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Market Outlook: Resurgent Covid to counter Q3FY22 results positive effect on equities

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Upcoming Q3FY22 quarterly results season, along with release of macro-economic data points on industrial production and inflation, will determine the trajectory of key domestic equity indices next week.

However, global cues such as high crude oil prices, combined with the direction of foreign fund flows and the rising surge in domestic Covid cases will impact investors’ risk-taking appetite.

“A gradual pick up in volumes including from FIIs and DIIs along with stable domestic cues and release of advanced estimates of a rise in FY22 GDP by 9.2 per cent portend well for the near term,” said Deepak Jasani, Head of Retail Research, HDFC securities.

“17,944-17,655 could be the range for the Nifty in the near term.”

Besides, the Q3FY22 earnings result season will be kicked-off from next week.

As per schedule, IT majors such as Infosys, TCS and Wipro are expected to be the first bluechip firms to come out with their respective Q3FY22 earning results.

Furthermore, other companies like Mindtree, HCL Technologies and HDFC Bank are expected to announce their quarterly results in the coming week.

“Going ahead, next week, an expected strong earnings delivery by the IT sector would hold the key to drive markets,” Siddhartha Khemka, Head of Retail Research, Broking and Distribution for Motilal Oswal Financial Services.

“Global cues were positive on hopes of steady recovery as well as return of FIIs will be other major factors for the market.”

Furthermore, he said that going ahead, market trend might become volatile in the near term on account of potential risk from Omicron variant, upcoming budget and fragile global cues.

Apart from the Q3FY22 results, investors will look out for the upcoming macro-economic data points such as the IIP (Index of Industrial Production) and Balance of Trade figures.

“The coming week will be driven by the trends in the initial earnings outcome with the IT sector in focus,” said Vinod Nair, Head of Research at Geojit Financial Services.

“It is also a busy week in terms of the release of macroeconomic data points like inflation data for December and manufacturing and industrial production data for November.”

The Central Statistics Office is slated to release the macro-economic data points of IIP and CPI on January 12.

Business

Google Play introduces UPI Autopay payment in India

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Google announced on Tuesday that it is introducing UPI Autopay as a payment option for subscription-based purchases on Google Play in India.

Introduced under UPI 2.0 by NPCI (National Payments Corporation of India), UPI Autopay helps customers make recurring payments using any UPI application that supports the feature.

“With the introduction of UPI Autopay on the platform, we aim to extend the convenience of UPI to subscription-based purchases, helping many more people access helpful and delightful services – while enabling local developers to grow their subscription-based businesses on Google Play,” Saurabh Agarwal, Head of Google Play Retail & Payments Activation – India, Vietnam, Australia and New Zealand said in a statement.

Moreover, UPI Autopay makes setting up subscriptions easy.

Users need to simply tap on the payment method in the cart, select “Pay with UPI,” and then approve the purchase in their supported UPI app after selecting a subscription plan to purchase.

Google Play helps consumers transact safely and seamlessly in more than 170 markets, according to the report.

Also, the platform supports over 300 local payment methods in over 60 countries, removing complexities associated with finding and integrating local payments.

UPI is one such payment option, introduced on the Play Store in India in 2019.

In India, UPI has transformed the mobile payment framework, and on Google Play as well, many people are enjoying and using apps that take advantage of UPI-based transactions, the statement added.

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Invest Karnataka 2022 paved way for Rs 9.82 lakh cr investment: CM Bommai

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Karnataka Chief Minister Basavaraj Bommai announced at the concluding ceremony of the 3-day Global Investors Meet (GIM) in Bengaluru that “investments totaling about Rs 9.82 lakh have been committed in diverse sectors in the state.” Bommai thanked the participants in the event and investors.

Addressing the gathering, the CM said, “This GIM is different from other such Investor Meets as this has been organised during challenging times and has succeeded in showing us the way forward. What Karnataka thinks today, India thinks tomorrow. We will work with the investors shoulder to shoulder to make all these investments fructify on the ground.”

Thanking all the investors and delegates who participated in the GIM 2022, Karnataka Large and Medium Industries Minister, Murugesh Nirani, said “Invest Karnataka has laid a strong foundation for the development of Karnataka in the next five years. I am happy that we have met the core objective of this GIM, which is to bring in investments in diverse sectors and create jobs, and take industries beyond Bengaluru.”

The valedictory session was also attended by Bhagwanth Khuba, Union Minister of State for New and Renewable Energy, Chemicals & Fertilizers.

Inaugurated by Prime Minister Narendra Modi virtually on Wednesday, the event culminated on Friday with the valedictory session in which Chief Minister Basavaraj Bommai re-assured investors from all across the world of sustained support by his government.

Among top industrialists, Chairman of Jindal Group, Sajjan Jindal; Vice Chairman of Toyota Kirloskar Motor Pvt Ltd, Vikram S. Kirloskar; Chairman, Wipro, Rishad Premji; Vice Chairman, Bharti Enterprises, Rajan Bharti Mittal; CEO, Adani Ports and SEZ, Karan Adani and MD, Sterlite Power, Pratik Agarwal shared their experience in Karnataka and expressed continued interest in the state.

The Global Investors Meet witnessed 30+ immersive sessions spread across three days. These sessions were a mix of innovative formats such as panel discussions, fireside chats, and TED-style talks.

In addition to the speaker sessions, a number of networking events, cultural performances, business exhibitions (with 300+ exhibitors), and country sessions ran parallelly across the 3 days. The country sessions were hosted by partner countries — France, Germany, Netherlands, South Korea, Japan and Australia.

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Unfortunately, there is no choice: Musk on Twitter layoffs

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Elon Musk on Saturday said that there is no choice other than brutally firing half of Twitter’s workforce as the company is losing over $4 million a day.

After axing nearly 3,800 employees across the globe, including in India, the new Twitter CEO said that he has given three months of severance to everyone who has been asked to go.

“Regarding Twitter’s reduction in force, unfortunately there is no choice when the company is losing over $4M/day,” Musk tweeted.

“Everyone exited was offered 3 months of severance, which is 50 per cent more than legally required,” he added.

Musk has laid off people across the departments at Twitter, eliminating several teams across the globe.

He also said that Twitter has seen a massive drop in revenue as activist groups are putting undue pressure on its advertisers.

“Again, to be crystal clear, Twitter’s strong commitment to content moderation remains absolutely unchanged. In fact, we have actually seen hateful speech at times this week decline below our prior norms, contrary to what you may read in the press,” he posted.

“Twitter will not censor accurate information about anything,” said Musk.

On charging $8 for the Blue subscription service, he said: “Trash me all day, but it’ll cost $8.”

The company lost $270 million in the April-June period after revenue slipped 1 per cent to $1.18 billion, reflecting advertising industry headwinds.

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