Market may open on flat note; Q3 results eyed

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could rise 5 points at the opening bell.

Investors await the release of Q3 results from major IT companies later today, marking the beginning of the earnings season for the third quarter of FY24. Tata Consultancy Services (TCS), the country`s largest IT company, will announce its Q3 result on January 11. Infosys, the second largest, will also report its financial results for the October-December period today.

India would be the world�s third largest economy by 2027-28 and have a GDP of more than $5 trillion, said Finance Minister Nirmala Sitharaman on Wednesday as she called for partnership between the centre and the states. It would be a $30 trillion economy by 2047 by conservative estimate, she said at the Vibrant Gujarat Summit in Gandhinagar. Rapid growth is possible as the people of India have met with the challenges created by Covid-19 and put economic recovery on a strong footing.

Global markets:

Overseas, Asian stocks are trading higher tracking overnight gains on Wall Street, with Japanese indices extending record-breaking rally. The Bank of Korea left its main lending rate unchanged at 3.50% for the eight time in a row.

US stocks ended higher on Wednesday led by communications stocks and megacaps. Investors are awaiting the U.S. consumer price index report slated for release Thursday. The producer price index reading is due on Friday.

Domestic markets:

Back home, the domestic equity indices closed higher on Wednesday despite volatility, as investors awaited CPI inflation data and key Q3 earnings. The barometer index, the S&P BSE Sensex advanced 271.50 points or 0.38% to 71,657.71. The Nifty 50 index gained 73.85 points or 0.34% to 21,618.70.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,721.35 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,080.01 crore in the Indian equity market on 10 January, provisional data showed.

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