Oil prices remained steady on Friday. This came after fears of a U.S. strike on Iran eased. U.S. crude and gasoline inventories also rose. Venezuela has resumed oil exports. Analysts noted a swift unwinding of the 'Iran premium' from prices. Shell and OPEC provided outlooks on future energy demand and supply balances.
Asian stocks are on track for their best weekly run since May. Technology shares are reaching new highs, driven by strong investor interest in artificial intelligence. This surge follows positive news from Taiwan Semiconductor Manufacturing Company, boosting confidence in the tech sector. US and European markets also saw gains, with chipmakers performing exceptionally well.
Investors are shifting focus from technology stocks to industrial, healthcare, and small-cap companies. This move signals a potential broadening of market leadership. Fourth-quarter earnings reports will be crucial in determining the sustainability of this trend. Experts believe conditions are favorable for this expansion, with AI benefits expected to reach various sectors.
Indian drugmakers anticipate a mixed third quarter. Domestic sales and new specialty drugs will drive growth. US generics will see new product boosts. Contract services and APIs are set for moderate gains. Sun Pharma and Lupin are poised for leadership. Cipla and Dr Reddy's face softer US sales. Divi's Laboratories expects strong custom synthesis growth.
Mutual fund managers adjusted portfolios in December, buying Swiggy and Zomato amid underperformance and favoring Tata Consultancy Services over Infosys. They also rotated allocations in InterGlobe Aviation following a selloff due to mass flight cancellations, preparing for the Q3 results season.
