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Sensex fell 379.46 points to close at 71,892.48, while the Nifty 50 ended 76.10 points, or 0.35%, lower at 21,665.80. Nifty 50 formed a reasonable negative candle on the daily chart with minor lower shadow. The smaller range movement of the last 3-4 sessions has been broken on the lower side.

Motilal Oswal Financial Services Ltd. Also Read: Day trading guide for today: Six stocks to buy or sell on Wednesday —January 3 Here are key global market cues for Sensex today: Asian markets traded lower on Wednesday tracking overnight weakness on Wall Street indices. Japan’s markets are closed until January 4.

Quiver Quantitative — In a strategic shift for 2024, major financial institutions including JPMorgan (JPM) and Morgan Stanley (MS) are projecting that U.S. investment-grade bonds will outperform speculative-grade, or junk, debt for the first time in four years. This outlook aligns with the anticipation of interest rate cuts and a decelerating economic environment. Bank of America (BAC) echoes this sentiment, favoring higher-rated bonds due to the expected challenges in credit markets, including rising rates, fluctuating earnings, and bond issuance dynamics.

Day trading guide for today: Domestic equity benchmarks Sensex and Nifty 50 ended in negative territory in the previous session on concerns over escalating geopolitical tensions and a significant jump in crude oil prices. The market's high valuation appears to have led investors to secure profits before the onset of December quarter earnings.

Equity markets have gone up so quickly that they’re highly vulnerable to a pullback if the US economy slips into even a mild recession, according to Royal Bank of Canada’s fund management arm.

Financial industry opponents and investor-advocate supporters of a Department of Labor investment advice rule squared off in their familiar positions as the public comment deadline on the measure approached Tuesday.

By Aditya Soni and Medha Singh

Here's how analysts read the market pulse: «A bearish candle has emerged on the daily Nifty chart, indicating a potential bearish trend in the near future. Sentiment is expected to stay bearish as long as it remains below 21,750. Any upward movement toward 21,750 could encounter selling pressure. However, a clear breakout above 21,750 could shift sentiment in favor of the bulls. Support is established at 21,500 on the lower end,» said Rupak De, Senior Technical Analyst at LKP Securities. Ajit Mishra of Religare Broking, said, «The underperformance of the banking majors is largely weighing on the sentiment amid consolidation, and a decisive close above 21,800 in Nifty would prompt the next leg of the up move. Meanwhile, we feel it is prudent to prefer defensive viz. FMCG, pharma and stay selective in others.» That said, here’s a look at what some key indicators are suggesting for Wednesday's action:

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Also Read: Indian stock market has upside potential despite fair valuations: Motilal Oswal In today's trade, Lupin's shares soared nearly 7%, hitting a new all-time high of ₹1,404 apiece after Japanese brokerage firm Nomura raised the target price on the stock to ₹1,593 apiece from the previous ₹1,290, maintaining its 'buy' recommendation. The brokerage has an optimistic outlook on Lupin, largely driven by the company's robust US pipeline and growth in the India business.

I read several articles discussing the stock market, as I want to maintain a pulse on the common views. And, sometimes I run across something that compels me to write an article. I would say that this is the driver for the current missive. Allow me to quote something that I read, which I really think needs to be addressed:

Stock market today: After announcement of business update for September to December 2023 quarter, JTL Industries shares witnessed buying interest despite weak stock market sentiments. JTL Industries share price today opened upside at ₹245.10 apiece on NSE and went on to touch intraday high of ₹253 per share levels, which turned out its new life-time high on NSE. While climbing to its new high, JTL Industries share price recorded intraday gain of around 6.50 per cent during Tuesday dealings.

UltraTech Cement share prices declined more than 3% in intraday trades on Tuesday . The Q3 volume growth number failed to lift the street sentiments on a day when benchmark indices also corrected more than half a percent. UltraTech had reported its Q3FY24 consolidated cement volume at 27.3 million tonne on Monday, just after market hours, which reflected a growth of 6% YoY and 2% sequentially.

BSE Midcap and Smallcap indices hit their fresh record highs of 37,193.29 and 43,196.17 respectively during the session but failed to hold gains and ended almost flat. The BSE Midcap index ended with a loss of 0.08 per cent while the Smallcap index lost 0.03 per cent. Some 19 stocks ended with gains in the Nifty 50 index today.

Sri Lanka Cricket (SLC) will soon introduce a new law to curb meddling of any sorts by people with considerable influence in the corridors of power. A cabinet sub-committee appointed by President Ranil Wickremesinghe last November reported back to him on Monday with the necessary recommendations.

Stock market today: DCB Bank shares have been in uptrend since December 2023. After bottoming out at around ₹113 apiece levels in December 2023, this banking stock has remained an ideal buy on dips stock for stock market investors. In last one month, DCB Bank share price has risen from around ₹113 to ₹150 apiece levels on NSE, delivering to the tune of 28 per cent return to its positional shareholders.

₹1,715 per share, implying an upside of 16% from Monday’s closing price. Also Read: Kotak 'downgrades' GAIL stock after a stellar nearly 70% run in 2023. Here are 3 major reasons why The brokerage firm is optimistic on Concord Biotech on the back of fermentation APIs gaining market share with expansion of API portfolio in the low-volume high value segment and formulations segment picking-up due to new launches and the addition of injectables portfolio.

Anish Tawakley, Deputy CIO - Equity, ICICI Prudential AMC believes the froth is overdone in the mid-cap and small-cap spaces and he recommends booking profits and switching to large caps. In an interview with Mint, Tawakley also said that the performance of the Indian market will be driven more by earnings growth and earnings outlook, than by small moves by the Fed. Edited excerpts: Market performance was good in 2023 because the economic outlook has turned positive.

Also Read: Gold prices track best year since 2020, supported by hopes of Fed rate cut in 2024 However, analysts believe gold price is expected to remain in a narrow range in the month of January after the recent upmove. “Gold prices saw a decent rally recently amid dovish Fed and anticipation of rate cuts in 2024. However, the positives are largely discounted and the bullion prices are expected to remain in a narrow range this month," said Ajay Kedia, Director, Kedia Advisory.