Futures on Indian NSE shares listed on the Singapore Stock Exchange rose 0.26% to 17,996.50, 08:04 IST on Thursday.
The US Consumer Price Index (CPI) report, out Thursday at 7:00pm IST, is expected to show some moderation in December prices year-on-year. Both core CPI and headline inflation are expected to ease, raising hopes that the Federal Reserve will moderate the pace of its rate hikes.
Retail inflation in India held steady last month, staying within the Reserve Bank of India’s (RBI) comfort range of 2% to 6% for a second month, according to a Reuters poll of economists. Data is expected later today at 5:30pm IST.
However, recent remarks by Fed officials have underscored the need for the central bank to remain aggressive on rate hikes. Last month, RBI Governor Shaktikanta Das said India’s central bank would continue its fight against inflation even if the worst was “behind us”.
Elsewhere in Asia, MSCI’s broader stock index in the Asia-Pacific region outside Japan rose 0.5% to hold its seven-month high. [MKTS/GLOB]
Wall Street stocks closed higher overnight on hopes that inflation data was supportive and hinted at less aggressive rate hikes by the Fed.
Attention will also be paid to leading IT companies Infosys Ltd, HCL Technologies Ltd, both of which will release their quarterly results later today.
Meanwhile, overseas institutional investors extended their sell-off for a 14th consecutive day, dumping 32.08 billion rupees ($393.15 million) of shares on a net basis on Wednesday.
Domestic investors bought Rs 24.31 billion worth of shares, according to provisional data from the NSE.
FOLLOW THE VALUES
** Infosys, HCL Technologies: Companies to announce their third quarter results.
** State Bank of India: Government extends Challa Sreenivasulu Settu’s term as the lender’s chief executive officer for two years, effective January 20, 2023.
** 5paisa Capital: The company reported a consolidated net profit of Rs 110.17 million, up 1.383% year on year, and a consolidated net profit of Rs 837.62 million, up 4. 6% year-over-year for the third quarter.
** Mobile Route: Co has signed an agreement with leading mobile network operators in Sri Lanka for international A2P messaging.
($1 = 81.5970 Indian rupees)