Foreign institutional investors (FIIs) sold shares worth Rs 990.90 crore, while domestic institutional investors (DIIs) purchased Rs 104.23 crore worth of stocks on January 9, provisional data from the NSE showed.
Stock futures were little changed in overnight trading on January 9. Futures tied to the Dow Jones Industrial Average dipped 35 points, while S&P 500 futures inched down 0.05 percent. Nasdaq-100 futures hovered near the flatline.Cryptocurrency exchanges Coinbase and Marathon Digital fell 1 percent and 2 percent, respectively, as bitcoin prices declined. The price movement came on the back of an incorrect announcement posted to the US Securities and Exchange Commission’s X account, saying that it had approved bitcoin ETFs.Elsewhere, Juniper Networks added nearly 1 percent, building on the January 9 gains after Hewlett Packard Enterprise said it would buy the company for roughly $14 billion, or $40 per share, in an all-cash deal. HPE shares slipped 0.3 percent, adding to the nearly 9 percent loss on January 9.European MarketsEuropean markets retreated on January 9, reversing earlier gains and extending their gloomy start to the new trading year. The Stoxx 600 index provisionally closed 0.17 percent lower, with most sectors and major bourses in negative territory.Mining stocks led the losses, down 1.35 percent, while healthcare stocks ticked 0.69 percent higher. Global investors are looking ahead this week to the release of the latest US inflation data and big bank earnings for further clues on the state of the economy, and the path of rate cuts from the Federal Reserve.Asian MarketsAsia-Pacific markets were set for a mixed open ahead of Australia’s November inflation data, with Japan stocks set to extend gains after hitting a 33-year in the previous session. Australia’s weighted consumer price index — defined as the weighted average CPI of Australia’s eight capital cities — is expected to rise 4.4 percent year on year in November, according to a Reuters poll.The S&P/ASX 200 started the day 0.39 percent lower, after snapping its four-day losing streak on Tuesday. Japan’s Nikkei 225, meanwhile, is set to touch levels not seen since March 1990, with the futures contract in Chicago at 33,870 and its counterpart in Osaka at 33,880 against the index’s last close of 33,763.18. Futures for Hong Kong’s Hang Seng index stood at 16,145, pointing to a weaker open compared with the HSI’s close of 16,190.02.Global economy surprisingly resilient, but outlook ‘dark’: World BankThe global economy, while “surprisingly resilient”, is set for a dark outlook, with growth expected to slow down for a third year in a row in 2024, the World Bank has said.After a low-base fueled rebound to 6.2 percent in 2021, the World Bank estimates global growth cooled to 3.0 percent in 2022 and then to 2.6 percent in 2023. It now projects the world economic growth to slow down further to 2.4 percent in 2024, before edging up to 2.7 percent in 2025 — well below the 3.1 percent average growth seen in the 2010s.“Yet beyond the next two years, the outlook is dark,” Indermit Gill, the bank’s chief economist, said in its Global Economic Prospects report, released on January 9.Moody’s downgrades rating on senior unsecured bonds issues by Vedanta ResourcesRatings agency Moody’s Investors Service on January 9 said it has downgraded its rating on the senior unsecured bonds issued by Vedanta Resources to Ca from Caa3. The rating for the Corporate Family Rating (CFR) of Vedanta Resources was also downgraded to Caa3 from Caa2, Moody’s said.“We view the debt restructuring as default avoidance and assess that the creditors have incurred an economic loss with respect to the original promise. We consider the transaction to be a distressed exchange under our criteria, which underpins our downgrade of VRL’s ratings,” Moody’s Senior Vice President Kaustubh Chaubal said. Last week, Vedanta Resources, the UK-headquartered parent company of Vedanta group, received bondholders’ approval to restructure four series of bonds.“Proforma the debt restructuring, holdco VRL’s near-term liquidity will improve only slightly and its refinancing wall will start building up as it approaches its next bond maturity in April 2026. Furthermore, a springing covenant requiring holdco VRL to refinance its April 2026 bond maturity by December 2025, failing which all amended bonds will mature in April 2026, will keep refinancing risk elevated and the likelihood of further distressed exchanges high,” Chaubal said.The company’s ratings reflect its unsustainable capital structure characterised by high financial leverage at the holding company and its perennially weak liquidity amid a period of continued large negative free cash flow, Moody’s said. The ratings agency said that it believes the company will still face material liquidity issues during the next 24 months and that its default risk remains high.Infosys Earnings Preview Q3 FY24: Lower pass-through revenues, higher furloughs to drag down performanceInfosys’ December quarter earnings performance will be marred by lower pass-through revenues, higher-than-usual furloughs, and weak discretionary spendin
source- mc
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