The Indian stock market may open lower on Friday, November 6, following a sharp decline in US equities. GIFT Nifty was trading under pressure, indicating a potentially weak start for domestic benchmark indices. Shares of Bharti Airtel, LIC, Titan Company, ONGC and Britannia Industries are likely to remain in focus following their quarterly earnings announcements.
After six consecutive trading sessions of gains, the domestic market's upward momentum may pause as declines in overseas markets weigh on investor sentiment. On Thursday, the Sensex surged by more than 2,000 points. However, GIFT Nifty was down around 159 points at approximately 24,440 in early trading on Friday, signalling the possibility of a lower opening.
Quarterly earnings from several listed companies are also expected to influence individual stock movements during the session.
On Thursday, November 5, the domestic equity market recorded substantial gains. The Sensex climbed 2,008.61 points to close at 79,310.01, while the Nifty advanced 576 points to settle at 24,536.60.
The Sensex and Nifty registered gains of 2.60% and 2.40%, respectively. Buying interest in banking, automobile and financial services stocks supported the market's advance.
Despite Thursday's rally, the Sensex remained approximately 6,849 points below its previous record level, while the Nifty was around 1,822 points below its previous record.
The outlook for Friday's session changed following a sharp sell-off in US equities on Thursday night. The Dow Jones Industrial Average declined by approximately 1,833 points, while the Nasdaq Composite and S&P 500 fell 5.5% and approximately 4.4%, respectively.
Shares of artificial intelligence and semiconductor companies faced the heaviest selling pressure in the US market.
Concerns over the profitability of substantial investments in artificial intelligence and the possibility of regulatory tightening have increased among investors. The decline in US equities also affected Asian markets.
Bharti Airtel shares may remain in focus on Friday after the company reported a 31% year-on-year increase in consolidated profit for the July-September quarter. Its consolidated profit rose to Rs 8,887.5 crore from Rs 6,791.6 crore in the corresponding quarter of the previous year. The company's India and Africa businesses contributed to the increase in earnings.
Life Insurance Corporation of India (LIC) also reported an increase in quarterly profit. Its consolidated profit for the September quarter rose by approximately 20% to Rs 12,114.78 crore. Growth in premium income and investment income contributed to the company's performance.
Tata Group company Titan Company reported consolidated profit of Rs 2,393 crore, including a one-time gain. Excluding this one-time gain, profit increased by approximately 54% to Rs 1,722 crore. The company's jewellery, watches and eyewear businesses contributed to its performance.
State-owned oil and gas company Oil and Natural Gas Corporation (ONGC) reported a 46.9% increase in consolidated profit to Rs 18,534.82 crore. Its consolidated profit stood at Rs 12,614.60 crore in the corresponding quarter of the previous year. The company's shares will remain in focus following the quarterly results.
Pharmaceutical company Glenmark Pharma reported a 56.7% decline in quarterly profit to Rs 264 crore. Its revenue declined by approximately 29.8%, while EBITDA fell 63.4%. The quarterly figures may influence the company's share price during Friday's trading session.
Britannia Industries reported an 10.8% increase in consolidated profit to approximately Rs 726 crore. The company's revenue also increased to around Rs 5,598 crore.
Vedant Fashions reported a marginal 0.36% increase in profit to Rs 56.2 crore. Its income increased by 2.4%.
Bikaji Foods, a manufacturer of namkeen and snacks, reported an 11.3% decline in profit to Rs 70.78 crore. However, the company's revenue increased by 13.1%, indicating that profit declined despite higher revenue.
Several companies are scheduled to announce their September-quarter financial results on Friday.
These include Hindalco, Siemens, Aster DM Quality Care, Gland Pharma and Jubilant FoodWorks.
Cholamandalam Financial Holdings, Data Patterns and Great Eastern Shipping will also remain on the market's earnings calendar.
Their reported profits, revenue and overall business performance will be among the factors influencing their respective share price movements.
The domestic market is entering Friday's session after six consecutive days of gains, while the sharp decline in US equities has introduced pressure from overseas markets. The opening trend of benchmark indices and the quarterly earnings of individual companies will remain key factors during the trading session.
