MARKETS LIVE: IIP, CPI nos to guide market; Coal India to stay in focus

Markets, Up, Down, BSE, NSE, Stocks


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Equity market on Wednesday is likely to react to the twin macroeconomic data, index of industrial production (IIP) and consumer price index (CPI) inflation, that were released post market hours on Tuesday. 


Official data showed India’s retail inflation eased to a 19-month low of 2.05 per cent on lower food prices, whereas the country’s industrial output in December 2018 was the slowest in the last 17 months at 2.4 per cent.


Moreover, stock reactions to Q3 results, next batch of December quarter earnings, movement of rupee against the US dollar and crude oil prices will steer the indices. 


On the global front, positive sentiment on US-China trade talks may boost the sentiment. US President Donald Trump said on Tuesday he was open to postponing the March 2 deadline for tariffs if Washington and Beijing can reach a trade deal soon.


STOCKS IN FOCUS


Sun Pharma: The company on Tuesday posted a fourfold jump in its net profit for December quarter at Rs 1,241.85 crore from Rs 321.57 crore in the corresponding quarter last fiscal year. 


Coal India: The state-run coal miner posted a 50 per cent increase in its net profit at Rs 4,566.74 crore for the quarter ended December 31, 2018, beating Street estimates.


Tata Motors: The auto company on Tuesday reported 12 per cent fall in global sales, including that of Jaguar Land Rover (JLR), at 1,00,572 units in January this year.


RESULTS TODAY


Over 525 companies are scheduled to release their December quarter earnings later in the day. Some of the prominent names include Fortis Healthcare, Lemon Tree Hotels, NBCC, Oracle Financial Services, Quick Heal Technologies and Bharat Forge. 


RUPEE CHECK


Registering sixth straight session of gain, rupee strengthened by 48 paise to close at one-month high of 70.70 against the dollar on Tuesday.


SGX NIFTY


At 08:01 am, Nifty futures on the Singapore Exchange (SGX) traded 31.50 points or 0.29 per cent higher at 10,893.  


GLOBAL MARKETS


Stocks in Asia rose in early trade. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.2 per cent while South Korea’s KOSPI gained 0.5 per cent and Japan’s Nikkei climbed 1 per cent. In the overnight trade, US stocks ended with sharp gains where both the Dow and Nasdaq rallied 1 per cent each. 


OIL MARKET

Oil prices rose by around 1 per cent on Wednesday as producer club OPEC said it had deeply cut supply in January and as US sanctions hit Venezuela’s oil exports.

(with Reuters input)

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