As the GIFT Nifty shows signs of strength with a rise of 87 points, the main Sensex and Nifty indices are expected to open firm on January 24.

On January 23, the stock market continued its downward trend from the previous trading session as selling across all sectors—aside from pharmaceuticals—saw Sensex and Nifty50 drop 1.5% and 1.5%, respectively.

The Nifty was down 333.00 points, or 1.54 percent, at 21,238.80, and the Sensex was down 1,053.10 points, or 1.47 percent, at 70,370.55 at the closing.

The Nifty is expected to find immediate support at 21,181, followed by 21,049, and 20,836 levels, according to the pivot point calculator. Conversely, on the higher end, it can encounter immediate resistance at 21,290, followed by 21,739, and 21,952.

GIFT Nifty Trends

With a gain of 87 points, or 0.41 percent, the GIFT Nifty shows promise for the wider index in India. The 21,277 mark was the focal point of the Nifty futures trade.

US Markets

As investors processed a mixed bag of early quarterly results and anticipated a barrage of fresh reports from Tesla and other firms later this week, the S&P 500 surged to a new high finish on Tuesday.

At 4,864.59 points at the end of the session, the S&P 500 increased by 0.29 percent. While the Dow Jones Industrial Average fell 0.25 percent to 37,905.45 points, the Nasdaq increased 0.43 percent to 15,425.94 points.

Asian Markets

As investors kept an eye on Australian manufacturing activity data and Japanese GDP data, Asian stocks primarily declined. Japan’s Topix suffered a lower fall of 0.15 percent, but the Nikkei 225 fell 0.26 percent, continuing its losses from Tuesday.

4% increase in Axis Bank’s Q3 net profit and stable asset quality

For the October–December quarter of the fiscal year 2023–24, Axis Bank reported a net profit of Rs 6,071 crore, which is an increase of 4% over the same time the previous year. With a net profit of Rs 6071 crore, it falls short of the Rs 6,114 crore market forecast.

It made Rs 12,532 crore in net interest income (NII), calculated as the difference between interest paid to depositors and interest generated from lending activities. It nearly matches the Rs 12,555 crore market estimate.

Bajaj Auto’s Q3 profit could increase by 32%.

In the December quarter, Bajaj Auto is anticipated to report strong revenue and net profit growth, driven by strong vehicle sales and increased realizations in the face of steady demand. On January 24, the two-wheeler manufacturer will make its results public.

Estimates from six brokerage companies average 32.25 percent year-over-year growth in Bajaj Auto’s net profit to Rs 1,976 crore. The anticipated increase in revenue to Rs 11,971 crore is 28.5 percent year over year.

CCI approves JSW Ventures’ acquisition of 38% of MG Motor’s share capital.

On January 23, the Competition Commission of India (CCI) gave its approval for JSW Ventures Singapore Pte Limited to purchase up to about 38% of the shares in MG Motor India Private Limited. MG Motor India is well-known for its Comet, ZS EV, and Hector models.

Dollar

As investors looked for signs of when the Federal Reserve might decide to decrease interest rates, the dollar index surged to a six-week high and US Treasury yields increased.

Oil Prices

Tuesday saw a decline in oil prices, giving up some of the gains made the day before, as traders balanced growing supplies of crude oil from Libya and Norway against US production disruptions and geopolitical unrest.

At 1441 GMT, Brent crude futures had dropped 58 cents, or 0.72 percent, to $79.48 a barrel. West Texas Intermediate (WTI) oil futures for the US fell 45 cents, or 0.6%, to $74.31 per barrel. After briefly rising above the mark on Monday for the first time since December 26, Brent fell below $80 per barrel.

Gold Rates

Tuesday saw a little increase in gold prices as investors watched a plethora of US economic data this week for further indications on the Federal Reserve’s plan for interest rate cuts.

The spot price of gold increased by 0.2% to $2,024.49 per ounce. At $2,025.70, US gold futures increased by 0.2 percent as well.

FII and DII data

Five days in a row, foreign institutional investors (FIIs) sold shares worth Rs 3,115.39 crore. In contrast, domestic institutional investors (DIIs) purchased equities for Rs 214.40 crore on January 23, according to preliminary data from the NSE.

SOURCE: https://www.moneycontrol.com/news/business/markets/stock-market-today-top-10-things-to-know-before-the-market-opens-217-12111371.html