Stock market updates on Wednesday, January 10, 2023: Equity benchmark indices are likely to start trade on Wendesday on a tentative note amid mixed cues from global peers.
At 08:20 AM, Gift Nifty futures quoted around 21,574, indicating a likely subdued start to the trading action on the Nifty 50.
Cues from the Asian peers were mixed this morning. Japan’s Nikkei surged 1.3 per cent. On the other hand, Straits Times, Kospi and Taiwan slipped around 0.5 per cent each.
Overnight, the US market ended on a subdued note as hopes of a rate cut by Fed in March were seen decreasing; with inflation data later this week to guide sentiment. Investors also turned cautious as the 10-year bond yield hovered around the 4 per cent mark since the last few day.
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The Dow Jones dipped 0.4 per cent, and the S&P 500 was down 0.2 per cent. Nasdaq, however, added 0.1 per cent.
Among individual stocks, LIC is likely to be in focus after the state-run insurer said it collected nearly 44 per cent YoY higher new business premium in December.
Primary Market Update
Jyothi CNC Automation Rs 1,000 crore IPO sailed through on Day 1 of the offer perion on Tuesday. The issue was subscribed 2.5 times, with strong demand seen from retail (8.3 times) and HNIs (3.6 times) segment.