Whalesbook
Market Poised for Gap-Down Open Amid Global Headwinds
Indian equity futures traded on the GIFT Nifty indicated a weaker start, down 180 points at 25,571.50 by 7:10 AM IST. This sentiment follows a general slip across Asia-Pacific markets as investors grappled with geopolitical threats from the Trump administration and awaited crucial economic data from China. Japan's Nikkei 225 fell 0.85 percent and the Topix declined 0.46 percent, while South Korea's Kospi saw a modest gain of 0.18 percent.
Geopolitical Jitters and China Data Drive Global Sentiment
Over the weekend, US President Donald Trump's remarks concerning tariffs on eight European countries and demands regarding Greenland sent ripples through global diplomacy, with European leaders firmly rejecting the comments. In Asia, all eyes are on China's upcoming Q4 GDP figures, alongside December retail sales, urban investment, and industrial output data. US markets closed lower on Friday, with the S&P 500 finishing near flat and posting a losing week, while the Nasdaq and Dow Jones also recorded declines. Trump's comments on potentially keeping Kevin Hassett as National Economic Council Director, rather than appointing him as Federal Reserve chair, contributed to market unease.
Corporate India Delivers Mixed Q3 Results
The domestic earnings season is in full swing, presenting a varied picture. Reliance Industries (RIL) reported a 1.6 percent year-on-year profit rise to ₹22,290 crore, with revenue climbing 10 percent. However, its EBITDA margin narrowed to 17.3 percent from 18 percent. In the banking sector, HDFC Bank posted an 11.5 percent profit increase to ₹18,653.8 crore, while ICICI Bank's profit dipped 4 percent to ₹11,317.9 crore despite a rise in net interest income, impacted by a doubling of provisions. Yes Bank saw a significant 55.4 percent profit jump, aided by a sharp drop in provisions.
IT services major Wipro's Q3 profit declined 7 percent year-on-year to ₹3,119 crore, though IT services revenue grew by 4.9 percent. Tech Mahindra, however, reported a strong 14.1 percent profit surge. Other banks like Punjab & Sind Bank and RBL Bank also posted profit growth, with RBL Bank's profit soaring over six-fold. L&T Finance and Jio Platforms also reported robust quarterly performance. Among infrastructure players, Rail Vikas Nigam emerged as the lowest bidder for an ₹87.55 crore order, and JSW Infrastructure posted an 8.9 percent profit rise. Real estate developer Sobha saw its profit decline by 29 percent.
IPO Listings and Specific Company News
Investors will also monitor the debut of Bharat Coking Coal on the bourses. Vedanta's subsidiary ESL Steel received demand notices totaling ₹1,255.37 crore from the Odisha government concerning alleged mining shortfalls. CG Power secured a significant ₹900 crore order from a US-based firm for power transformers. In corporate governance news, Protean eGov announced MD & CEO Suresh Sethi's resignation, effective March 31, 2026.
Gold and Silver Prices Surge
On the commodities front, a flight to safety appeared evident as spot silver jumped 4.17 percent to $93.7 per ounce, and gold reached a new record high, rising 1.8 percent to $4,676.94 per ounce. This surge in precious metals underscores global investor caution.