January 2, 2023 is the first trading day of the new year 2023 in the stock market. Last week, or last year, the market closed on a bullish trend. The 30-share BSE Sensex rose 1.66 percent, while the Nifty gained ground.
Several factors will influence market movement this year. One of the most important factors is the attitude of Foreign Portfolio Investors (FPIs). In December 2022, foreign investors had invested Rs 11,119 crore in the Indian stock market. However, as the number of covid cases increases around the world, some changes in this trend can be seen.
The importance of foreign investors
It is common to see a market boom when foreign investors invest in the Indian market. However, as soon as they withdraw their funds, the market falls. However, if the situation worsens as a result of Covid or if America faces a new economic problem, foreign investors may refrain from investing further in the Indian market. The market may soften in this situation. However, it is too early to make any conclusions.
Stocks that would perform well today
There are some stocks that are showing signs of strength right now. In some stocks, the Momentum Indicator Moving Average Convergence Divergence (MACD) has given bullish signals. Hindalco, Subex, and Gujarat Pipavav are among them. The stock of Hindalco is currently trading at Rs 473.75. It gained on the previous trading day and has returned 8.80% in the last five days. The stock is currently trading lower than its 52-week high of Rs 636.
These stocks closed with an edge
Subex closed at Rs 33.90, up 1.50% on the previous trading day, and it is still trending upwards today. This low-cost stock has returned 5.77% in the last five days and 38.37% over the last six months. Subex is a telecom company that was founded in 1992. Alex PJ and Subash Menon are the company’s founders. Subex is a good option for the investments in low-cost stocks.
Keep an eye on these stocks
Gujarat Pipavav Port Ltd returned 8.23% on the last trading day. It is rapidly approaching its 52-week high of Rs 109.40. The stock, which is currently trading at Rs 101.25, has gained 12.81% in the last 5 days and 32.87% in the last 6 months. Similarly, GMR Airports Infrastructure Ltd shares may be on the rise today. Its current market price is Rs.39.90. It has been on an upward trend for the last five days and may continue today, January, 2, 2023.