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- Indian Stock Market News January 8, 2024
Sensex Today Trades Lower | PSU Banks Drag | Alok Industries Rallies 9%, Trident 8% Mon, 8 Jan 10:30 am
Asian shares started in a muted mood on Monday after Wall Street snapped its winning streak, while investors braced for US inflation data and a corporate reporting season where good results are needed to justify high stock valuations.
The Nikkei index jumped 0.4%, while Hang Seng was trading 0.5% lower. Meanwhile Shanghai index was trading 0.6% lower.
US stock indexes endured a topsy-turvy session on Friday but ultimately closed marginally higher, although the small gains did not stop the S&P 500 and Nasdaq Composite from starting 2024 with their worst weekly showing in months.
Here's a table showing how US stocks performed on Friday:
| Stock/Index | LTP | Change ($) | Change (%) | Day High | Day Low | 52-Week High | 52-Week Low |
|---|---|---|---|---|---|---|---|
| Alphabet | 137.39 | -0.65 | -0.47% | 138.81 | 136.85 | 143.95 | 85.57 |
| Apple | 181.18 | -0.73 | -0.40% | 182.76 | 180.17 | 199.62 | 124.89 |
| Meta | 351.95 | 4.83 | 1.39% | 353.5 | 346.26 | 361.9 | 126.04 |
| Tesla | 237.49 | -0.44 | -0.18% | 240.12 | 234.9 | 299.29 | 101.81 |
| Netflix | 474.06 | -0.61 | -0.13% | 479.55 | 471.8 | 500.89 | 285.33 |
| Amazon | 145.24 | 0.67 | 0.46% | 146.59 | 144.53 | 155.63 | 81.43 |
| Microsoft | 367.75 | -0.19 | -0.05% | 372.06 | 366.5 | 384.3 | 219.35 |
| Dow Jones | 37466.11 | 25.77 | 0.07% | 37623.62 | 37323.82 | 37790.08 | 31429.82 |
| Nasdaq | 16305.98 | 23.97 | 0.15% | 16415.39 | 16249.19 | 16969.17 | 10696.42 |
At present, the BSE Sensex is trading 192 points lower and NSE Nifty is trading 57 points lower.
Bharti Airtel, ONGC and BPCL are among the top gainers today.
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UPL, HUL and Britannia on the other hand are among the top losers today.
Broader markets are trading negative. The BSE Mid Cap is treading 0.5% lower and the BSE Small Cap index is trading 0.4% lower.
Sectoral indices are trading mixed, with socks in oil & gas sector and auto sector witnessing most buying. Meanwhile, stocks in FMCG sector and IT sector witness selling.
The rupee is trading at Rs 83.1 against the US dollar.
In commodity markets, gold prices are trading 0.4% lower at Rs 72,283 per 10 grams today.
Meanwhile, silver prices are trading 0.4% lower at Rs 72,283 per 1 kg.
Now track the biggest movers of the stock market using stocks to watch today section. This should help you keep updated with the latest developments...
Speaking of stock markets, arriving at a reasonable estimate of a stock's intrinsic value is easy. However, there are errors that can creep in and even the most astute analysts can fall prey to them.
So, what exactly are these errors and how are they associated with a stock like Titagarh Rail Systems.
Tune into below video for more
Titan registered revenue of 22% year-on-year in the December 2023 quarter.
The jewellery and watch-making company added a total of 90 stores in the October-December period, taking the group's retail presence to 2,949 stores.
Its jewellery division's domestic sales grew 21%, led by double-digit buyer growth and moderate improvement in average selling prices.
The growth in gold (plain) and coins in this festive quarter exceeded the studded sales growth driven by higher consumer interest in gold despite elevated prices and volatility.
Moreover, the watches and wearables segment saw the domestic business grow 23%, comprising 18% revenue growth in analogue watches and 64% growth in wearables.
Growth in the analogue sub-segment was driven by healthy double-digit growths in Titan, Sonata, Helios and International brands. 25 new stores were added in the quarter consisting of 9 stores in Titan World, 11 in Helios and 5 in Fastrack, respectively.
EyeCare division revenue declined by 3% YoY. Titan Eye+ opened two new stores in the Gulf region, one each in Dubai and Sharjah, with no incremental additions (net) during the quarter.
In emerging business segments, Taneira's revenue grew 61% YoY. The brand opened 11 new stores during the quarter, comprising a store each in Rajkot, Surat, Bhagalpur, and Chandigarh.
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The Fragrances & Fashion Accessories revenue declined by 9% YoY. Within businesses, revenue in fragrances declined by 8% YoY, whereas fashion accessories saw a decline of 10% YoY.
Speaking of Titan, here's some interesting data, even a tiny investment of Rs 1,000 per month in the stock of Titan, since 2002 would have led to mouthwatering returns.
Believe it or not, Titan was a Tata group penny stock two decades ago.
With the consistent expansion in the luxury segment, Titan stands among the top 5 jewellery stocks in India.
As you're interested in Tata group stocks, check out the new section in our Stock Screener, where you can view the fundamentals of companies within a business group in one screen, including the Top Tata group stocks.
Bank of Baroda Q3 Advances Rises
State-owned Bank of Baroda's global business grew 10.7% year-on-year, reaching Rs 22.9 trillion (tn) as of the December 2023 quarter.
Global advances, a key indicator of the bank's lending activities, demonstrated a year-on-year increase of 13.59%, totalling Rs 10.5 tn as of the December 2023 quarter. Simultaneously, global deposits witnessed a growth of 8.34% year-on-year, amounting to Rs 12.5 tn as of the end of December 2023.
In the domestic market, the Bank of Baroda continued its positive trajectory, with deposits growing by 6.34% year-on-year, reaching Rs 10.7 tn as of the December 2023 quarter.
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India's Lithium Megatrend is an Emerging Opportunity for Investors
We all know how oil producing countries made fortunes in the last century.
But now, the world is moving away from oil... and closer to Lithium.
Lithium is the new oil. That's the reason why India is focusing heavily on expanding its lithium reserves.
If you can tap into this opportunity, then there is a potential to make huge gains over the long term.
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Domestic advances, a key metric reflecting the bank's lending within the country, saw a year-on-year increase of 13.4%, amounting to Rs 8.6. Further, domestic retail advances soared 22.08% year-on-year to reach Rs 2 tn.
Shares of the third largest PSU bank in the country touched their 52-week high in December. To know why, check out Why Bank of Baroda Share Price is Rising.
To know what's moving the Indian stock markets today, check out the most recent share market updates here.
For information on how to pick stocks that have the potential to deliver big returns, download our special report now!
Read the latest Market Commentary
Indian Share Market Update: Top Gainers and Losers
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