Market Live Updates Today: Trends on SGX Nifty indicate a negative opening for the index in India with 40-point loss.
Market Live Updates
On January 13, the BSE Sensex was up 85.26 points at 61,235.30, while the Nifty50 rose 45.50 points to 18,257.80 and formed Doji kind of pattern on the daily charts.
According to pivot charts, the key support levels for the Nifty are placed at 18,190.34, followed by 18,122.87. If the index moves up, the key resistance levels to watch out for are 18,298.73 and 18,339.67.
US Markets
Wall Street's major indexes closed lower on Thursday with Nasdaq's 2.5% drop leading the losses as investors took profits, particularly in technology stocks after a three-day rally, while multiple Federal Reserve officials were out talking about inflation and interest rate hikes.
The Dow Jones Industrial Average fell 176.7 points, or 0.49%, to 36,113.62, the S&P 500 lost 67.32 points, or 1.42%, to 4,659.03 and the Nasdaq Composite dropped 381.58 points to 14,806.81.
Asian Markets
Asian markets were trading mostly lower on Friday with Nikkei and Kospi indices down over 1 percent each, while Straits Times was up 0.5 percent. However, Shanghai Composite and Taiwan Weighted indices were down 0.5 percent each.
SGX Nifty
Trends on SGX Nifty indicate a negative opening for the index in India with 40-point loss. The Nifty futures were trading at 18,260 on the Singaporean Exchange at around 07:25 hours IST.
Foreign institutional investors (FIIs) net sold shares worth Rs 1,390.85 crore, while domestic institutional investors (DIIs) net purchased shares worth Rs 1,065.32 crore in the Indian equity market on January 13, as per provisional data available on the NSE.
The dollar headed for its largest weekly fall in eight months on Friday as investors trimmed long positions and deemed, for now, that several U.S. rate hikes this year are fully priced in.
In a week where data showed U.S. inflation at its hottest since the early 1980s, selling has forced the greenback through key support against the euro in particular and traders seem content to lighten their bets until a clearer trend emerges.
The dollar index is down about 0.9% for the week, on course for its largest weekly percentage fall since last May and set to halt a rally that has lasted about six months. The index last held at 94.849 in quiet Asia trade.
In another report on Thursday, the Labor Department said the producer price index for final demand increased 0.2% last month. That was the smallest gain in the PPI since November 2020 and followed a 1.0% jump in November.
The PPI was restrained by a 0.4% drop in goods prices, the first decline since April 2020. That reflected decreases in food and energy prices. Goods prices advanced 1.1% in November. Excluding food and energy, goods prices rose 0.5% after increasing 0.8% in November.
Services prices rose 0.5% after accelerating 0.9% in November. In the 12 months through December, the PPI increased 9.7% after shooting up 9.8% in November.
In another report on Thursday, the Labor Department said the producer price index for final demand increased 0.2% last month. That was the smallest gain in the PPI since November 2020 and followed a 1.0% jump in November.
The PPI was restrained by a 0.4% drop in goods prices, the first decline since April 2020. That reflected decreases in food and energy prices. Goods prices advanced 1.1% in November. Excluding food and energy, goods prices rose 0.5% after increasing 0.8% in November.
Services prices rose 0.5% after accelerating 0.9% in November. In the 12 months through December, the PPI increased 9.7% after shooting up 9.8% in November.
The number of Americans filing new claims for unemployment benefits increased to an eight-week high in the first week of January amid raging COVID-19 infections, but remained at a level consistent with a rapidly tightening labor market.
The weekly jobless claims report from the Labor Department on Thursday also offered more evidence that the jobs market was at or near maximum employment. State unemployment benefit rolls at the start of the year were the smallest since 1973. There are signs the worst of high inflation is likely over, with producer prices posting their smallest gain in 13 months in December.
Initial claims for state unemployment benefits increased 23,000 to a seasonally adjusted 230,000 for the week ended Jan. 8, the highest reading since mid-November. Economists polled by Reuters had forecast 200,000 applications for the latest week.
Driven by a surge in inflows into equity-oriented funds, assets under management (AUM) of mutual funds surged to a record high of Rs 37.73 lakh crore in 2021, up 22 per cent from that in the previous year, says a report by Crisil. Moreover, the net incremental inflow of Rs 6.70 lakh crore in 2021 is also a record over the previous peak of Rs 4.80 lakh crore in 2017, and Rs 4.5 lakh crore in 2020.
In percentage terms, the AUM rose as much as 22 per cent compared to 17 per cent in 2020, says the report which attributes the record numbers to the inflows into equity-oriented funds which hogged the lion's share in the year, unlike in the previous year when it saw net outflows. According to the report, while net flows in the past two years — when the markets were on a song after the pandemic induced bloodbath in the first half 2020–were similar at around Rs 1.81 lakh crore each, the plot lines were starkly different with 2020 seeing sharp inflows into debt-oriented funds, and 2021 seeing equity-oriented funds cornering the bulk of inflows.
Life Insurance Corporation, India's largest insurer, is likely to file a draft prospectus as early as end of this month and begin issuing public shares by mid-March, one government and two banking sources with direct knowledge of the matter in New Delhi and Mumbai told Reuters.
The listing of LIC is set to be India's biggest ever IPO, with the government aiming to raise up to 900 billion rupees ($12.18 billion) from its stake sale.
Officials are working on the valuation of the company which manages more than $450 billion of assets, and once that is done they will issue a draft IPO prospectus for investors, a government and two banking sources with direct knowledge of the matter said.