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Asia

Asian equities climbed on Thursday following gains in stocks and bonds on Wall Street, despite a week marked by tariffs, disappointing tech earnings, and mixed US economic data. Gift Nifty suggests a positive start for Indian markets.

US & Europe

U.S. stocks concluded a volatile session with gains, while benchmark Treasury yields fell on Wednesday. Disappointing earnings and mixed economic data balanced out reduced fears of an escalating global trade war. Meanwhile, European markets rose on Wednesday, with earnings beats driving stock gains across multiple sectors.

Commodities

Oil prices dropped over 2% yesterday due to an increase in U.S. crude and gasoline stockpiles, indicating weaker demand. Concerns about a potential new China-U.S. trade war also heightened fears of slower economic growth. Meanwhile, gold prices continued their recordbreaking rise as investors turned to the safe-haven asset amid growing worries about the trade war and its possible impact on economic growth.

* Events today: EA retail sales, BoE interest rate decision, US initial & continuing jobless claims, RBI MPC meeting continues.

* Ex-date: Sun Pharma, Container Corporation, IRB Infra, Triveni Turbine, Sharda Cropchem (Dividend), Ksolves India (Split)

* Earnings today: Trent, SBI, ITC, Sobha, Hero MotoCorp, Britannia Industries, Bharti Airtel, PI Industries, BEML, Auropharma, Apollotyre.

* SoftBank nears deal to acquire chip designer Ampere.

* India’s crude oil imports from Russia surge 13% in Jan despite latest US sanctions.

* GE Vernova - Net profit jumped 189% YoY to Rs 143 crore. Revenue from operations rose 28% YoY to Rs 1,074 crore.

Nifty Outlook

While the pause on test of the 50day SMA unfolded yesterday on expected lines, the dips thereof appeared modest, cautioning us to expect another day of consolidation. We will continue eying 23550 towards this end and the extended targets of 24020-24226 may have to wait. Within this construct, it might still be possible to see brief spikes to 23860-909, but they are less likely to sustain, today.

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