MARKETS: Gap-up likely open as SGX Nifty jumps 100pts; Honoring IT majors
Stock Market LIVE: As of 8:05 a.m., SGX Nifty January futures stood at 18,351, indicating that the NSE Nifty 50 index could open around 120 points higher.
LIVE MARKET | Markets | Clever
IS Reporter |
Last updated on Jan 13, 2022 08:27 IST
LIVE Market Updates: Benchmarks are expected to start higher, encouraged by strong third-quarter results from IT majors Infosys and TCS.
Both TCS and Infosys exceeded street estimates for growth, while Wipro fell slightly behind expectations. The clear message, however, from the performance of the top three companies was that growth momentum is strong, in a traditionally weak quarter. READ MORE.
At 08:05, the SGX Nifty January futures contract stood at 18,351, indicating that the NSE Nifty 50 index could open around 120 points higher.
Furthermore, market action may also be dictated by India’s retail inflation rate, which hit a five-month high in December at 5.59%. On the other hand, industrial production growth slowed to a nine-month low in November at 1.4%, signaling that the economic recovery remains weak.
Among individual stocks, Aditya Birla Money, Mindtree and Tata Metaliks could also be considered as the companies report their December quarter results.
U.S. markets edged higher on Wednesday after retail price inflation hit a 40-year high of 7% in December, but within forecasts, suggesting the Federal Reserve won’t have to raise rates of interest too aggressively. The Dow Jones, Nasdaq and S&P 500 ended with marginal gains in the range of 0.1-0.3% each.
Oil prices also extended their gains thanks to a sharper-than-expected drop in US inventories. Inventories fell to their lowest level since October 2018. Brent Crude rose 1.1% to $84.67 a barrel, and WTI Crude jumped 1.8% to $82.64 a barrel.
Major Asian markets looked directionless except for the Nikkei which was down 0.9%. Others, like Hang Seng and Taiwan, rose 0.2% and 0.1% respectively, while Shanghai Composite, Straits Times and Kospi fell 0.1% each.
First published: Thursday, January 13, 2022. 08:22 IST