Domestic markets are expected to open flat but on a positive note on Thursday. Gift Nifty indicates a gain of about 15-20 points at open for Nifty.

Analysts expect the market to see intra-day volatility with big-ticket companies such as Infosys and Tata Consultancy Services announcing their results today. Besides, HDFC AMC will also declare its quarterly results.

“We expect Markets to consolidate in a broader range with a positive bias as overall Q3 earnings are estimated to remain healthy. Technology sector is expected to remain in focus as IT major TCS and Infosys will announce their Q3 results on Thursday. Their management’s commentary and guidance would set a precedent for other tech companies,” said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Meanwhile, global markets are rocking, especially most equities across the Asia Pacific region, which are up between 0.3 per cent and 2 per cent.

2024 outlook

SBI Capital Markets Limited said: If CY23 marked the eye of the storm, CY24 is anticipated to be a year of addressing its aftermath. Lingering uncertainties and potential setbacks are feared to materialise, with growth concerns taking precedence over inflation, subject to supply-side shocks rather than demand-side dynamics, it cautioned.

“Equity markets experienced a period of consolidation during the first half of 2023, followed by robust gains when economic growth surpassed expectations. Although a promising start is anticipated for the upcoming year, it is crucial to monitor potential trend shifts in the latter part of 2024,” it said.

Jitendra Gohil, Chief Investment Strategist, Kotak Alternate Asset Managers” said, in 2024 outlook, said: “In our base case scenario, we expect the Indian equities to deliver moderate returns of about high single digit in 2024.”

The market has been considerably underestimating India’s domestic growth and its macro resilience; however, it remains to be seen if this translates to EPS revisions. We maintain our constructive view on NBFCs, Banks and real estate. “We recommend booking profits in IT, Power, PSUs and Auto sectors, as we believe the valuation is running ahead of fundamentals,” he said.

Within the export-driven sectors, Pharma’s structural appeal remains intact. He further said that the chemical sector has been under significant stress; however, the industry has shown some signs of bottoming out, with destocking largely subsiding.

“We expect the INR to remain largely steady against the dollar and yields to remain well anchored around current levels in the next few weeks.”

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