*Markets decline on hawkish Fed signals; Sensex slips 632 points*
India’s benchmark indices declined on Tuesday, along with most of their global peers, as investors assessed the hawkish comments from US Federal Reserve officials. The Sensex plunged as much as 809 points during the day but partially recovered in the last 30 minutes of trading to settle at 60,115, with a decline of 632 points, or 1.04 per cent. The Nifty50, on the other hand, dropped 187 points, or 1.03 per cent, to end the session at 17,914. Foreign portfolio investors net sold Indian equities worth Rs 2,109 crore, while domestic institutional investors lent support to the market and bought shares worth Rs 1,806 crore, according to provisional data from the exchanges.
*India exports 1.69 million tons of sugar till Jan 4 of FY23: Report*
India has exported 16.92 lakh tonnes of sugar till January 4 of the ongoing 2022-23 marketing year, including 59,596 tonnes of the sweetener to neighbouring China, trade body AISTA said on Tuesday. Among other neighbouring nations, India has exported 1.47 lakh tonnes of sugar to Bangladesh, and 82,462 tonnes to Sri Lanka during October-January 4 of the current marketing year, All India Sugar Trade Association (AISTA) said in a statement. The sugar marketing year runs from October to September. The government has allowed export of 6 million tonnes till May of the 2022-23 marketing year. According to AISTA, mills have exported a total of 16,92,751 tonnes of sugar from October 1, 2022 to January 4, this year.
*Govt will soon launch new PLI scheme for IT hardware: Union minister*
The government will soon launch a new production-linked incentive (PLI) scheme aimed at supporting manufacturers of IT hardware and computer servers, Minister of State for Electronics and Information Technology Rajeev Chandrasekhar said on Tuesday. The scheme will provide additional incentives for manufacturers and original equipment manufacturers (OEMs) who incorporate Indian-designed IP into their systems and products. “With increasing digitalisation around the world, there has been an increase in the demand for products as well as talent. The supply chains are also being redesigned around concepts of trust and innovation and not on lines of price and efficiency as was done earlier. These are exciting times for all professionals connected to these sectors,” the minister said.
Gold – Rs 55773/10gm, Silver – Rs 67480/kg, Brcrude – Rs 6013/barrel, Degumsyoil – Rs 1296/10kg, Copper – Rs 749/kg.
Lenders approve second round of auction for bankrupt Reliance Capital.
Axis Bank to pick residual stake in Max Life at fair market value.
SGX Nifty indicates positive start to Indian markets trading at 18021 levels up by 0.19% or 35 points. Dow Jones also ended yesterday`s session in green up by 0.56% at close.
Sector in focus – Banks, IT, Infrastructure & Sugar.
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