Indian benchmark indices are likely to open on a tepid note amid mixed global cues. SGX Nifty futures traded 30 pts higher at 17,975 level, signalling a flat-to-positve start for the domestic share market. In the previous session, BSE Sensex fell 168 pts to 60,093, while NSE Nifty 50 dropped 62 pts to 17,895. “Consistent FIIs selling and lack of any positive trigger has created nervousness in the market. We expect market to remain sideways with limited downside. Banking, financial and Consumer sectors are likely to remain in focus as the Q3FY23 results unfold in these sectors,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd.
8 things to know before share market opens
Global market watch: Asia-Pacific markets traded mixed Tuesday as investors await a slew of Chinese economic data. The Shenzhen Component rose 0.2% and the Shanghai Composite was slightly below the flatline. Hong Kong’s Hang Seng index fell 0.24%, and Japan’s Nikkei 225 rose 1.05%, leading gains in the region. South Korea’s Kospi fell 0.26% and the Kosdaq shed 0.2%. Meanwhile, US stock futures were lower despite the market coming off a winning week. Futures tied to the Dow dipped 0.1%. S&P 500 and Nasdaq-100 futures fell 0.2% and 0.4%, respectively.
Key levels to watch: “Nifty is currently directionless or it’s a range bound 17775 to 18150. Bank Nifty has support at 41500 levels while resistance is placed at 42800. The outflow of capital from FIIs has been a source of concern for investors in the short term. Economic data, ongoing quarterly earnings, and foreign fund trading activity will all determine the path that investors choose for Indian equities this week,” said Om Mehra, Equity Research Analyst, Choice Broking.
FII and DII data: Foreign institutional investors (FIIs) net sold shares worth Rs 750.59 crore, continuing selling for the 17th consecutive session. Meanwhile, domestic institutional investors (DIIs) net bought shares worth Rs 685.96 crore on 16 January, according to the provisional data available on the NSE.
Stocks under F&O ban on NSE: The National Stock Exchange has added L&T Finance Holdings and retained Indiabulls Housing Finance and GNFC under its F&O ban list for 17 January. According to the NSE, the stocks mentioned above are prohibited in the F&O sector because they have exceeded 95% of the market-wide position limit (MWPL). During the F&O ban period, no new positions are permitted for F&O contracts in that stock.
Risk of global recession high: In the latest Chief Economists’ Outlook, the World Economic Forum (WEF) spoke to leading economists to find out their views on likely headwinds that businesses may face in 2023 and sought their advice on how to best tackle such economic turbulences. The WEF report has found that the outlook for the global economy is “gloomy, with almost one in five respondents now considering a global recession to be extremely likely in 2023, more than twice as many as in the previous survey in September 2022”, the forum said.
Windfall tax cut: India has cut its windfall tax on crude oil and exports of aviation turbine fuel (ATF) and diesel, according to a government notification dated 16 January. It cut its windfall tax on crude to Rs 1,900 ($23.28) per tonne from Rs 2,100 per tonne earlier, effective Tuesday. The government also cut export tax on ATF to Rs 3.5 per litre from Rs 4.5 per litre, and cut export tax on diesel to Rs 5 per litre from Rs 6.5 per litre, the notification said.
Q3 Results today: Bank of India, ICICI Lombard General Insurance Company, ICICI Prudential Life Insurance Company, Delta Corp, Eris Lifesciences, Hathway Cable & Datacom, Mastek, Metro Brands, Network18 Media & Investments, TV18 Broadcast, Newgen Software Technologies, Shalby, Tata Investment Corporation, and Tata Metaliks will announce their quarterly earnings on Tuesday, 17 January.
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