Indian Stock Bulls Count on Earnings to Extend Best Winning Run Since November

Good morning...

I’m Savio Shetty in Mumbai, bringing you the latest on markets ahead of the open.

The optimism sparked by the US-Israel ceasefire has already been tempered. Oil has recovered a little after its biggest one-day drop since April 2020, as the Strait of Hormuz remained largely blocked and Israeli attacks on Lebanon have threatened to derail the fragile deal. Early declines in Asian stocks aren’t a welcome signal for the Nifty 50, which on Wednesday logged its longest winning streak since November. The Indian benchmark began rallying before the ceasefire was announced, with the beaten-down IT being one of the key drivers. The sector will be in focus today, with Tata Consultancy Services set to report after the bell. Earnings performance and the durability of the ceasefire deal will determine whether the Nifty’s five-day rally can continue.