Weekly trading diary: 8th to 12th January 2024

[Tradingqna]

Welcome to the weekly trading diary, a thread for discussing your trades, strategies, ideas, news, stories, etc.

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A quick look at how the markets performed in the week gone by

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Things to look forward to in the week

Economic events

8th January		9th January		10th January		11th January		12th January
	Eurozone	Unemployment Rate	US	Crude Oil Inventories	US	CPI Inflation (DEC)	India	CPI Inflation (DEC)
						Jobless Claims		Industrial Production (NOV)
								Manufacturing Production (NOV)
							China	CPI Inflation (DEC)
							UK	Industrial Production (NOV)
								Manufacturing Production (NOV)
							US	PPI Inflation (DEC)

[Tradingqna]

Nifty and Sensex reversed from the day’s highs and closed nearly 1% lower, driven by weak global cues. US futures are trading lower.

Brent Crude: 76.77 -2.53%
USD INR Spot: 83.0687 -0.13%.
India 10Y Bond yield: 7.203 -0.44%

Nifty 50 heat map.

More stats at: technicals.zerodha.com

Amongst the F&O stocks

GMR Airports Infrastructure was the top gainer.

Bandhan Bank was the top loser.

News

ACC Limited, part of Adani Group, will acquire the remaining 55% stake in Asian Concretes and Cements Private Limited for Rs 775 crore, boosting its total ownership to 100%.

Hyundai Motor India Ltd announced a Rs 6,180 crore investment in Tamil Nadu for initiatives like a hydrogen resource center, adding to its Rs 20,000 crore ten-year plan (2023-2032) for electric vehicle production and related infrastructure.

Adani Group’s Mumbai International Airport Ltd. received relief from an arbitration panel against the Airports Authority of India regarding the payment of monthly fees during COVID-19. The unit is exempt from paying fees from March 13, 2020, to February 28, 2022, due to force majeure.

Ashok Leyland reported selling 1,98,113 units in CY 2023, surpassing its 2018 record of 1,96,579 units, highlighting its product diversity and market strength both domestically and internationally.

[Tradingqna]

Nifty and Sensex experienced a sharp recovery in the last hour of trading, ending the session on a positive note with gains of around 0.35%. Dow and Nasdaq futures are showing mixed trends.

Brent Crude: 77.11 0.15%
USD INR Spot: 83.1548 0.03%.
India 10Y Bond yield: 7.181 -0.11%

Nifty 50 heat map.

More stats at: technicals.zerodha.com

Amongst the F&O stocks

Cipla Infrastructure was the top gainer.

Manappuram Finance was the top loser.

News

Hero MotoCorp’s stake in Ather Energy is now capped at 40% after a Rs 900 crore rights issue, with future increases subject to approval from Ather’s CEO-led promoters, as per their agreement.

Mutual funds saw a 24% increase in SIP accounts in 2023, reaching over 15 million from 2022’s 12.2 million, reports the Association of Mutual Funds in India. Simultaneously, direct equity boomed, with a record 4.2 million new dematerialized accounts in December.

Starbucks, targeting 1,000 outlets in India by 2028, plans to open a new café every third day, as announced by CEO Laxman Narasimhan. The company, a joint venture with Tata Consumer, surpassed Rs 1,000 crore in sales in 2022-23, growing from its 2012 inception to 390 cafés.

Carbon taxes across various jurisdictions could impact supply chains, as 67% of respondents in PwC’s ESG study indicate, prompting firms to assess implications like cost increases and compliance demands.

[Tradingqna]

Nifty and Sensex ended the day with slight gains in a choppy session. Dow and Nasdaq futures point to a good start.

Brent Crude: 78.25 1.89%
USD INR Spot: 82.9415 -0.26%.
India 10Y Bond yield: 7.164 -0.20%

Nifty 50 heat map.

More stats at: technicals.zerodha.com

Amongst the F&O stocks

Shriram Finance was the top gainer.

Polycab was the top loser.

News

India’s net direct tax collections hit ₹14.7 lakh crore by January 10, achieving over 80% of the year’s target with a 19.4% growth, while the CBDT reported a 16.77% increase in gross collections to ₹17.18 lakh crore.

Infosys announced its acquisition of InSemi, a top semiconductor design and embedded services provider, for Rs 280 crore to obtain a 100% stake in the company.

Hero MotoCorp’s shares rose over 6% following the announcement of their new 440 cc motorcycle, ‘Maverick,’ reportedly based on the Harley Davidson X440, as per media reports.

Polycab India’s shares dropped 22% following the income tax department’s revelation of uncovering “unaccounted cash sales” of approximately Rs 1,000 crore during a search at the company’s offices.

U.S.-based First Solar has invested $700 million to establish India’s first integrated solar manufacturing plant in Tamil Nadu, inaugurated on Thursday, with an annual capacity of 3.3 gigawatts.

[Tradingqna]

Nifty and Sensex surged over 1%, hitting fresh all-time highs during the session, driven by gains in IT sector stocks. Dow and Nasdaq futures are trading lower.

Brent Crude: 80.04 3.40%
USD INR Spot: 82.9881 0.06%.
India 10Y Bond yield: 7.179 0.20%

Nifty 50 heat map.

More stats at: technicals.zerodha.com

Amongst the F&O stocks

Infosys was the top gainer.

Metropolis Healthcare was the top loser.

Earnings Update:

HCL Tech: Net Profit: Rs. 4,351 cr 6.23% YoY; Revenue: Rs. 28,446 cr 6% YoY

Infosys: Net Profit: Rs. 6,106 cr 7.3% YoY; Revenue: Rs. 38,821 cr 1.3% YoY.

TCS: Net Profit: Rs.11,058 cr 2% YoY; Revenue: Rs. 60,583 cr 4% YoY.

Wipro: Net Profit: Rs. 2,694 cr 12% YoY; Revenue: Rs. 22,205 cr 4.4% YoY.

News

India’s consumer inflation rose to a four-month high of 5.69% in December, mainly due to higher food prices, as reported by the National Statistical Office. This slight increase from November’s 5.55% still falls within the RBI’s 2-6% tolerance limit.

Oil prices surged over 4% on Friday following U.S.-led air strikes against Houthi rebel targets in Yemen, in response to ongoing attacks on ships in the Red Sea, raising concerns about potential supply disruptions.

India’s edible oil imports dropped 16% to 13.07 lakh tonnes in December, mainly due to decreased shipments of palm oils, as per Solvent Extractors’ Association data. This decline includes lower crude palm oil imports and a slight decrease in RBD Palmolein, while crude sunflower oil imports rose.

Life Insurance Corp. received a GST demand notice for Rs 1,370.6 crore from Mumbai tax authorities, following a recent Rs 3,529-crore notice and multiple others from various states. The company, unaffected financially or operationally, plans to appeal before the Commissioner of Income Tax.