Stock market updates on January 08, 2023: Benchmark indices are likely to start Monday’s trading session on a tepid note amid rising geopolitical crisis.
At 07:00 AM, Gift Nifty futures quoted around 21,790, indicating a likely quiet start to the trading action on the Nifty 50.
Over the weekend, China announced sanctions on five US defence-related companies in response to sanctions on Chinese companies and arm sales to Taiwan. The latter country is set to choose its next President in elections on January 13.
Markets in Asia this morning advanced up to 0.8 per cent. Taiwan was up 0.8 per cent. Kospi and Straits Times added 0.5 per cent each.
Meanwhile, last week the US market snapped its 10-week winning streak with the S&P 500 registering its worst weekly performance since late October. The focus tonight will be on the Consumer Inflation numbers for December.
That apart, investors will keep close track of fund flows. The FIIs started the New Year 2024 with a purchase of stocks worth Rs 3,290 crore. On the other hand, domesitc mutual funds were net sellers of shares of nearly Rs 7,900 crore.