In contrast, Axis Bank's standalone net profit rose to Rs 6,304 crore, marking a 3.83% increase year-over-year and aligning with market expectations.

Havells India reported a consolidated net profit of Rs 278 crore for the third quarter, reflecting a 3.47% year-over-year decline, despite a revenue increase of 10.75%.

However, there are mixed signals as GIFT Nifty futures also showed a weaker market opening earlier, trading lower at 23,321.5.

In commodity markets, gold prices have surged to a one-month high due to softer US inflation data, while oil prices have retreated, with Brent crude falling to $81.29 per barrel.

In the US, retail sales growth slowed more than anticipated in December, and weekly jobless claims rose beyond forecasts, contributing to a decline in major indices.

Foreign Institutional Investors (FIIs) sold shares worth Rs 4,341.95 crore on January 16, while Domestic Institutional Investors (DIIs) purchased shares worth Rs 2,928.72 crore.

Overall, Indian benchmark indices are expected to respond to mixed global cues and the latest earnings reports as they navigate through the current market landscape.

Meanwhile, Reliance Industries achieved a record quarterly profit, and Infosys has raised its revenue guidance for the fiscal year 2025.

The IPO market is buzzing today with several listings, including Capital Infra and Sat Kartar Shopping, while EMA Partners opens for subscription.

Additionally, Stallion India and Landmark Immigration are also launching their IPOs today, with Rikhav Securities and Kabra Jewels continuing their subscription phase.

As for market expectations, Indian equities are set for a subdued start on January 17, 2025, with GIFT Nifty futures indicating a gap-up opening, trading higher at 23,416.