Indian shares seen inching up; CPI data in focus
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BENGALURU - Indian shares are set to open higher on Wednesday, in line with broader markets as investors waited anxiously for data on domestic and U.S. inflation for cues on central banks' interest rate path.
India's NSE stock futures listed on the Singapore exchange were up 0.09% at 18,002.50, as of 7:39 a.m. IST on Wednesday.
While recent remarks from U.S. Federal Reserve officials pointed to the central bank's need to remain aggressive on rate hikes, market participants will wait to see inflation levels at home and in the U.S., a key metric to determine rate expectations.
The U.S. consumer prices index report on Thursday is expected to show some moderation in year-on-year prices in December.
India's retail inflation held steady last month, staying within the Reserve Bank of India's comfort zone for a second month, a Reuters poll of economists found. The data is due on Thursday.
In other Asian equities, the MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.28%.
Wall Street stocks finished higher overnight on relief that Fed Chair Jerome Powell refrained from commenting on rate policy in a speech.
Domestic IT stocks could gain after tech-heavy Nasdaq ended 1% higher. Focus will turn to major IT firms Infosys Ltd, HCL Technologies Ltd and Wipro Ltd that are set to report quarterly earnings later this week.
Meanwhile, foreign institutional investors extended their selling streak for the thirteenth day in a row, offloading 21.09 billion rupees ($258.23 million) worth of equities on a net basis on Tuesday.
Domestic investors bought 18.07 billion rupees of shares, as per provisional NSE data.
STOCKS TO WATCH
** Adani Wilmar: Co sees sales growth in high single digits in third quarter, aided by strong demand in festive season and out-of-home consumption.
** PC Jeweller: Co reported domestic turnover of 8.29 bln rupees in third quarter, up 38% YoY.
** Cupid: Cupid gets purchase order worth 52.1 mln rupees from United National Population Fund.
** Uttam Sugar Mills: Co to increase ethanol and cane crushing capacity at Barkatpur plant in Uttar Pradesh.
($1 = 81.6720 Indian rupees)
