8:43 AM

Saturday blues: Exchanges see 30% drop in trading volumes, shows data

“Even though the US markets rose sharply (on Friday) domestic markets exhibited a subdued trend influenced by extended holidays, low volumes, and weekly option expiration,” said Vinod Nair, Head of Research, Geojit Financial Services. READ MORE

8:38 AM

From IRCTC to ITC, stocks that may benefit from Ram Temple opening

ITC Hotels, EIH Limited, Jubilant FoodWorks, Devyani International, IRCTC, SpiceJet, IndiGo, Britannia Industries, and Make My Trip are some of the stocks, the note said.  READ MORE

8:36 AM

Stocks to Watch today: Zee, Cipla, MRPL, Axis Bank, Media Assist, JSW Group

Media Assist Healthcare Services: The stock is likely to debut on a positive note, with gains up to 10 per cent, post a strong response to its IPO.

Earnings today: Axis Bank, CG Power, Cyient DLM, Granules India, Havells India, ICRA, Indus Towers, JSW Energy, Karnataka Bank, L&T Housing Finance, Lloyds Engineering, Puravankara, Rallis India, RECL, Tanla Platforms, Tata Elxsi and United Spirits are some of the prominent companies scheduled to announce December quarter results on Tuesday. READ MORE

8:31 AM

ALERT :: Gift Nifty zooms nearly 200 pts

8:27 AM

India overtakes Hong Kong as World’s fourth-largest stock market

>> India's stock market has overtaken Hong Kong's for the first time as growth prospects and policy reforms have made it an investor darling.

 

>> The combined value of shares listed on Indian exchanges reached $4.33 trillion as of Monday’s close, versus $4.29 trillion for Hong Kong, according to data compiled by Bloomberg.

>> That makes India the fourth-biggest equity market globally.

>> Its stock market capitalisation crossed $4 trillion for the first time on Dec. 5, with about half of that coming in the past four years.

Source: Bloomberg

8:24 AM

China weighs stock market rescue package backed by $278 billion

>> Chinese authorities are considering a package of measures to stabilise the slumping stock market after earlier attempts to restore investor confidence fell short and prompted Premier Li Qiang to call for "forceful" steps.

 

>> Policymakers are seeking to mobilise about 2 trillion yuan ($278 billion), mainly from the offshore accounts of Chinese state-owned enterprises/.

>> They have also earmarked at least 300 billion yuan of local funds to invest in onshore shares through China Securities Finance Corp. or Central Huijin Investment Ltd.

Source: Bloomberg

8:20 AM

ALERT :: China moves to support yuan as stock markets tumble

>> China's major state-owned banks moved to support the yuan on Monday, tightening liquidity in the offshore foreign exchange market while actively selling US dollars onshore as equities slid, Reuters reported.

 

>> The goal was to prevent the yuan from falling too fast as China's A shares plunged

>> The benchmark Shanghai Composite index posted its biggest one-day drop since April 2022 on Monday, down 2.7%.

>> Overseas funds have sold roughly $1.6 billion in Chinese equities so far this year, with investor confidence bruised by signs of slowdown in the world's second largest economy.

 

>> Offshore yuan tomorrow-next forwards jumped to a more than two-month high of 4.25 points late on Monday, reflecting signs of tighter liquidity conditions.

Source: Reuters

8:16 AM

Monetary Policy :: Bank of Japan set to stand pat

>> The Bank of Japan (BoJ) is slated to announce its monetary policy decision Tuesday.

>> The central bank is widely anticipated to maintain its interest rates unchanged with the main benchmark to remain steady at -0.1%.

>> Additionally, policymakers will likely maintain the Yield Curve Control (YCC) untouched, which currently allows the 10-year Japanese Government Bond (JGB) yield to rise to around 1.0%.

Source: Agencies

8:11 AM

ALERT :: Hang Seng index sees sudden uptick