Sensex jumps over 100 points ahead of WPI inflation data; Adani Ports, Cipla shares shine; Cochin Shipyard extends gain

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Updated: August 14, 2017 9:36:32 AM

Indian market opened higher on Monday ahead of the macroeconomic data scheduled for today and tracking the other Asian stocks which bounced in early trade today after three losing sessions, as Wall Street ended marginally higher on Friday.

BSE Sensex opened 85 points higher at 31,299.52 points and NSE Nifty advanced 45 points to open at 9,756 points. (Image: BSE)

Indian market opened higher on Monday ahead of the macroeconomic data scheduled for today and tracking the other Asian stocks which bounced in early trade today after three losing sessions, as Wall Street ended marginally higher on Friday. This week the domestic markets will witness the release of wholesale inflation figures, corporate earnings effect, ongoing geopolitical worries between the United States and North Korea and further developments in the SEBI’s shell order if any. BSE Sensex opened 85 points higher at 31,299.52 points and NSE Nifty advanced 45 points to open at 9,756 points.

Shares of Cipla (up 4.69%), Adani Ports (up 4.56%), Tata Steel (up 2.49%), Mahindra & Mahindra (up 1.68%), Reliance Industries (up 1.5%) gained in the opening trade on BSE. Shares of Cochin Shipyard extend the gains after surging 22% on listing day, rose as much as 9%to the day’s high of Rs 569 on BSE. While the stocks of heavyweights Maruti Suzuki, Reliance Industries, Adani Ports, HDFC and Tata Steel remain the major contributors in lifting the benchmark indices higher. With in minutes of trading, the 30-share barometer added over 150 points to 31,365.7 points while the broader Nifty 50 inched up 57 points to 9,767.7 points.

There are around 636 listed companies which scheduled to announce the first quarter earnings for the financial year 2017-2018 in this week. Out of which, 600 companies are expected to release the earnings report card on Monday itself. The shares of Coal IndiaTata Power, AIA Engineering, Akzo Nobel, Apollo Hospitals, Bajaj Hindusthan, Castex Tech, DB Realty, DCW, Dredging Corp, Future Consumer, Granules, Grasim, IDBI Bank, Jain Irrigation, JK Tyre, MEP Infra, NBCC, Prestige Estates will be in focus today ahead of the first quarter earnings.

This week is queued up with the release of macro economic data with including key inflation figures for the month of July covering WPI (wholesale price index) for inflation, food, fuel, manufacturing, inflation rate and balance of trade which are scheduled for today. Wholesale inflation for the month of June fell to 0.9% which is the lowest in at least eight months as prices in food articles, including vegetables, declined.

Another major lineup for this week is the announcement of foreign exchange reserves, deposit growth, and bank loan growth later on Friday. Last week the country’s foreign exchange reserves touched a new lifetime high of USD 393.448 billion after rising by $581.1 million in the week to August 4 on account of increase in foreign currency assets (FCAs), the RBI data showed.

Indian stock market tumbled on Friday last week, posting the worst weekly fall in over last 18 months as the ongoing cross-border tensions between the United States and North Korea turned the sentiments negative. The overall behaviour of investors was mostly subdued after the Indian market regulator SEBI ordered to the bourses to restrict 331 companies listed on exchanges which are expected to be shell entities and weak earnings also fueled the pessimism amid the market participants.

The three major US stocks indexes ended higher on Friday, snapping three days of losses, as investors bet on slower U.S. rate hikes, but gains were muted by increasingly aggressive exchanges between the United States and North Korea.
Weaker-than-expected July consumer price data led investors to bet that benign inflation would keep the U.S. Federal Reserve from raising rates again this year.

President Donald Trump said Friday that the US military was “locked and loaded,” while Pyongyang accused him of driving the Korean peninsula to the brink of nuclear war. Trump wrote on Twitter on Friday that US “military solutions are now fully in place, locked and loaded, should North Korea act unwisely.” Trump has urged China to apply more pressure on North Korea. Donald Trump is expected on Monday to launch a trade investigation into China.

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