Marketbuzz Podcast with Vivek Iyer: Sensex, Nifty 50 set to open higher after retail inflation eases
Episode 1096, Sep 13, 2023, 03:41 AM
Indian shares were set to open higher on Wednesday, with the benchmark Nifty 50 and Sensex hovering around record highs after data showed retail inflation eased and industrial output rose.
India's GIFT Nifty on the NSE International Exchange was up 0.22 percent at 20,073.50 at 7:51 am.
The benchmark Nifty 50 and the S&P BSE Sensex closed little changed in a volatile session on Tuesday.
Data released after the bell showed that India's retail inflation eased in August to 6.83 percent but still above the upper end of the Reserve Bank of India's two percent to six percent target range, aided by a moderation in food prices.
The Indian market has been trending near lifetime high levels comfortably about the 20,000 mark and the mid cap and small cap indices were at lifetime highs.
However, in a single trading session, what's actually happened is that there has been quite a steep sell off, also aided by worries that a certain hedge fund portfolio got liquidated in yesterday's trading session. However, FII data indicate that there isn't too much to panic.
In the US markets overnight, all the major industries posted losses with the tech-heavy NASDAQ taking the brunt of the selling pressure given that Apple shares saw sell-off post the launch event.
Brent futures were higher by 1.6 percent and were closer to the $92 a barrel mark. Oil prices continue to trend higher on the back of OPEC maintaining robust demand guidance.
Tune in to Marketbuzz Podcast for more news and cues
India's GIFT Nifty on the NSE International Exchange was up 0.22 percent at 20,073.50 at 7:51 am.
The benchmark Nifty 50 and the S&P BSE Sensex closed little changed in a volatile session on Tuesday.
Data released after the bell showed that India's retail inflation eased in August to 6.83 percent but still above the upper end of the Reserve Bank of India's two percent to six percent target range, aided by a moderation in food prices.
The Indian market has been trending near lifetime high levels comfortably about the 20,000 mark and the mid cap and small cap indices were at lifetime highs.
However, in a single trading session, what's actually happened is that there has been quite a steep sell off, also aided by worries that a certain hedge fund portfolio got liquidated in yesterday's trading session. However, FII data indicate that there isn't too much to panic.
In the US markets overnight, all the major industries posted losses with the tech-heavy NASDAQ taking the brunt of the selling pressure given that Apple shares saw sell-off post the launch event.
Brent futures were higher by 1.6 percent and were closer to the $92 a barrel mark. Oil prices continue to trend higher on the back of OPEC maintaining robust demand guidance.
Tune in to Marketbuzz Podcast for more news and cues