Markets Poised for Upward Momentum Amid Mixed Global Cues; IT sector in focus

12 Jan 2024 , 08:11 AM

The GIFT Nifty on the NSE IX showed a modest gain of 6 points, or 0.03%, reaching 21,700, indicating a subdued opening for Dalal Street on Friday. The Nifty exhibited lateral movement during the session, closing with marginal positive momentum. In today’s trading, attention will be on IT stocks, particularly TCS and Infosys, whose results revealed no adverse surprises. Later in the day, HCL Tech and Wipro are set to announce their earnings.

The market’s response will also factor in the higher-than-expected US inflation reported for December. On January 11, the BSE Sensex rose by 63.5 points to 71,721, while the Nifty 50 saw an increase of 28.5 points, closing at 21,647.

According to provisional data from the NSE, foreign institutional investors (FIIs) divested shares worth Rs 865 crore, whereas domestic institutional investors (DIIs) acquired stocks amounting to Rs 1,607.08 crore on January 11.

Turning to the US market, stock futures remained nearly flat Thursday night as investors anticipated the second closely watched inflation report of the week. Dow Jones Industrial Average futures dipped by 18 points, or 0.1%, while S&P 500 futures and Nasdaq 100 futures experienced a similar decline of around 0.1%.

In other news, Microsoft surpassed Apple as the world’s most valuable company on Thursday, as Apple’s shares had a lackluster start to 2024 amid growing concerns about demand.