Stock market live updates: The key benchmark indices are likely to start Wednesday’s session on a flat note as per trends indicated by the SGX Nifty futures, which were quoting 15,753 levels at 7:45 am, unchanged from their previous close.
Global sentiment remains weak as inflation numbers in both India and US rose steeply. US consumer inflation rose 8.5 per cent in March vs 7.9 per cent in Feb, raising expectations of larger rate hikes by the US Fed.
Back home, India’s annual retail inflation hit a 17 month high of 6.95 per cent in March from a year ago, while industrial production grew only 1.7 per cent in February and contracted 4.7 per cent from the last month.
Investors will react to the inflation numbers coupled with lower industrial output, that poses conflict for the RBI to juggle between the growth and inflation conundrum.
That apart, IT major Infosys may see some action as it will announce its Q4 results after market hours today.
Thermax will also be eyed as the company has bagged an order worth Rs. 522 crore for utility boilers and associated systems for a grass root refinery and petrochemical complex in Rajasthan.
Global cues
On Tuesday, US equities rose in early deals on in-line inflation data but fizzled out gains as investors factored in expectations of faster and aggressive rate hikes by the Fed on elevated inflation.
The S&P 500 declined 0.34 per cent, the Nasdaq fell 0.30 per cent and the Dow Jones closed 0.26 per cent lower.
Oil prices saw sharp uptick again after staying off highs in the past few days. Brent Crude and WTI jumped around 7 per cent to settle at $105 and $100 a barrel, respectively.
Asian markets were mixed this morning with Hang Seng, Shanghai Composite and Shenzhen Component falling 0.5-1 per cent. Nikkei, Strait Times, and Kospi rose up to 1.2 per cent.
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