Stock Market Live: Sensex, Nifty trading flat amid volatility
Stock Market Live Today 3 Jan 2023: Indian stock markets opened slightly lower on Tuesday following negative cues from Asian peers. Nifty today opened at 18163.20 levels down by 34.25 points while Sensex made a negative opening of 92.91 points at 61074.88 levels. Soon after opening in the red markets turned positive and are trading above their neutral lines.
The Domestic markets opened lower amid foreign fund outflows. Foreign institutional investors (FII) net-sold shares worth Rs 212.57 crore on January 2, as per provisional data available on the NSE. The market participants were also concerned, as the IMF chief has said a third of the global economy will be in recession this year, and warned that 2023 will be tougher than last year as the US, EU, and China will see their economies slow down.
However, traders took note of Assocham’s statement that India`s economy is expected to navigate rough global weather in 2023 due to strong consumer demand, better corporate performance, and a decline in inflation, even as the year is likely to be full of challenges and opportunities. The market sentiments turned positive due to upbeat domestic economic data that was released recently.
Stock Market Live Today
Market Live at 12.30 pm IST, the Indian stock market indices, Sensex, and Nifty are trading marginally lower by 0.13 percent and 0.12 percent respectively. The Bank Nifty is trading flat, gaining only by 0.07 percent at 12.30 pm IST. The broader markets are also trading flat at this moment, as the Nifty midcap and the smallcap indexes are trading slightly higher by 0.02 and 0.03 percent respectively at this time.
Among the sectors, Nifty IT, PSU Bank, and Pharma sectors are trading higher whereas the Auto, Media, and Energy sectors are trading in the red. The top gainers in the Nifty 50 stocks are HDFC life, SBI Life, and TCS while the top losing stocks are Britannia, ONGC, and Reliance.
Stocks in News Today
Welspun India said that it has prepaid term loans of Rs 45.8 crore as on 31 Dec 2022 along with the other installments which were due at the quarter ended on a standalone basis. The share price of Welspun India is trading lower by 0.33% and at Rs 76.50 per share
HFCL along with its subsidiary, HTL have received work orders worth Rs 95.38 crore from Reliance Projects & Property Management Services for the supply of optical fiber cables to one of the leading private telecom operators of the country. The orders will be executed by February 2023. The Share price of HFCL is trading higher by 1 percent at Rs 76.35 per share
On Monday, Dabur India said that it has completed the acquisition of a 51% stake in Badshah Masala as per the Share Purchase Agreement and Shareholders Agreement. With this, Badshah Masala has become a subsidiary of Dabur India. The share price of Dabur India is trading flat at Rs 561.65 per share
Technical Picks by Prabhudas Lilladher
Prabhudas Lilladher has recommended a buy on HDFC Bank, as the stock has been in consolidation for quite some time and hovering between the range of the 1570 to 1650 zone. Currently, with a sign of a gradual pick up of the stock, it can be anticipated further rise from here. The chart is looking good and Prabhudas Lilladher has recommended a buy in this stock for the upside target of 1850 with a stop loss of 1550. The share price of HDFC Bank is trading at Rs 1633 per share.
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