-Today’s market moves will be determined by the Street’s reaction to Reliance and Infosys Q3 earnings.
-In the previous session, Nifty’s winning streak extended into a third consecutive session, though uncertainty persists as the index continues to trade within a limited range. Despite some selling pressure at higher levels after the gap-up opening, the Nifty 50 managed to close above the critical 23,300 resistance level.
-Today, market attention will shift to earnings reports from Tech Mahindra, Wipro, and SBI Life. Another key factor will be the market's reaction to Reliance Industries' results. The company delivered a strong quarter, with EBITDA rising 12% quarter-on-quarter versus estimates of 8%, driven by its O2C and Retail segments, while the Telecom and Oil & Gas businesses performed in line with expectations. Additionally, Infosys, Axis Bank, LTIMindtree, and Havells, which released their earnings after market hours on Thursday, will influence Friday’s trading sentiment.
-According to Nagaraj Shetti of HDFC Securities, the short-term trend of Nifty is positive but the market is lacking its strength to witness sharp upside breakouts of the hurdle.
-This morning the GIFT Nifty was lower, trading at a discount of more than 50 points from Nifty Futures Thursday close, indicating a start in the red for the Indian market.
-Asian stocks dropped as traders prepared for a swath of Chinese data scheduled Friday including fourth-quarter growth.
-Shares in Japan fell as the yen largely held onto gains from earlier in the week, while those in Australia fluctuated. The downward start in Asia comes as a global risk rally this week, fueled by traders re-adjusting Federal Reserve interest rate cut bets following Wednesday’s benign inflation data, loses steam. The focus will now shift to official Chinese data due Friday that is likely to show the world’s second-largest economy failed to break a deflationary cycle last year.
-In the overnight session, benchmark indices on Wall Street took a pause after a three-day rally owing to pressure in shares of big tech. The Dow Jones and S&P 500 fell 0.2% each, but the Nasdaq underperformed, declining 0.9% due to pressure in shares of Apple, Tesla, Nvidia and Alphabet, all of which fell between 1% to 4%. Apple had its worst day since August last year.
-In commodities, oil edged higher after a 1.7% drop on Thursday, retreating from a five-month high as the market adjusts to new sanctions on Russian crude and digested mixed signals from President-elect Donald Trump on his intent to uphold the measures. Crude is on track to gain for a fourth week in a row. Gold is set for a third straight week of advances.
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