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Indian Indices may open higher

20 Jan 2024 , 08:58 AM

In the latest trading session, the Nifty experienced an extension, introducing an additional day to the market week. With the market responding to key earnings releases from Friday’s after-hours trading, including those of Reliance Industries, investors are closely monitoring the Nifty’s movements.

On Friday, the Nifty managed to break a three-day losing streak, closing above the 21,600 level. However, caution is advised as the index struggled to sustain levels above 21,650, ultimately closing 50 points below the day’s peak. While this positive move provided some relief, it falls short of signaling a definitive trend reversal.

Tech shares played a pivotal role in driving the S&P 500 to a record high close, marking the confirmation of a bull market. Meanwhile, European stocks recorded weekly declines, with expectations for central bank interest rate cuts waning. The upcoming market session on January 20 (Saturday) will be a full regular session, running from 9:15 am to 3:30 pm, while Indian equity markets will remain closed on January 22 (Monday).

Foreign institutional investors (FIIs) were net sellers, offloading shares worth Rs 3,689.68 crore, while domestic institutional investors (DIIs) made purchases totaling Rs 2,638.46 crore on January 19, as per provisional data from the NSE.

Investor focus is keenly set on the market’s reaction to the earnings reports of Reliance Industries, disclosed after Friday’s market close. Additionally, the index will respond to Hindustan Unilever’s results, but the heavyweight RIL will be the primary focus, capable of influencing the Nifty in both positive and negative directions based on market reaction.

Related Tags

  • BSE
  • nifty
  • NSE
  • sensex
  • stock market news
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