Earnings Misses at Reliance, ICICI Bank Set to Embolden India Stock Bears

Good morning...

I’m Alex Gabriel Simon from the equities team in Mumbai. Let’s look at how Monday is shaping up for markets.

There’s a sense of caution in the air for Indian traders, given negative cues from both global and local markets. Risk assets including Asian stocks are down while gold hit a record on haven demand after US President Donald Trump proposed new levies on eight European nations, reviving tariff-related worries. Investors are also tracking developments at the World Economic Forum in Davos, where global leaders — including Trump — are meeting through Jan. 23. Back home, earnings misses from Nifty heavyweights such as Reliance and ICICI Bank after markets hours Friday will likely add to worries for traders who have been counting on corporate results to help revive animal spirits.