Indian Market erases early gains

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Markets on Friday ende on a positive note after trading fat for the day. The Nifty50 settled 3.15 points, or 0.025 per cent, lower at 12,352.35-mark. Nifty Bank, financial services, metals and IT indices settled the day in the negative territory. On the other hand, Nifty Pharma gained nearly 2 per cent. The market stays optimistic regarding the upcoming Union Budget to be announced on 1st February. Moreover, the earning season has also boosted the market.

US market rallies on Friday after strong U.S. housing data was released spiking 16.9% in December to their highest level in 13 years. The Dow Jones Industrial Average rose 0.17% to end at 29,348.1 points on Friday while the S&P 500 gained 0.39% to 3,329.62. The Nasdaq Composite added 0.34% to 9,388.94.

Japanese share in the Asian market edged higher on Monday, after US report strong housing data. The Nikkei index closed higher on Friday is now trading 50 points higher than its previous close. Hang Seng index however failed to boost up from the strong US market as the index shreds more than 100 points.

Reliance Industries, the country’s largest company by market capitalisation, has registered a 13.5 percent year-on-year growth (3.35 percent QoQ) in third-quarter consolidated profit at Rs 11,640 crore, driven by strong growth in consumer businesses (telecom and retail). It was also supported by lower tax cost and higher other income.

HCL Technologies beat street estimates to post 14 percent jump in third quarter net profit at Rs 3,037 crore against Rs 2,651 crore in the quarter ended September 2019.

Benchmark Nifty index has fallen today after making new high touching the 12400 mark in the early trade and now trading 35 points lower at 12316 mark erasing all its morning gains. Sectoral indices are all trading in red except for the Realty and FMCG sector.

 

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