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Yes Bank business update:
Exports cross $300 billion in the first 9 months of 2021-22
India’s exports crossed $300 billion in the first 9 months of 2021-22, the first time ever that this has occurred.
December, 2021 also saw the highest ever level of monthly outbound trade at $37 billion. Exports in December, 2021 saw 37 percent growth over December 2020 and an increase of 37.5 percent over December 2019.
Exports reached a cumulative $299.74 billion in April-December of FY22, an increase of 48.8 percent over the April-December period of FY21 and an increase of 25.8 percent over FY20.
Buzzing
Tata Motors share price slipped 1 percent on January 4 after foreign broking firm has downgrade the rating and also cut the target price.
Broking house CLSA has downgrade the rating of Tata Motors to sell from buy and cut target to Rs 408 from Rs 450.
The domestic passenger vehicle business overvalued while JLR is behind in electrification.
The valuation is based on Rs 150 per share for commercial vehicle business, Rs 151 per share for JLR & Rs 99 per share for domestic passenger vehicle business, it added.
CLSA expect sharp improvement in volume for JLR as chip shortage eases and believe company’s domestic commercial vehicle business will post strong growth over the next 3 years.
Gainers and Losers on the BSE Sensex in the early trade:
Market Opens: Indian indices opened on positive note on January 4 with Nifty above 17600 on the back of positive global cues.
At 09:16 IST, the Sensex was up 167.49 points or 0.28% at 59350.71, and the Nifty was up 48.10 points or 0.27% at 17673.80. About 1808 shares have advanced, 309 shares declined, and 71 shares are unchanged.
NTPC, Tata Steel, Maruti Suzuki, Axis Bank and Bajaj Finserv were among major gainers on the Nifty, while losers were Tata Motors, Eicher Motors, HDFC Bank, Infosys and HDFC.
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Nandish Shah of HDFC Securities believes that the short-term trend will remain bullish till the Nifty is trading above 17,200 levels
ICICI Direct
Indian markets are likely to open on a flat note tracking mixed auto sales numbers, surging Covid-19 cases and signs of moderation in the country’s manufacturing activity, with the corresponding PMI easing to a three-month low in December.
US markets ended higher tracking gains in technology stocks amid release of macroeconomic data.
Market at pre-open: Benchmark indices are trading firm in the pre-opening session.
At 09:01 IST, the Sensex was up 142.13 points or 0.24% at 59325.35, and the Nifty was down 9.90 points or 0.06% at 17615.80.
Mohit Nigam, Head – PMS, Hem Securities
Benchmark Indices are expected to open on a flat note as suggested by trends on SGX Nifty. American and European Market ended positive on the previous trading day. Asian markets trading positive in the early trade with Chinese Index trading up +0.26% and Hang Seng trading up+0.54%.
On the technical front, Nifty managed to sustain above 17600 levels. Immediate support and resistance in Nifty 50 are 17400 and 18000 respectively. For Bank Nifty, immediate support and resistance are 36000 and 37000 respectively.
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Stocks that were in focus include Coal India which was the biggest gainer in the Nifty50 as well as the futures and options segment, rising 6.33 percent to Rs 155.30, and Bal Pharma, which was locked in the 20 percent upper circuit at Rs 127. Among others, eClerx Services spiked 6.71 percent to close at Rs 2,787.35, Balaji Amines jumped 9.1 percent to Rs 3,720.25, and Birlasoft rose 4.08 percent to Rs 566.95.
FII and DII data
Foreign institutional investors (FIIs) net bought shares worth Rs 902.64 crore, while domestic institutional investors (DIIs) net purchased shares worth Rs 803.11 crore in the Indian equity market on January 3, as per provisional data available on the NSE.
