Indian stocks open in green; inflation data eyed for fresh cues
Apr 11, 2023
New Delhi [India], April 11 : Indian stock indices opened Tuesday's trade on a positive note, largely due to the pause in an interest rate hike by RBI, bringing cheers to investors.
The latest inflow of foreign funds and strong US markets, too, lent support to Indian stock indices.
At the time of writing this report, Sensex and Nifty were 0.5 per cent higher each. The indices extended gains for the seventh session in a row, as the central bank made a surprise decision of keeping the repo rate unchanged to assess the effects of the policy rate tightening so far.
For fresh cues, market participants await retail and wholesale inflation data for March due later this week.
Retail inflation in India fell marginally but remained above RBI's 6 per cent upper tolerance band for the second straight month in February 2023, with the Consumer Price Index pegged at 6.44 per cent. In January, the retail inflation was at 6.52 per cent.
India's retail inflation was above RBI's 6 per cent target for three consecutive quarters and had managed to fall back to the RBI's comfort zone only in November 2022.
Also, earnings of listed Indian companies for Q4 2022-23, which will start coming later this week, will also be closely tracked.
"The ongoing mild rally is likely to be sustained by individual stock performances triggered by Q4 results rather than by sectoral moves," said VK Vijayakumar, chief investment strategist at Geojit Financial Services.
