Stock Market LIVE Updates: Sensex up, Nifty holds 17,800; IT falls, banks gain

Warren Buffett’s Berkshire Hathaway plans return to yen bond market: Bloomberg

Warren Buffett’s Berkshire Hathaway Inc. is planning a potential return to the yen bond market after pricing some of the biggest deals by an overseas issuer in the currency in past years.

The US company has mandated banks for a potential benchmark yen-denominated bond offering, according to a person familiar with the matter, who is not authorized to speak publicly and asked not to be identified. The deal may come in the near future, subject to market conditions.

The conglomerate sold 160 billion yen ($1.38 billion) of notes with a three-tranche deal in April, which came after the company said it purchased stakes in Itochu Corp., Marubeni Corp., Mitsubishi Corp., Mitsui & Co. and Sumitomo Corp. In Japan’s negative-rate environment, Berkshire Hathaway in the past has offered yields on notes attractive to local investors, with bond ratings that are higher than those on the Japanese sovereign.

L&T Heavy Engineering awarded significant contracts in Q3FY22: BSE filing 

L&T classifies orders worth ₹1,000 crore to ₹2,500 crore as significant.

Oil prices slip as U.S. fuel inventories rise

Oil prices dropped on Wednesday after U.S. fuel stockpiles climbed, indicating declining demand in the world’s biggest oil consumer amid a massive spike in COVID-19 cases caused by the Omicron variant.

Brent crude futures fell 9 cents, or 0.11%, to $79.91 a barrel, while U.S. West Texas Intermediate (WTI) crude futures fell 13 cents, or 0.17%, to $76.86 a barrel.

U.S. gasoline stockpiles rose by 7.1 million barrels in the week to Dec. 31, the American Petroleum Institute (API) reported late on Tuesday. Distillate stockpiles climbed by 4.4 million barrels during the period.

TVS Motor appoints Venkat Viswanathan as technical advisor for electric mobility: BSE filing 

IT index slumps over 2%; worst performer among Nifty sectoral indices 

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Macrotech Developers sells properties worth ₹1,900 cr in two projects in London

Realty firm Macrotech Developers, better known as Lodha, on Wednesday said it has recorded sales bookings worth around ₹1,900 crore during the quarter ended December in its two projects in London.

In a regulatory filing, Macrotech said its UK projects had their best-ever quarter of sales of 191 million pounds (around ₹1,900 crore) in Q3FY22.

“Basis this, we believe that MDL’s investment in the UK will be significantly repatriated back to India in FY 23,” the filing said.

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IndusInd Bank Q3 upadte: BSE filing 

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Rupee inches 6 paise higher at 74.52 against US dollar in early trade

India’s services growth slows in December, inflation pressures persist

India’s services sector expanded for a fifth straight month in December, albeit at a slower pace than in the previous month, as demand rose but concerns over another wave of COVID-19 and inflationary pressures cast a shadow over the outlook, a survey showed.

Services Purchasing Managers’ Index , compiled by IHS Markit, eased to 55.5 in December from 58.1 in November, the lowest since September but still well above the 50-mark that separates growth from contraction.

“2021 was another bumpy year for service providers and growth took a modest step back in December. Still, the latest readings pointed to robust increases in sales and business activity compared to the survey trend,” said Pollyanna De Lima, economics associate director at IHS Markit.

The new business sub-index was above 50 for a fifth month, supported by the real estate and business services sectors, although the growth rate softened to a three-month low.

Export business continued to decline as travel restrictions related to the pandemic weighed on international sales.

Business confidence was at a four-month high in December on robust demand, yet rising coronavirus infections kept it in check.

Goldman Says Bitcoin $100,000 a possibility by taking on gold: Bloomberg

Bitcoin will continue to take market share from gold as part of broader adoption of digital assets, making the often touted price prediction of a $100,000 by advocates a possibility, according to Goldman Sachs Group.

Goldman estimates that Bitcoin’s float-adjusted market capitalization is just under $700 billion. That accounts for 20% share of the “store of value” market which it said is comprised of Bitcoin and gold. The value of gold that’s available for investment is estimated at $2.6 trillion.

Institutional investors poured in record $9.3 billion into crypto funds in 2021

Global crypto-themed funds witnessed record net inflows of $9.3 billion during 2021, a 36% increase over 2020 as institutional adoption grew in a breakout year for crypto assets, said digital asset manager CoinShares in a report.

The report further said that the total number of crypto assets or coins in investment product form expanded from nine to 15 during the year. Additionally, 37 investment products were launched in 2021 versus 24 in 2020, making a total of 132 products at present, indicative of the demand and popularity of digital assets.

Nifty Bank extends gains, rises most among sectoral indices 

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Nifty view: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

17800-17950 is a resistance patch for the Nifty. One should not add fresh positions here, in fact traders holding long positions on the index can lighten up a bit and buy lower if there is a dip or intra day correction. If we get past this zone, the next target for the Nifty would be 18200.

Bharti Airtel, Hughes to form JV for satellite broadband services

Hughes and Bharti Airtel has formed a joint venture HCIPL to provide satellite broadband services in India, the companies said Wednesday.

The combined India VSAT operations of both companies will offer range of satellite and hybrid network solutions to business and government customers.

HCIPL combines the Very Small Aperture Terminal (VSAT) businesses of both companies to offer flexible and scalable enterprise networking solutions using satellite connectivity for primary transport, back-up and hybrid implementation.

The agreement, announced in May 2019, has received all statutory approvals, including those from the National Company Law Tribunal (NCLT) and Department of Telecom (Government of India) and the joint venture has been formed.

Broader markets under pressure; India VIX up 2%

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India’s daily COVID-19 cases rise by 58,097: government data

Nifty holds above 17,800 at open 

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Sensex opens flat 

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Nifty flat with negative bias in pre-open 

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Sensex in pre-open 

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Sony exploring EV Business with new mobility venture: Bloomberg 

Sony Group Corp. is exploring a commercial launch of its own electric vehicle, becoming the latest tech company to venture into the red-hot sector.

Sony Chief Executive Officer Kenichiro Yoshida announced the establishment of Sony Mobility Inc. at an event tied to the CES trade show in Las Vegas Tuesday. No details on pricing or release date were made available. 

“We are exploring commercial launch of Sony EV,” Yoshida said at a press conference ahead of CES 2022, where Sony also unveiled a SUV-type EV prototype.

The company unveiled its prototype Vision-S in 2020 at the same event, designed in collaboration with auto industry players including Magna and Bosch. The concept vehicle was intended to showcase Sony technologies in entertainment to sensors.

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