Indian Stock Markets and Forex in Pause Mode
Indian stock markets took a breather yesterday as they remained closed for the day. The USD-INR forex market also joined the hiatus, experiencing a holiday. However, the commodity markets, dealing in precious metals like gold and silver, were active during the evening session.
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Mixed Bag for Asian Markets
While most Asian markets closed in the red, Japan’s Nikkei stood out by reaching a 34-year high, defying the regional trend.
Green Signals in Europe and America
In contrast to the Asian markets, European and American markets closed on a positive note, painting the charts in green.
Coal Imports and Power Generation in India
India witnessed a notable 40.66% decline in coal imports by power plants for blending, amounting to 17.08 million tonnes during the period from April to December. Concurrently, coal-based power generation in the country surged by 7.14%.
Stocks in the Spotlight
ZEE: Sony Group confirmed the termination of its merger agreement with Zee Entertainment Enterprises by its India unit.
IndiGo: Aditya Pande was appointed as the Group CEO of IndiGo.
Jindal Stainless: Tarun Khulbe received approval as the CEO and whole-time director of Jindal Stainless.
Tata Steel: The approval for the allotment of 8.65 crore shares for eligible shareholders of Tinplate Company of India was granted, a consequence of Tata Steel’s merger with Tinplate Company of India.
Tata Motors Charges Ahead in Electric Vehicle Production
Tata Motors is gearing up to kickstart the production of electric vehicles at its Sanand plant, with expectations set for April 2024. This strategic move comes after Tata Motors acquired the facility from Ford India, marking a significant step in the company’s commitment to advancing the electric vehicle sector. The upcoming production at the Sanand plant aligns with Tata Motors’ vision to contribute to the growing demand for sustainable and eco-friendly transportation solutions.
Hero Moto: In collaboration with CG Motors, Hero Moto is set to establish an assembling factory in Nepal.
Commodity Market Snapshot
- Gold: ₹62,009, ▼ 0.17%
- Silver: ₹70,700, ▼ 1.57%
Global Market Performance
- USD-INR: Holiday
- Dow Jones: 37,863.80, ▲ 1.05% (19 Jan)
- Nasdaq: 15,310.97, ▲ 1.70% (19 Jan)
Long-Term Returns Overview
Past 20 Years
- Sensex: Holiday
- Nifty: Holiday
- Dow Jones: ▲ 6.61% p.a.
- Nasdaq: ▲ 10.32% p.a.
While Indian markets took a day off, global markets experienced a mixed bag of performances. The rise of Japan’s Nikkei and the positive closures in Europe and the US hint at the dynamic nature of the global financial landscape. Meanwhile, noteworthy developments in the Indian power and automotive sectors underscore the continued evolution of the country’s economic landscape.