Indian stock market: Here are 6 things that changed for market overnight Gift Nifty, inflation to Q3 results

Indian stock market: The Indian equity benchmark indices, Sensex and Nifty 50, are expected top open Monday's trading session with caution, influenced by a blend of global market signals. Investors will closely observe the domestic corporate earnings for insights into the performance during the December 2023 quarter.

The Asian markets were trading on a mix note, meanwhile the US stock market closed at a flat note due to unexpected fall in US producer prices index (PPI) for the month of December, Bank of America reported a shrink in its fourth quarter results. Also read: On Friday last week, the Indian stock market indices ended the volatile session with strong gains, primarily driven by the stellar performance of IT giants such as Infosys and TCS.

Today, stocks of Wipro and HCL Technologies may remain in focus after they declared their earnings after the market hours on Friday. The Sensex hit its fresh all time high of 72,720.96 during the session before closing the day with a robust gain of 847 points, or 1.18 per cent, at 72,568.45.The Nifty 50 hit its fresh record high of 21,928.25 during the session and closed at 21,894.55, jumping 247 points, or 1.14 per cent.

“Indian markets soared to new heights in a powerful rally, driven by IT heavyweights. Green shoots of recovery in the IT sector on the back of an improved outlook for BFSI in FY25 positively influenced market sentiments. The robust performance of PSU banking stocks is underscored by the inherent synergy between their loan portfolios and the prevailing business cycle," Vinod Nair, Head of Research, Geojit Financial Services said.

Also read: Here are key domestic and global market cues for Sensex today: Gift Nifty was trading around 22,032 level as compared with Nifty futures’ previous close of 21,709, indicating a strong start for the Indian benchmark indices. Asian markets are trading mostly mixed after US stock market ended on a flat range bound note on January 13 following mixed bank earnings offset cooler than expected inflation news that buoyed hopes for interest rate cuts from the Federal Reserve.

Japanese markets outperformed the peers with both the indices Nikkei 225 and Topix trading at their highest levels since 1990 on Friday. On Janaury 15, The Nikkei gained 0.54%, while Topix rose 0.83%. South Korea’s Kospi fell 0.08% and Kosdaq declined 0.97%. Hong Kong’s Hang Seng index futures pointed to a positive start.

WPI inflation data for December is also scheduled to be announced on January 15. “On the global front, macroeconomic data from the US and China, along with movement in the dollar index, US bond yields, and crude oil prices, will be closely monitored. Geopolitical tensions worldwide continue to be a source of uncertainty, demanding the market's vigilant attention," said Santosh Meena, Head of Research, Ltd.

Also read: As the earnings season has officially kicked in, HDFC Bank, HUL, Asian Paints, IndusInd Bank, and Ultratech Cement, will be announcing their third quarter results for FY24. "The focus will shift towards Q3 earnings, with key players such as HDFC Bank, HUL, Asian Paints, IndusInd Bank, and Ultratech Cement set to announce their results.

Pre Budget expectations are also likely to influence the sector and stock specific movements," Meena added. Last week, IT majors Infosys, Tata Consultancy, and HCL Tech announced their third financial results. Also read: In a double whammy for the economy, retail inflation soared to a four month high of 5.69 per cent in December, while industrial production fell to an 8 month low of 2.4 per cent in November, according to a set of government data released on Friday.

"This week, the market will take cues from December quarter results and India's inflation data," Siddhartha Khemka, Head, Retail Research, Ltd, said. The US crude oil benchmark for February delivery rose 66 cents to $72.68 per barrel on Friday. Brent crude for March delivery rose 88 cents to $78.29 per barrel.

Natural gas for February delivery rose 21 cents to $3.31 per 1,000 cubic feet. “ Trends in global markets, domestic and global macroeconomic data, crude oil prices and the movement of rupee against the dollar will also dictate trends this week," Meena said.Also Livemint tops charts as the fastest growing news website in the world to know more.

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