In the ever-evolving landscape of global finance, the predictions for the 2023 stock market rally have shifted cautiously. Various factors, including inflation worries and the performance of Asian benchmarks, are now influencing the landscape. The recent showings of both Asian and US markets have left investors pondering their next steps.
The benchmark Sensex and Nifty are poised to start the day with marginal gains as GIFT Nifty trends suggest a positive opening according to stock market predictions for 2023.
Previous Session Performance
In the prior session, BSE Sensex climbed 149 points to reach 65,995, while Nifty50 closed 61 points higher at 19,632. Nifty50 hovered around its 200-day moving average of 19,591, aiming to maintain the current momentum.
According to the pivot point calculator, Nifty may find support at 19,514, followed by 19,472 and 19,404. On the upside, key resistance levels are 19,650, 19,692, and 19,760.
Hot Stocks: Stay Updated with Moneycontrol
Stay tuned to Moneycontrol to stay informed about the day’s currency and equity market trends. We have compiled significant headlines from various news sources that could impact both Indian and international markets.
GIFT Nifty indicates a slightly positive start for the broader index, hinting at a 30-point gain after Nifty closed at 19,632 points on August 9. GIFT Nifty futures stood at 19,624 points.
US and European Market Outlook
As Wall Street anticipates a crucial inflation report, stock futures saw slight gains in overnight trading. Some investors are considering defensive stocks as a potential strategy amidst this uncertainty. Dow Jones Industrial Average futures rose by 87 points (0.25%), while S&P 500 and Nasdaq-100 futures added 0.26% and 0.29%, respectively.
The pan-European Stoxx 600 index closed 0.40% higher, led by oil and gas stocks’ 2.30% gain. Most sectors experienced gains, with travel and leisure being the only exception, ending the session down nearly 1.00%. Italian bank shares rebounded after the government capped a tax measure affecting net interest income.
Asian Markets and CPI Data: Sebi’s Timeline Reduction for Listing Shares
Asia-Pacific markets dipped as investors awaited US July consumer price index data; this left us wondering, when will the stock market recover? The Nikkei 225 and Topix in Japan fell by 0.33% and 0.16%, respectively. Australia’s S&P/ASX 200 traded near the flatline, while South Korea’s Kospi and Kosdaq declined. Hong Kong’s Hang Seng index futures pointed to a lower open.
The Securities and Exchange Board of India (Sebi) has shortened the timeline for listing securities after a public issue. It will now take three days after the closing date rather than the current six. The change will be optional for public issues starting after September 1, 2023, and mandatory for those starting after December 1, 2023.
Hot Stocks: Schneider Electric Infrastructure Q1 Results
Due to higher revenues, Schneider Electric Infrastructure reported a 32% increase in Q1 net profit to Rs 34.92 crore. Total income rose to Rs 497.57 crore, while the Board approved the appointment of Suparna Banerjee Bhattacharyya as CFO.
V-Mart Retail Ltd reported a net loss of Rs 21.94 crore in Q1FY24, but its revenue surged by 15.40% to Rs 678.52 crore compared to the previous year. The company garnered revenue through retail trade and a digital marketplace.
Zee Entertainment Q1 Results and Ad Revenue Drop
Zee Entertainment’s Q1 profit after tax plunged by 97.00% YoY due to a weak ad environment, reporting a PAT of Rs 3.90 crore. Domestic advertising revenue declined by 2.60% YoY. The company expects ad spending to recover, led by FMCG.
Oil prices rose as Saudi and Russian output cuts offset China’s slow demand. Brent crude touched $87.24, the highest since April, while WTI crude reached $84.11, its highest since November 2022. Gold prices remained steady, awaiting US inflation data for Fed policy cues.
FIIs and DIIs Activity
Foreign institutional investors (FII) made purchases in the Indian equities’ cash segment, while domestic institutional investors (DII) sold stocks. FII bought shares worth Rs 644.11 crore, while DII sold stocks worth Rs 597.88 crore in stock market predictions for 2023.
