Indices nudge higher in early trade

Key indices are trading with modest gains in early trade after an initial upmove. The Nifty hovered at the 18,000 mark. At 9:25 IST, the barometer index, the S&P BSE Sensex, rose 107.27 points or 0.18% at 60,472.59. The Nifty 50 index rose 27.45 points or 0.15% at 18,030.75.

In the broader market, the S&P BSE Mid-Cap index fell 0.02% while the S&P BSE Small-Cap index added 0.11%.

The market breadth was strong. On the BSE, 1,781 shares rose and 1005 shares fell. A total of 75 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 124.23 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 481.55 crore in the Indian equity market on 10 January, provisional data showed.

Stocks in Spotlight:

One 97 Communications gained 2.81%. The company on Monday announced that the number of loans disbursed through platform increased by 401 % y-o-y to 4.4 million loans in Q3 FY 2022. Gross Merchandise Value processed through platform during the quarter aggregated to approximately Rs 2,501 billion ($33.6 billion), registering a growth of 123% Y-o-Y compared to Q3 FY 2021.

Vodafone Idea slumped 10%. The board of directors of the company has approved the conversion of the full amount of interest related to spectrum auction instalments and AGR Dues into equity.

Spandana Sphoorty Financial rose 1.65%.The board of directors approved the proposal of raising of funds by way of further issue of securities through private offerings and/or qualified institutions placement or other permissible mode for an aggregate amount not exceeding Rs 300 crore.

Global Markets:

Asian markets were mostly trading lower on Tuesday as investors expressed concern about inflation as well as likely policy tightening from central banks such as the U.S. Federal Reserve.

Wall Street`s three major indexes staged a late-session comeback on Monday as the Nasdaq managed to eke out a tiny gain and investors swooped in to hunt for bargains, while the S&P 500 and the Dow Jones Industrial Average finished well above their session lows.

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