Stock market today: Indian equities after gaining for four sessions in a row, mirroring weak overnight trade in the US, started Friday's session on a weak note. At 9:19 am, Nifty shed 0.38 per cent or 85.5 points and traded at 22,316.9, while Sensex gave up 197.66 points or 0.27 per cent at 73,658. Meanwhile, broader markets continued their outperformance.

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"The overarching trend of this market is its bullishness despite negative triggers. The rising bond yields in the US ( the 10-year continues above 4.6 per cent) and geopolitical tensions are not impacting the market at all. During the last seven days, FIIs sold equity worth a massive Rs 25853 crores. But the DII buying overwhelmed this FII selling and the market continued its upward momentum," said Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Dr. V K Vijayakumar added there are reports of Israel striking some sites linked to Hezbollah, but these will be ignored by the market unless they cause serious rector tensions.

Further, he believes the Q4 results of Axis Bank are better than expectations and, therefore, the market will respond to that. The valuation of Axis is attractive. The regulatory restrictions on Kotak Bank will weigh on the stock. Since the VIX is at low levels, the market will not witness any serious corrections. In the near-term, consolidation is likely.

BUZZING STOCKS

Sterlite Technologies shares were up over 4 per cent after the company o announced that its fiber optic cable products manufactured in the US are compliant with the ‘Build America, Buy America’ (BABA) provisions of the Infrastructure Investment and Jobs Act (IIJA).

Oracle Financial Services shares were up over 2 per cent despite the company posting a weak Q4 quarter.

Dalmia Bharat Sugar and Industries shares were up over 2 per cent despite the company releasing weak Q4 numbers. 

Axis Bank shares were up over 4 per cent after the company posted mixed Q4 numbers.

Conversely, LTIMindtree shares were down over 1 per cent after the company posted less-than-estimated Q4 results.

HUL shares were down over 1 per cent after brokerages cut the target price.

Kotak Mahindra Bank shares were down over 10 per cent after the Reserve Bank of India (RBI) last evening announced certain business restrictions on the private sector lender. 

GLOBAL MARKETS 

Asian stocks fell on Thursday as disappointing earnings forecasts from Facebook parent Meta Platforms hammered tech shares, while the yen's slump past 155 per dollar for the first time since 1990 raised the spectre of intervention from Tokyo.

A 15 per cent dive in shares of Meta in extended trading after the Instagram parent forecast lighter-than-expected current quarter revenue and higher expenses soured the mood, sparking a sell-off in U.S. tech and tech-related stocks.

(With inputs from agencies.)

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