Monday saw Indian stocks retreating from record highs as selling pressure in financial sectors weighed down the benchmark indices. Investors were anticipating the upcoming corporate earnings season and the Budget announcement later this month for market direction. In currency news, the rupee ended slightly weaker against the US dollar. Stock recommendations were also given for Harsha Engineers and Chennai Petroleum Corp.
Indian Stocks Retreat from Record Highs as Selling Pressure in Financials Weighs Down
Indian stock markets witnessed a correction on Monday, retreating from their recent record highs. The benchmark BSE SENSEX index closed 0.76% lower at 60,682.81 points, while the NIFTY 50 index fell 0.69% to end at 18,074.05 points.
The decline was primarily driven by selling pressure in financial stocks, with heavyweight banks such as HDFC Bank and ICICI Bank losing ground. Other sectors that contributed to the downturn included metals, power, and real estate.
Anticipation of Earnings Season and Budget
Investors were cautious ahead of the upcoming corporate earnings season, which is set to begin later this month. The earnings reports will provide insights into the financial performance of listed companies and can influence their stock prices.
Additionally, the Union Budget for the financial year 2023-24 is scheduled to be presented on February 1. Investors are eagerly awaiting the Budget announcement for potential policy changes and economic measures that could impact market sentiment.
Currency Update
The Indian rupee ended the day slightly weaker against the US dollar, with a depreciation of 0.09% to close at 82.77 per dollar.
Stock Recommendations
In a separate development, brokerage firms issued stock recommendations for Harsha Engineers and Chennai Petroleum Corp.:
Top 5 FAQs
1. What caused the decline in Indian stocks on Monday? A: Selling pressure in financial stocks, anticipation of earnings season, and the upcoming Budget announcement.
2. Which sectors were most affected by the downturn? A: Financial, metals, power, and real estate sectors.
3. What is the expected impact of the earnings season on stock prices? A: Earnings reports will provide insights into company performance and can influence stock prices.
4. When is the Union Budget for 2023-24 scheduled to be presented? A: February 1, 2023.
5. Which companies did brokerage firms recommend for investment? A: Harsha Engineers and Chennai Petroleum Corp.
The tech world was abuzz as Salesforce CEO Marc Benioff shared a heartwarming and inspiring story about his late friend and mentor, Steve Jobs. During a recent interview at TechCrunch Disrupt, Benioff disclosed the last gift Jobs ever gave him - a book about self realization by Yogananda. The poignant gesture serves as a reminder of Jobs' belief in the power of intuition and looking within to achieve true success.
JPMorgan predicts that an XRP ETF could attract billions in investments based on the success of Bitcoin and Ethereum ETFs. Ripple President Monica Long has also mentioned increasing adoption of XRP in traditional finance, with multiple firms actively filing for XRP ETFs. However, the approval process for an XRP ETF remains uncertain due to ongoing legal battles with the SEC. Analysts predict that if approved, the XRP price could reach $3.66, with some expecting it to break through key resistance levels.
Four-sentence summary: Ripple's XRP is up 5% after positive news surrounding its ecosystem and a prediction of significant inflows if an XRP ETF gains approval from the SEC. The token has also seen $8.06 million in futures liquidations in the past 24 hours, with long liquidations outweighing short liquidations. As XRP approaches key resistance levels, investors are anticipating a rally to new all-time highs, supported by bullish technical indicators.
Jai Corp's shares experienced a staggering 20 percent lower circuit, leading to doubts about whether the proposed capital reduction will be approved at Urban Infrastructure Holdings' upcoming extraordinary general meeting (EGM). As investors wait for the EGM and its outcome, discussions surrounding the potential impact on both companies continue to mount. With the market closely monitoring the situation, all eyes are on whether Jai Corp's shares will continue on their downward trend or make a rebound.
In anticipation of the historic year for cryptocurrencies with the election of a pro-crypto president, Circle has made a significant donation of $1 million worth of its USDC stablecoin to US President-elect Donald Trump's inaugural fund. This move is seen as a strong show of support from the tech industry for Trump's administration and its potential impact on the digital asset class. With donations from the tech sector, the inauguration committee is expected to raise over $200 million, with a portion being used for the inauguration event and the remainder for Trump's future presidential library.
After the U.S. Supreme Court's oral arguments regarding a law mandating TikTok's sale, popular YouTuber Jimmy 'MrBeast' announced on X that he would buy the platform to prevent a potential ban. Many users reacted to his tweet, with some suggesting he partner with Elon Musk and others expressing concern about the impact on his YouTube channel and the potential risks involved.
The latest government data shows that India's retail inflation has slowed to its lowest rate in four months, dropping to 5.22% in December 2024. This decrease can be attributed to lower food prices, according to the National Statistics Office. However, the Reserve Bank of India has raised its projection for inflation in the current fiscal year to 4.8%, citing persistent food price pressures. This news could have a positive impact on businesses and consumers alike, as it signals a more stable economic environment.
According to the latest government data, retail inflation for December 2024 has slowed to 5.22%, the lowest in the last four months. This is mainly due to easing prices in the food basket, with food inflation dropping to 8.39% compared to 9.04% in November. The Reserve Bank of India has raised the inflation projection for the current fiscal year to 4.8%, citing lingering food price pressures. Stay updated with the latest news on NDTV.com from India and around the world.
Prime Minister Narendra Modi inaugurated the Z-Morh Tunnel in Sonamarg, Jammu & Kashmir on Monday, calling it a significant step in improving road connectivity in the region. The 6.5km-long tunnel will make Sonamarg accessible throughout the year, solving the problem of road closures during harsh winters and making travel to Leh smoother. Despite delays due to financial issues faced by the original contractor, the Prime Minister commended the hard work and dedication of the engineers and workers who completed the project.
Flipkart's annual Republic Day Sale is back and bigger than ever, offering amazing discounts on popular electronics, fashion, and fitness products. The sale begins on January 14, but Plus and VIP members can start shopping today for early access. Keep an eye out for deals on smartphones from top brands like Apple and Samsung, as well as heavily discounted smart TVs from TCL, Sony, and more. Don't miss out on this opportunity to upgrade your gadgets and wardrobe at unbeatable prices!