Markets may open slightly higher as they await Indian inflation data
- Indian markets might open slightly higher as
SGX Nifty, an early indicator of the market, was up 0.05%.
- India’s retail inflation data is scheduled to be released today by the Ministry of Statistics and Programme Implementation at 5.30 pm.
- Adani Enterprises, Bharat Forge, Jet Airways are among stocks to watch out today.
AdvertisementMarkets are expected to open slightly higher mirroring indicator SGX Nifty and as most
The US indices ended in the red on Thursday following a jump in treasury yields while investors expected a slowing pace of hike in interest rates by the US Fed after the inflation data came in better than expected.
India’s retail inflation data is scheduled to be released today by the Ministry of Statistics and Programme Implementation at 5.30 pm. In June, the consumer price index decelerated to 7.01% from 7.04% in May.
Meanwhile, markets may witness less action due to the long weekend.
According to Sorbh Gupta, equity fund manager at Quantum Mutual Fund, many factors like — geopolitical challenges, inflation, rising interest rates and social media hullabaloo on an possible US recession next year can make investors nervous to sell into the current rally.
“These are times for investors to stay the course in their investment journey to achieve their long-term financial goals. Equity investors should stagger their allocation to equity over a period and move the asset allocation to the optimum level as defined by their asset allocation plan,” said Gupta.
Here are some of the stocks that will remain in focus:
The Adani Group plans to invest ₹57,575 crore to set up an alumina refinery in Odisha. It will set up a 4-million tonnes a year alumina refinery near bauxite mines as well as an iron ore project.
The auto components maker’s net profit rose 7% to ₹160 crore in June quarter as compared to ₹152 crore last year.
The pharmaceutical company’s net profit slipped 32% to ₹520 crore in June quarter while revenues rose 9% to ₹6,235 crore.
The shoemaker has posted a 71% increase in net profit at ₹119 crore and declared the quarter sales, as its ‘highest ever quarterly sales’.
Jet Airways (India)
The airline’s net loss widened to ₹390 crore for the quarter ended June from ₹129 crore last year.
Hero Motocorp, Grasim Industries, ONGC, Zee Entertainment Enterprises, Info Edge (India), Muthoot Finance, Apollo Tyres, Hindustan Aeronautics, Power Finance Corporation, Bajaj Electricals among companies to report quarterly earnings.
SEE ALSO: RBI cancels license of Pune-based Rupee Cooperative Bank, says 99% depositors will receive full refund
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