Trade Financial News

Citi Research on Friday lowered its Brent price forecasts for this year and 2025, citing oversupply concerns but expects prices holding above $70 per barrel in 2024 as OPEC+ keeps global oil markets «finely balanced». Citi cut its 2024 Brent price forecast by $1 to $74 per barrel and slashed 2025 forecast by $10 to $60 per barrel, but said in a note that recent activity in the Red Sea causing further tension in the Middle East could see near-term upside to the risk premium. The United States and Britain launched strikes from the air and sea against Houthi military targets in Yemen in response to the movement's attacks on ships in the Red Sea, a dramatic regional widening of the Israel-Hamas war in Gaza. Brent crude futures were trading around $79 a barrel at 0337 GMT on Friday, while U.S.

Bitcoin's current dominance is 51.14 percent, reflecting a decrease of 0.15 percent within the day. The decline comes despite the coin touching $49,012 (up 5 percent) on January 11 after Bitcoin exchange-traded funds (ETFs) were approved by the US SEC and began trading.

₹45,000-crore investment to develop river cruise tourism, aiming to leverage India's inland waterways for economic growth. The government is considering an allocation of ₹2.2 trillion for food subsidy in the upcoming budget, which would be a 10% increase from the previous year, Mint reported. The allocation would align with the government's focus on ensuring food security and keeping food inflation in check.

Bandhan Bank, Bharat Heavy Electricals (BHEL), Delta Corp, Escorts Kubota, Hindustan Copper, Indian Energy Exchange (IEX), The India Cements, Indus Towers, National Aluminium Company, Piramal Enterprises, Polycab India, PVR Inox and Steel Authority of India (SAIL) and Zee Entertainment Enterprises (ZEEL). Balrampur Chini and Chambal Fertilizers have moved out of the ban. The F&O contracts of any stock enter the ban period when the open interest (OI) on it crosses 95% of the market-wide positions limits or MWPL. The ban on it is reversed only if the open interest falls below 80%. Traders who trade in indices do not encounter a situation of security ban. The MWPL for Bandhan Bank stood at 91.4% on Thursday with OI reported by Trendlyne at 101.1 million.

The BSE Sensex was trading 344 points or 0.48% higher at 72,065. Nifty50 was trading at 21,742, up 95 points or 0.44% at around 9.19 am. The Department of Labor's consumer price index (CPI), a key measure of inflation was up 3.4% from a year ago and higher than November's figure. From the Sensex pack, Infosys and TCS were the top gainers, rising 5% and 2.9%, respectively.

Polycab India, a leading electrical wires and cables manufacturer to ₹4,300 apiece from an earlier target price of ₹5,809 apiece to factor in the uncertainties due to the IT raid, by cutting the target P/E to 30x December 25E from 38x September. The company shares were in the spotlight over the last few sessions amid circulating reports of tax evasion allegations against the company.

Catch Live Market Updates here On Thursday, the equity benchmark indices ended the volatile session with marginal gains. The Sensex rose 63.47 points, or 0.09%, to close at 71,721.18, while the Nifty 50 settled 28.50 points, or 0.13%, higher at 21,647.20. Nifty 50 formed a small negative candle on the daily chart with minor lower shadow.

Stock market today: On account of strong global market sentiments ahead of the US inflation data release, the Indian stock market finished higher for the third straight session on Thursday. The Nifty 50 index added 28 points and closed at the 21,647 level, the BSE Sensex went up 63 points and closed at the 71,721 mark while the Bank Nifty index ended 77 points higher at the 47,438 level. Broad market indices rose more than the Nifty even as the advance-decline ratio rose to 1.65:1.

Houthi rebels. The Yemen authorities have now vowed vendetta, saying “America and Britain will have to prepare to pay a heavy price". The attack by the US and UK on Yemen comes weeks after the Houthi rebels allegedly unleashed disruptive attacks on Red Sea hurting commercial shipping on the trade route.

₹1,577.20 apiece on the BSE. India’s second largest IT services company, Infosys reported a 1.7% fall in its consolidated net profit for Q3FY24 to ₹6,106 crore from ₹6,212 crore in Q2FY24. The company’s revenue during the quarter fell by 0.4% to ₹38,821 crore from ₹38,994 crore, QoQ.

Sensex climbed 63 points to settle at 71,721, while the Nifty gained 28 points to end at 21,647. Stocks that were in focus included names like HCL Tech, which rose 0.02%, SBI Life, which fell 1.48%, and Apollo Hospitals, whose shares jumped 1% on Thursday. Here's what Avdhut Bagkar, Derivatives & Technical Analyst at StoxBox, recommends investors should do with these stocks when the market resumes trading today.

Indian commandos hunting pirates after an attack in the Arabian Sea illustrates New Delhi's «significant» expansion of a muscular maritime force reflecting global ambitions, analysts say. The commandos, deployed this month from an Indian-built warship after an attempted hijacking of a merchant bulk carrier, are part of a major increase of naval forces in seas where rival neighbour China has already long expanded its reach. «It's significant given the geopolitical context» and the aggressive «use of naval assets», said Uday Bhaskar, head of the New Delhi-based Society for Policy Studies think tank. In recent years Beijing has negotiated infrastructure deals with countries around the Indian Ocean as part of its Belt and Road Initiative, including Sri Lanka, the Maldives, Bangladesh and Djibouti, where it opened its first overseas military base in 2017, raising concerns among Indian officials. Now Prime Minister Narendra Modi, expected to be re-elected later this year, is looking to raise the global heft of India, the world's fifth-largest economy, which last year displaced China as the most populous country.

ETFs) saw $4.6 billion worth of shares trade hands as of Thursday afternoon, according to LSEG data, as investors jumped into the landmark products approved by the US securities regulator on Wednesday. The products mark a watershed moment for the cryptocurrency industry that will test whether digital assets — still viewed by many professionals as risky — can gain broader acceptance as an investment.

BEIJING (Reuters) — China's exports grew 2.3% in December from a year earlier, customs data showed on Friday, adding to signs global trade is slowly turning a corner with the prospect of lower borrowing costs on the horizon, but deflationary pressures still loom.

BEIJING — China's exports rose more than expected in December, but failed to offset an overall decline for 2023, customs data showed Friday.

By Sudarshan Varadhan

Buy or sell stocks for today: Following strong global market sentiments ahead of the US inflation data release, the Indian stock market finished higher after trading range-bound throughout the Thursday session. The Nifty 50 index added 28 points and closed at the 21,647 level, the BSE Sensex went up 63 points and closed at the 71,721 mark while the Bank Nifty index ended 77 points higher at the 47,438 level.

Newgen Software Technologies: The company has declared a bonus issue in the ratio of 1:1 i.e. 1 new fully paid-up bonus equity share of ₹10 each for every 1 existing fully paid-up equity share of ₹10 each held by the members of the company as on the record date. The record date to ascertain the eligibility of shareholders for the bonus issue has been fixed on January 12.

F&O ban list: A total of thirteen stocks have been put under the ban for trade on Friday, January 12, 2024, under the futures and options (F&O) segment by the National Stock Exchange (NSE). The securities have been put on ban under the F&O segment as it crossed 95 per cent of the market-wide position limit (MWPL), according to the NSE. However, the stocks will be available for trading in the cash market.

In a recent report, foreign brokerage firm CLSA has expressed caution regarding the current valuation levels in the Indian stock market, describing it as not only stretched but also the most expensive large market globally. 

GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a positive opening on Friday. Here is all you need to know before the market opens.