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HomeIndiaIndian shares set to rise ahead of U.S. inflation data

Indian shares set to rise ahead of U.S. inflation data

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BENGALURU (Reuters) – Indian shares are set to open higher on Tuesday, tracking the gains in global equities ahead of U.S. inflation data due later in the day, with a rise in domestic retail inflation in January above the Reserve Bank of India’s upper threshold likely capping the move up. India’s NSE stock futures listed on the Singapore exchange were up 0.11% at 17,808 as of 8:00 a.m. IST.

Wall Street equities closed higher on Monday, as investors expected consumer price index (CPI) data for January to ease.

Asian markets advanced, with the MSCI’s broadest index of Asia-Pacific shares outside Japan adding 0.24%.

Keeping a check on the gains in domestic equities could be the rise in retail inflation in January to 6.52%, above the upper limit of RBI’s targeted band of 2-6%, on higher food prices. Economists flagged the likelihood of more rate hikes from India’s central bank post the data.

Meanwhile, the sharp selloff in Adani Group stocks could continue to cast a cloud on domestic equities.

India’s market regulator would update the finance ministry this week on its investigation into the group’s abandoned $2.5 billion follow-on public issue, Reuters reported on Monday, citing two sources.

Adani Group has appointed accounting firm Grant Thornton for independent audits for some of its group companies in its bid to address concerns raised by U.S. short-seller Hindenburg Research, Reuters reported, citing two sources.

STOCKS TO WATCH

** FSN E-Commerce Ventures: Co posts slide in consolidated net profit in Q3 on high expenses.

** Zee Entertainment: Co reports fall in consolidated net profit in third quarter on slide in ad spends and rise in costs.

** Steel Authority of India: Co reports fall in consolidated net profit in Q3

** Power Finance Corporation: Co reports rise in consolidated net profit in Q3.

($1 = 82.5250 Indian rupees)

(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Dhanya Ann Thoppil)

Disclaimer: This report is auto generated from the Reuters news service. ThePrint holds no responsibilty for its content.

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