Global Market Cues

The global backdrop provides a cautiously optimistic setup for Indian equities. Wall Street snapped a two-day losing streak on Thursday, with the Dow Jones rising 0.60%, while the S&P 500 and Nasdaq Composite each gained approximately 0.25%. The rally was primarily driven by robust earnings from major US banks and a surge in semiconductor stocks following strong guidance from TSMC.

In Asia, the trend is mixed on Friday morning. While South Korea’s KOSPI and Hong Kong’s Hang Seng index are trading higher by nearly 0.9%, Japan’s Nikkei 225 has slipped 0.5% due to profit-taking in tech stocks. Meanwhile, Brent crude prices fell over 4% overnight to settle around $63.76 per barrel, providing a significant tailwind for the Indian economy and oil-importing sectors.

• US Markets: Dow (+0.60%), S&P 500 (+0.26%), Nasdaq (+0.25%).
• Asian Markets: Nikkei (-0.52%), Hang Seng (+0.90%), KOSPI (+0.87%).
• Commodities: Brent Crude at $63.76 (-4.15%), Gold at $4,595.

GIFT Nifty and Domestic Cues

GIFT Nifty is currently trading around the 25,785–25,790 level, indicating a positive opening of approximately 60–70 points for the Nifty 50 compared to Wednesday’s close of 25,665.60. Domestic sentiment will be influenced by the outcome of the Maharashtra municipal corporation elections, including the BMC, as counting begins today.

Market participants will also react to the Q3 results of Infosys, which were released after market hours on Wednesday. While the IT giant saw a 10% sequential drop in net profit due to one-time labor code impacts, it upgraded its FY26 revenue growth guidance to 3%-3.5%, which could provide support to the IT sector.

• GIFT Nifty: Trading at a premium of ~65 points vs. Nifty spot.
• Maharashtra Elections: Counting of votes for 29 municipal corporations starts today.
• FII/DII Activity: Persistent foreign fund outflows remain a concern for the broader market.

Key Stocks in Focus

The earnings season hits high gear today with several heavyweights scheduled to report their December quarter numbers.

• Reliance Industries (RIL): To report Q3 results; focus on retail and O2C margins.
• Wipro & Tech Mahindra: IT peers will be in focus following Infosys' guidance upgrade and their own Q3 results today.
• Infosys: Reaction expected to its FY26 revenue guidance upgrade and Q3 earnings miss.
• Jio Financial Services: Reported a 9% YoY decline in Q3 profit to ₹269 crore.
• Biocon: Raised ₹4,150 crore via a Qualified Institutional Placement (QIP).
• Oil & Gas Stocks: ONGC, Oil India, and OMCs (HPCL, BPCL, IOC) will be in focus due to the sharp drop in global crude prices.

Key Events to Watch Today

The day is packed with corporate earnings and domestic political developments that will dictate intraday volatility.

• Q3 Earnings: RIL, Wipro, Tech Mahindra, Polycab India, Federal Bank, Tata Technologies, and L&T Finance.
• Political Cues: Counting of votes and results for the Maharashtra Municipal Corporation elections.
• Global Data: Monitoring any further updates on US-India trade discussions and geopolitical tensions in the Middle East.

TAGS: Pre-Market, Stock Market, Nifty, Sensex, Market Update

Tags: Pre-Market Stock Market Nifty Sensex Market Update

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