You are here: Home » Markets » News
Business Standard

Market Ahead, January 2: All you need to know before the Opening Bell

Stocks of automobile companies will react to sales data for the month of December

BS Web Team  |  New Delhi 

Investors will look at macro data, auto sales numbers, and global factors for cues today. The overall trading volume in the is set to pick up as most global reopen from holiday closures

Stocks of automobile companies will react to sales data for the month of December. Yesterday, Tata Motors reported a 12 per cent decline in total vehicle sales in domestic market to 44,254 units in December. The company had sold 50,440 units in the same month in 2018. The stock will react to the sales numbers today.

Besides this, shares of channels and operators will also react to the new Trai order according to which cable operators will have to provide 200 channels for Rs 153. Trai has also reviewed the pricing of channel bouquets compared to a la carte ones.

Market participants will also await the release of Markit Manufacturing PMI for December which will be released later in the day. They will further track the oil and Rupee's trajectory, stock-specific action, and foreign fund flow for market direction.

Globally, stocks in Asia were mixed. Australia’s main stock index was flat and South Korea's Kospi index lost 0.9 per cent. On the other hand, equities in Hong Kong and China advanced. The SGX Nifty was indicating a flat to negative start for the domestic indices.

In commodities, Brent crude futures dipped 0.3 per cent to trade at $66.22 per barrel.

Back home, Indian equities logged mild gains on the first day of the year 2020. The S&P BSE Sensex ended 52 points higher at 41,306 level, while the broader Nifty50 ended at 12,190-mark, up 21 points.

Going ahead, analysts say that the Nifty is witnessing stiff resistance in sub-12,250 zones and traders should try to buy any dip at higher levels. However, if the Nifty is able to breach 12,150, it might lead to profit-booking move up to 12,075. Therefore, traders should try to book profit on higher levels keeping a close eye on 12,250.

And, in the end, here's a trading idea for you by CapitalVia Global Research Limited which recommends buying Tata Power Company Limited above Rs 58 for the target of Rs 63 with stop-loss at Rs 54.

First Published: Thu, January 02 2020. 08:00 IST
RECOMMENDED FOR YOU