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Markets Today: Wipro, TechM, RIL, Infy, Axis Bk Q3; FIIs; Capital Infra IPO

At 6:35 AM, GIFT Nifty futures indicated a weaker start for the markets, trading 56 points lower at 23,321.5

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Tanmay Tiwary New Delhi

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Stock Markets Today, January 17, 2025: Benchmark indices, Sensex and Nifty50, are likely to react to mixed global cues, coupled with Q3 earnings on the last day of the week.
 
At 6:35 AM, GIFT Nifty futures indicated a weaker start for the markets, trading 56 points lower at 23,321.5.
 
In contrast, during the last session, Sensex added 318.74 points, or 0.42 per cent, to settle at 77,042.82. The Nifty50 settled in the green at 23,311.80, with gains of 98.60 points, or 0.42 per cent. 
   
 
Domestic cues
 
Investors will react to Q3 results from index heavyweights, including Reliance Industries, Infosys, and Axis Bank. Several others, such as Tech Mahindra, Wipro, Jio Financial Services, Indian Hotels, SBI Life, Concord Enviro, and ICICI Lombard, are set to announce their Q3 results today.
 
Reliance Industries Ltd. (RIL) exceeded analyst expectations by reporting a 7.4 per cent year-on-year increase in consolidated profit attributable to owners at Rs 18,540 crore for Q3FY25. The oil-to-telecom conglomerate's performance highlights its robust operational strength.
 
Infosys, India’s second-largest IT services company, raised its FY25 revenue guidance to 4.5-5 per cent in constant currency, up from the earlier projection of 3.75-4.5 per cent provided for Q2FY25. The adjustment reflects improved discretionary spending in key markets like the US and Europe, coupled with the company’s strong Q3FY25 performance.
 
Axis Bank, the third-largest private-sector lender in the country, reported a modest 4 per cent year-on-year increase in net profit for Q3FY25, amounting to Rs 6,034 crore. The subdued growth was attributed to higher loan-loss provisions caused by increased fresh slippages, along with tepid growth in net interest income and other income.
 
Meanwhile, Sebi chairperson Madhabi Puri Buch on Thursday said the capital markets regulator wants to get as many Indians into the market ecosystem and seize the wealth creation opportunity.
 
 
On the economic front, the World Bank maintained its growth forecast for India at 6.7 per cent for FY26, reaffirming the nation’s position as the fastest-growing major economy over the next two years. 
   
Investors now await forex data for the week ended January 10. 
 
Other market triggers
 
FII, DII 
 
FIIs sold shares worth Rs 4,341.95 crore on January 16, while DIIs bought shares worth 2,928.72 crore.
 
IPO market
 
Capital Infra IPO (Mainline) and Sat Kartar Shopping IPO (SME) will list on the bourses. 
 
EMA Partners IPO (SME) will open for subscription, while Stallion India IPO (Mainline) and Landmark Immigration IPO (SME) will enter Day 2 of their subscription. 
 
Also, Rikhav Securities IPO (SME) and Kabra Jewels IPO (SME) will enter Day 3 of their subscription. 
 
Global cues
 
Global markets opened on a cautious note on Friday as investors awaited key economic data from China. 
 
The Asia-Pacific region saw mixed performances, with the ASX 200 trading flat. Nikkei fell 0.21 per cent at the start, while the Topix dipped 0.48 per cent. Kospi hovered around the flatline.
 
Attention is focused on China, which is set to release its December industrial output and retail sales figures, along with fourth-quarter GDP data. Analysts surveyed by Reuters anticipate the GDP growth rate for the fourth quarter to reach 5 per cent year-on-year, an improvement from 4.6 per cent in the previous quarter. Singapore’s non-oil export data for December is also expected to draw investor interest.
 
On the other side, initial jobless claims in the US rose 14,000 from the previous week to 217,000 in the period ending January 11, firmly above market expectations of 210,000 to mark a sharp bounce from the upwardly revised, 11-month low touched in the first week of January.
 
In the US, markets reversed earlier gains, with major indices closing in the red. The S&P 500 slipped 0.21 per cent to break a three-day winning streak.. The tech-heavy Nasdaq dropped 0.89 per cent, while the Dow Jones declined 0.16 per cent, to 43,153.13, as big tech stocks weighed on overall performance.
 
Commodity market 
 
Gold prices surged to a one-month high on Thursday as softer US core inflation data fuelled expectations of a dovish Fed policy. Spot gold rose 0.8 per cent to $2,718.00 per ounce, while US gold futures gained 1.1 per cent to $2,748.60.
 
Oil prices retreated after reaching multi-month highs earlier in the week. Brent crude fell 0.9 per cent to $81.29 per barrel, and US WTI dropped 1.7 per cent to $78.68, reversing gains driven by US sanctions on Russia and a larger-than-expected decline in crude inventories.
 
Here's how analysts are assessing today's (January 17) trading session:
 
Shrikant Chouhan, head of equity research at Kotak Securities 
Above 23300/76900 the market could continue its bullish momentum toward 23,450-23,500/77500-77700. On the other hand, if it falls below 23300/76900, sentiment could change, and it may retest levels of 23200-23175/76600-76500.
 
Rupak De, senior technical analyst at LKP Securities
  On the upside, 23,400, might continue to remain as crucial resistance and only a decisive move above 23,400 may lead to higher levels. While, Nifty support seen at 23150/23000.

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First Published: Jan 17 2025 | 6:48 AM IST

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