The NSE Nifty 50 dipped 0.35% to settle at 21,660.25, while the BSE Sensex slumped 0.53% to 71,892.48.

USDINR CMP- 83.3325 (spot) “Indian Rupee depreciated by 0.14% on weak domestic markets and a positive US Dollar. Surge in crude oil prices also weighed on Rupee. US Dollar rose on safe haven appeal amid geopolitical tensions in the Red Sea and the ongoing conflict in Middle East. We expect Rupee to trade with a negative bias on weak domestic equities and a rise in US Dollar. Surge in crude oil prices may also weigh on the domestic currency. However, any FII outflows may support Rupee at lower levels. Traders may take cues from final manufacturing PMI and construction spending data from US. Traders may await manufacturing index data from India and ISM manufacturing PMI and JOLTS jobs data from US tomorrow. USDINR spot price is expected to trade in a range of Rs 83.10 to Rs 83.70,” said Anuj Choudhary Research Analyst, Sharekhan by BNP Paribas.

In a recent report, Jefferies says a notable decline in cement prices across all regions in December 2023, registering a range between 1-2%. This pricing adjustment sets the stage for a meticulous examination of the sector’s overall performance. According to the report, the anticipated growth for the cement sector in the third quarter of the fiscal year 2023-24 is pegged at 3% Quarter-over-Quarter (QoQ), aligning seamlessly with initial expectations. This steady growth projection underscores a measured and consistent trajectory for the industry.

Also Read: Cement industry set to grow 3% in Q3, southern India set to see maximum growth

The shares of Alok Industries gains over 8.84% to Rs 23.40 on the following news that Reliance Industries has subscribed 9% non-convertible redeemable preference shares of ₹1 each of Alok Industries for cash at par, aggregating ₹3,300 crore.

Vodafone Idea issued a clarification in response to a news article titled “Elon’s Starlink Tie-Up Talks In Market Pumps Vodafone Idea To The Skies In India.” The company affirmed that it is not currently in discussions with the mentioned party. The basis of the reported news item is unknown to us, as stated in a regulatory filing. Subsequently, the stock experienced a 5.29% decline on the NSE, trading at ₹16.10.

Source: NSE

“Nifty weekly contract has highest open interest at 22000 for Calls and 21700 for Puts while monthly contracts have highest open interest at 22000 for Calls and 21000 for Puts. Highest new OI addition was seen at 22400 for Calls and 18300 for Puts in weekly and at 22000 for Calls and 22000 for Puts in monthly contracts. FIIs decreased their future index long position holdings by 0.71%, increased future index shorts by 2.55% and in index options by 36.11% in Call longs, 49.21% in Call short, 20.05% in Put longs and 36.85% in Put shorts,” said Anand James, Chief Market Strategist at Geojit Financial Services.

“Expect brief upswings on the first test of 83.17, but we see no signs of uptrend past 83.4 yet though. But a push above 83.25 could signal strength,” said Anand James, Chief Market Strategist at Geojit Financial Services.

Divis Labs, Coal India, Sun Pharma, Cipla, and DR. Reddy’s Lab are the top early gainers on NSE Nifty 50.

“The Bank Nifty has fallen below 20DMA on the hourly chart, suggesting a waning bullishness. The sentiment might remain weak over the short term, however immediate support is placed at 48000, where put writers are present heavily. A decisive fall below 48000 might take the index towards 47700/47500. On the higher end, 48300 is a significant level of resistance and bullish momentum might resume only above that level only,” said Rupak De, Senior Technical Analyst at LKP Securities.

The NSE has added Balrampur Chini Mills and Hindustan Copper to its F&O ban list for January 2, 2023.

Commenting on the Technical outlook of Rupak De, Senior Technical Analyst at LKP Securities, said, Nifty remained volatile throughout the session as traders remained indecisive. On the hourly chart, the Nifty fell below 20 DMA on an intraday basis before closing on a positive note. Going forward a decisive fall below 21650 might call for directional fall in the market. On the higher end, a close above 21750 might take the index towards the higher levels.

The NSE Nifty 50 gained 0.04% to settle at 21,751.35, while the BSE Sensex soared 0.08% to 72,332.85.

Foreign institutional investors (FII) offloaded shares worth net Rs 855.8 crore, while domestic institutional investors (DII) bought shares worth net Rs 410.5 crore on January 01, 2023, according to the provisional data available on the NSE.

Shares in the Asia-Pacific region are trading mostly in mixed territory on Tuesday morning. The Asia Dow is trading up by 0.46%, Japan’s Nikkei 225 is red, down by 0.22%, Hong Kong’s Hang Seng index is trading up by 0.02% and the benchmark Chinese index Shanghai Composite is trading higher by 0.68%.

WTI crude prices are trading at $72.08 up by 0.60%, while Brent crude prices are trading at $77.49 up by 0.58%, on Tuesday morning.

The US Dollar Index (DXY), which measures the value of the dollar against a basket of six foreign currencies, traded up by 0.01% at 101.39.

Stock market in the US had a trading holiday on 1st Jan. Previously on Friday Bloomberg reported that the Wall Street’s final session of 2023 saw stocks taking a breather after a rally that put the market on pace for its ninth straight week of gains—the longest winning streak since 2004. The tech-heavy Nasdaq Composite dipped 68.65 points or 0.45% at 15,026.49. The S&P 500 dropped by 11.36 points or 0.24% at 4,771.99, while the Dow Jones Industrial Average ended lower by 36.83 points or 0.10% to 37,673.27.