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Market at 10 AMBenchmark indices extended the opening losses and trading near the day’s low level with Nifty around 17700.The Sensex was down 709.80 points or 1.18% at 59513.35, and the Nifty was down 200 points or 1.12% at 17725.30. About 1232 shares have advanced, 1683 shares declined, and 71 shares are unchanged.
Omicron may eat up 40 bps of Q4 GDP growth: ICRA
The third wave of the pandemic, which has seen a massive spike in infections after the more infectious Omicron variant of the coronavirus appeared, is likely to shave 40 bps off the fourth quarter GDP growth that may print in at 4.5-5 percent, warns ICRA Ratings.
Accordingly, ICRA sees the third wave shaving around 40 bps off the March quarter GDP growth, which may print in at 4.5-5 percent going by the early assessment, Nayar told PTI.
BSE Bankex index slipped 1 percent dragged by the HDFC Bank, Kotak Mahindra Bank, ICICI Bank
Japan’s service sector activity growth eases in December -PMI
Japan’s services sector activity expanded at a slower pace in December as growth in new and outstanding business softened and expectations for the 12 months ahead eased to a four-month low.
The final au Jibun Bank Japan Services Purchasing Managers’ Index (PMI) dropped to a seasonally adjusted 52.1 from the prior month’s 53.0, which was the highest reading since August 2019.
Nifty IT index shed 1 percent dragged by the HCL Technologies, Tech Mahindra, L&T Technology Services
Goldman Sachs says bitcoin will compete with gold as “store of value”
Bitcoin will take market share away from gold in 2022 as digital assets become more widely adopted, Goldman Sachs analyst Zach Pandl said in a research note to clients.
Citing bitcoin’s $700 billion market capitalization, compared to the around $2.6 trillion worth of gold owned as an investment, Goldman Sachs said that the cryptocurrency currently has a 20 percent share of the “store of value” market.
Bitcoin will “most likely” become a bigger proportion over time, Goldman Sachs said, in a list of 2022 predictions.
Gainers and Losers on the BSE Sensex in the early trade:
Market Opens: Indian indices opened gap down on January 6 with Nifty below 17800 amid weak global cues.
At 09:16 IST, the Sensex was down 487.21 points or 0.81% at 59735.94, and the Nifty was down 144.80 points or 0.81% at 17780.50. About 793 shares have advanced, 1373 shares declined, and 76 shares are unchanged.
HCL Technologies, Infosys, JSW Steel, Tata Motors and HDFC Bank were among major losers on the Nifty, while gainers were Sun Pharma, Bharti Airtel, Dr Reddy’s Labs, Hindalco and Cipla.
Daily Voice | Stick To Your Investment Plan Even If Market Is Volatile, Says Ajay Tyagi Of UTI AMC
Going into the pandemic no one imagined that we would experience such a sharp rally over the next two years. As a result many investors sold out and could not enter the markets again.
Mohit Nigam, Head – PMS, Hem Securities:
Benchmark Indices are expected to open on a negative note as suggested by trends on SGX Nifty. The American Market ended negative while European market closed positive on the previous trading day. Asian markets are trading negative amid global market.
US market fell more than 3% yesterday after US Federal Reserve meeting minutes signalled the central bank may raise interest rates sooner than expected. We can see movement in Jet Airways as company stated that Captain Sudhir Gaur has resigned as the Interim CEO. The Reserve Bank of India may defer plans to increase policy rates to the next financial year starting April to avoid a potential hit on the economy, as the rapid spread of the Omicron variant has already led to pandemic curbs in several states that will crimp economic activity.
On technical front, Nifty’s immediate support and resistance can be 17,600 and 18,200 respectively. While for Bank Nifty 37300 and 38200 may act as immediate support and resistance.
Market at pre-open: Benchmark indices are trading lower in the pre-opening session amid weak global cues.
At 09:02 IST, the Sensex was down 149.51 points or 0.25% at 60073.64, and the Nifty was down 59.20 points or 0.33% at 17866.10.
