Market may open on firm note

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could surge 78 points at the opening bell.

The market will react to monthly inflation and industrial production data which was released after market hours on Friday. India`s retail inflation edged marginally in December on higher food prices. Inflation, measured by the annual change in the consumer price index (CPI), rose to a four-month high of 5.69% in December from 5.55% in November and it was 5.72% in December 2022. India`s Index for Industrial Production (IIP) growth declined to 2.4% in November from 11.7% in October.

Global markets:

Overseas, Asian stocks are trading mixed on Monday, with Chinese shares under pressure after the People�s Bank unexpectedly kept lending rates on hold, while outperformance in Japanese markets continued.

Investors will be closely watching China�s fourth-quarter gross domestic numbers due on Wednesday, while Japan will release inflation figures for December on Friday.

U.S. stock and bond markets will be closed on Monday for Martin Luther King Day. On Friday in the U.S., all three major indexes ended mixed as the fourth-quarter earnings season got under way, with four Big Banks posting downbeat results.

Domestic markets:

Back home, domestic equity indices soared to new record highs on Friday, driven in large part by the robust performance of IT stocks. Industry giants Infosys and TCS reported quarterly earnings that met market expectations, providing a strong boost to the sector and the broader market. The barometer index, the S&P BSE Sensex jumped 847.27 points or 1.18% to 72,568.45. The Nifty 50 index added 247.35 points or 1.14% to 21,894.55.

Foreign portfolio investors (FPIs) sold shares worth Rs 340.05 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,911.19 crore in the Indian equity market on 12 January, provisional data showed.

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