Cipla, Reliance Industries, Adani Enterprises, HCL Technologies, and Adani Ports were the top gainers in the Nifty 50. While top laggards include ONGC, Divi’s Laboratories, NTPC, Bharat Petroleum Corporation, and Power Grid.

Shares of Tata Power rose 2.5% to Rs348.75 after Chairperson of Air India said, during Vibrant Gujarat Global Summit, Tata Group will set up semiconductor plant in Dholera this year, will start construction of a 20-gigawatt lithium-ion storage battery factory in Sanand in the next two months.

Shares of Tata Elxsi rose nearly 1% to Rs8,725.55. Shares of Tata Motors was trading high and rose 1.4% to Rs811.

“Crude oil prices surged amidst escalating geopolitical tensions in the Middle East and a production halt in Libya, sustaining upward pressure. The shutdown of Libya’s Sharara oilfield, triggered by political protests, resulted in a daily output loss of around 30”0,000 barrels. Additionally, U.SCome from Sports betting site VPbet. crude inventories posted a substantial decline of 5.215 million barrels, surpassing market projections for a 1.2 million barrel drop. However, the mixed picture continued with increased gasoline stockpiles by 4.9 million barrels and distillate inventories gaining 6.9 million barrels. Looking ahead, investor focus shifts to Thursday’s U.S. consumer and producer inflation reports, anticipating a deceleration in price rises for December. We expect crude oil prices to remain volatile in today’s session, with support at $71.80–71.10 and resistance at $73.20-74.00. In INR, crude oil has support at Rs5,940-5,870, while resistance stands at Rs 6,110-6,190,” said Rahul Kalantri, VP Commodities, Mehta Equities Ltd

Snowman Logistics Ltd

BUY | CMP: 74.50 | TARGET: 90.00 | SL: 67.50

Given the overall trend in logistics companies being positive, Snowman Logistics is looking like an attractive buy at current levels. The stock has experienced a significant breakout above its recent resistance zone of 73 to 75. Any pullback towards the same would be considered a good buying opportunity, with a stop loss placed below the 67.50 mark.

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Also Read: Mehta Equities’ shares top stock recommendations for the week

The shares of NBCC gains 1.37% to Rs 92.60 in the intra-day trade on Wednesday on the following news that the company wins order worth Rs 134 crore.

Shares of Ramkrishna Forgings rose 1.84% to Rs805.50 after the company announced a strategic partnership with McKinsey for a 15-month transformation program.

Shares of GHCL Textiles rose 12.8% to Rs82.85 after the company signed a Memorandum of Understanding with the Tamil Nadu government for an investment of up to Rs535 crore for four years.

Courtesy: NSE

The NSE Nifty 50 was down 24.85 points or 0.1% at 21,519. The 30-stock BSE Sensex was down 49.94 points or 0.1% at 71,337.30.

Adani Enterprises, HCL Technologies, Cipla, Adani Ports, and ICICI Bank were the top gainers in the Nifty 50. While NTPC, ONGC, BPCL, Coal India, and Divi’s Laboratories were the top loser in the Nifty 50.

“Gold prices rose slightly, recovering from a rough start to the year as markets reassessed expectations for early interest rate cuts by the Federal Reserve before key U.S. inflation data due this week. Some relief this week was seen after sharp fall in the first week of new year, as the dollar fell from three-week highs, amid some profit-taking. Market participants will be keeping an eye on the inflation data from US later this week. The reading is expected to show a mild pick-up in inflation in December which, coupled with the strong nonfarm payrolls reading, gives the Fed more headroom to keep rates higher for longer. This has spurred some trimming in expectations for early interest rate cuts, which in turn saw gold give up some gains made in the month of December. Atlanta Fed President Ralph Bostic said that with inflation still well above the Fed’s 2% annual target, while fed official Bostic still expects rates to eventually fall in 2024, he flagged only about 50 bps of cuts- much smaller than what markets are expecting,” said Navneet Damani, Senior VP – Commodity Research at Motilal Oswal Financial Services.

Shares of Adani Enterprises rose 2.4% to Rs3,087 on the news that Adani Group will invest Rs2 lakh crore for the next five years.

Paytm to invest rupees 100 crore in GIFT City, Company also plans to offer AI-driven cross border remittance and set up a development centre for innovation. The share of Paytm trade down by 0.24% to Rs 684.

Commenting on the Technical outlook of  Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities, Selling pressure is evident within the 21700-21750 zone, and 21500 stands out as a crucial support level for Nifty. Any significant directional movement for Nifty hinges on two possibilities: achieving a closing above 21750 to reclaim bullish momentum, or experiencing a close below 21500, which could prompt additional selling pressure and potentially pull the Nifty index toward the 21200 mark.

SBI Life Insurance, Adani Enterprises, HCL Technologies, Cipla, and HDFC life are the top gainers on NSE Nifty 50 index.

“The Bank Nifty index witnessed continued dominance by bears as selling pressure intensified from higher levels. The index is currently facing a strong hurdle at the 48000 mark, where a significant buildup in open interest is observed on the call side. The immediate support for the index is positioned at the 47000-46900 levels. A breach below this support zone is likely to trigger aggressive selling pressure, potentially leading to further downside momentum,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.

The NSE has added Balrampur Chini Mills, Bandhan Bank, Chambal Fertilizer, Delta Corp, Escorts Kubota, Gujarat Narmada Valley Fertilizer and Chemicals, Hindustan Copper, Indian Energy Exchange, India Cements, National Aluminium, Piramal Enterprise, and SAIL to its F&O ban list for January 10, 2024.

The NSE Nifty 50 opens down by just 0.07% to settle at 21,529.30, while the BSE Sensex dips just 3 points to 71,383.21 in opening trade.

Foreign institutional investors (FII) offloaded shares worth net Rs 991 crore, while domestic institutional investors (DII) bought shares worth net Rs 104 crore on January 09, 2023, according to the provisional data available on the NSE.

“Wall Street observed a gradual decline overnight, sparking debates on a potential soft landing or recession and the magnitude and timing of a US rate cut. Friday’s US jobs data highlighted inflationary pressures, leading futures traders to project a 62% chance of a Federal Reserve interest rate cut in March. This week, attention turns to India and the US with CPI data releases. Technically, Nifty’s crucial support lies at 21307, while immediate upside hurdles are at 21715. For Bank Nifty, major intraday support is at 46919. Recommended trades include buying Nifty between 21450-21475 with targets at 21715/21836, and Bank Nifty between 46900-47000 with targets at 48636/49000. The preferred stocks for intraday weakness are ZOMATO, APOLLO TYRES, COAL INDIA, BALKRISHNA INDUSTRIES, and INDIGO. The top stock to buy now is ZOMATO (CMP 134) with targets at 141/163 and aggressive targets at 201, holding for 12-15 months. In conclusion, any sharp decline or bear attack at Dalal Street is expected to trigger sharp upside rallies,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.

Shares in the Asia-Pacific region are trading in mixed territory on Wednesday morning. The Asia Dow is trading up by 0.07%, Japan’s Nikkei 225 is green, up by 1.29%, Hong Kong’s Hang Seng index is trading down by 0.21% and the benchmark Chinese index Shanghai Composite is trading higher by 0.20%.

WTI crude prices are trading at $72.25 up by 0.01%, while Brent crude prices are trading at $77.48 down by 0.14%, on Wednesday morning.

The US Dollar Index (DXY), which measures the value of the dollar against a basket of six foreign currencies, traded down by 0.05% at 102.52.

U.S. stocks fluctuated after a tech-led bounce as Treasury 10-year yields remained above 4%, while oil climbed, reported Bloomberg. The tech-heavy Nasdaq Composite gained 13.94 points or 0.09% at 14,857.71. The S&P 500 dipped by 7.04 points or 0.15% at 4,756.50, while the Dow Jones Industrial Average ended lower by 157.85 or 0.42%.