Markets settle marginally higher; TCS, Infosys quarterly results eyed

Among the Sensex firms, Reliance Industries, UltraTech Cement, Axis Bank, IndusInd Bank, Power Grid, Tata Motors, Tech Mahindra and Tata Consultancy Services were the major gainers. 
| Photo Credit: Reuters

Benchmark equity indices ended marginally higher on January 11, trimming most of their intraday gains, as investors turned cautious ahead of the quarterly results of IT behemoths TCS and Infosys later in the day.

Announcement of the U.S. inflation data and domestic macroeconomic numbers also forced investors to remain on the sidelines.

The 30-share BSE Sensex climbed 63.47 points or 0.09% to settle at 71,721.18. During the day, it jumped 341.76 points or 0.47% to 71,999.47. The Nifty gained 28.50 points or 0.13% to 21,647.20.

Among the Sensex firms, Reliance Industries, UltraTech Cement, Axis Bank, IndusInd Bank, Power Grid, Tata Motors, Tech Mahindra and Tata Consultancy Services were the major gainers. Infosys, Hindustan Unilever, Wipro, Larsen & Toubro and Nestle were among the laggards.

In Asian markets, Tokyo, Shanghai and Hong Kong settled with gains while Seoul ended lower. European markets were trading higher. The U.S. markets ended in the positive territory on January 10.

“In anticipation of inflation data from the U.S., the Indian market exhibited range-bound trade. Though investors anticipate the U.S. inflation to ease, global markets, expecting a CY24 interest rate cut, have already priced in optimism. Profit booking occurred amid moderating Q3 corporate earnings and concerns about premium valuations,” said Vinod Nair, Head of Research, Geojit Financial Services.

Global oil benchmark Brent crude climbed 1.56% to $78 a barrel. Foreign Institutional Investors (FIIs) offloaded equities worth ₹1,721.35 crore on Wednesday, according to exchange data.

The BSE benchmark ended 271.50 points or 0.38 per cent higher at 71,657.71 on Wednesday. The Nifty advanced 73.85 points or 0.34 per cent to 21,618.70.