The US markets were strong overnight as Dow Jones ended 408 points up. Investors’ sentiment improved after Washington leaders indicated that they are moving forward on debt ceiling talks. House Speaker Kevin McCarthy said that he does not believe the US will default on its debt.

Nifty fell 104 points on Wednesday, closing below 18200. The flows were muted as foreign institutional investors (FIIs) net bought Rs 149 crore in cash market, while domestic institutional investors (DIIs) sold Rs 203 crore in cash market overnight.

Today is a big day of earnings as ITC, SBI and Bata will be reporting their fourth quarter numbers. For SBI, the Street is expecting a healthy traction in loan growth and improvement in asset quality. For ITC, the stock is up 28 percent in 2023, the earnings are expected to be strong, The Street is estimated a 12-13 percent growth in cigarette volumes this quarter.

Crude oil prices settled higher by $2$ on optimism about the US debt ceiling resolution. Brent crude prices are currently trading above $76/bbl.

Markets were under pressure for the second consecutive day on Wednesday. Flows were mixed, and selling pressure was witnessed across tech and pharma stocks. Nifty continued to face resistance at 18300 on the upside .