GIFT Nifty:
The GIFT Nifty January 2025 futures contract is currently up 29 points, indicating a positive start for the Nifty 50.
Institutional Flows:
Foreign portfolio investors (FPIs) sold shares worth Rs 5,462.52 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 3,712.55 crore in the Indian equity market on 23 January 2025, provisional data showed.
According to NSDL data, FPIs have sold shares worth Rs 63398.33 crore (so far) in the secondary market during January 2025. This follows their sale of shares worth Rs 2589.63 crore in December 2024.
Global Markets:
Asian market rose on Friday, riding the momentum of a tech stock rally that pushed Wall Street to record highs. Investors are also bracing for the Bank of Japan's (BoJ) policy decision later in the day, with a rate hike widely anticipated.
Chinese equities climbed after U.S. President Donald Trump suggested he would prefer not to impose further tariffs on China during a media interview, easing trade war tensions.
Inflation in Japan stayed on track in December, supporting the case for the BoJ's expected interest rate hike. Core CPI, excluding volatile fresh food prices, rose 3% year-on-year, as widely expected. Headline CPI hit 3.6% y-o-y'a two-year high'up from 2.9% in November.
On the downside, Japanese manufacturing activity contracted further in January. The au Jibun Bank Manufacturing PMI dropped to 48.8 from December's 49.6, marking the seventh consecutive month of contraction. Any reading below 50 signals a shrinking sector.
In the U.S., the S&P 500 closed at a record 6,118.72 points on Thursday, up 0.5%. The Dow Jones Industrial Average gained 0.9% to 44,565.26, while the NASDAQ Composite edged up 0.2%. Investors responded positively to robust corporate earnings and Trump's address at Davos, where he urged for immediate global interest rate cuts.
GE Aerospace shares soared 6.6% after posting better-than-expected Q4 sales and profits. Union Pacific Corporation saw a 5.2% jump in stock price, fueled by strong operational metrics and lower fuel costs. On the flip side, Electronic Arts Inc. tumbled 16.7% after slashing its net bookings guidance, citing weak performance in several games, particularly its soccer franchise. American Airlines Group slid 8.7% as it projected a larger-than-expected Q1 loss due to rising costs, despite exceeding Q4 earnings forecasts.
President Trump, speaking remotely at the World Economic Conference in Davos, Switzerland, addressed global economic issues including interest rates, U.S.-China trade, and energy policies. On monetary policy, he urged for immediate interest rate cuts worldwide, emphasizing their importance for economic growth.
Domestic Market:
The domestic equity benchmarks closed with modest gains on Thursday, buoyed by a firmness in IT stocks. Optimism surrounding increased artificial intelligence (AI) spending in the United States fueled the sector's rise. Shares of consumer durables, and media companies also performed well. On the other hand, energy and private banks shares declined. Trading was volatile due to the weekly expiry of Nifty options contracts. The S&P BSE Sensex rose 115.39 points or 0.15% to 76,520.38. The Nifty 50 index added 50 points or 0.22% to 23,205.35.
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