Shares of Tata Consultancy Services (TCS) rose over 1.6% as analysts expected the company to sustain its revenue growth trajectory, aided by deal intake and demand for digital technology.
Source: Exchange Filing, Brokerage Note, Bloomberg
Sensex, Nifty Open Little Changed; Wipro Declines
India’s stock benchmarks opened little changed, as gains in metals and information technology stocks were offset by losses in auto, banking stocks.
The S&P BSE Sensex rose 0.1% to 61,256.36. The NSE Nifty 50 also added 0.1% to 18,232.75.
The broader indices almost mirrored their larger peers with S&P BSE MidCap little changed and S&P BSE SmallCap gaining 0.15%. Eleven of the 19 sectoral indices compiled by BSE Ltd. advanced with S&P BSE Metal rising 1.4%. On the flipside the S&P BSE Realty index shed nearly 1%.
The market breadth was skewed in the favour of bulls. About 1,634 stocks advanced, 1,099 declined and 86 remained unchanged.
Posco, Adani Sign Accord For Integrated Steel Mill In Gujarat
Posco and Adani Group agreed to explore business cooperation opportunities, including the establishment of a green integrated steel mill at Mundra, Gujarat.
The investment is estimated to be as much as $5 billion.
A non-binding accord signed between the firms hints at further collaboration at group business level in sectors like renewable energy, hydrogen, logistics.
Source: Exchange Filing
Bond Traders To Assess December CPI Print
Indian bond traders will assess retail inflation after data showed it accelerated in December but undershot expectations.
India’s consumer prices rose for the third straight month in December, adding pressure on the central bank to join some of its global peers in tightening policy to cool inflation
Retail inflation stood at 5.59% year-on-year compared with a 4.91% gain in November, the statistics ministry said Wednesday. That’s slower than the median estimate for a 5.8% gain in a Bloomberg survey of 35 economists.
SGX Nifty Hints At Opening Gains; TCS, Infosys, Wipro, Tata Motors, Cipla In Focus
Asia stocks were mixed on Thursday after a U.S. inflation climbed at the fastest pace since 1982, intensifying calls for interest-rate increases as soon as March.
Shares rose in Hong Kong and fell in Japan. China was steady. U.S. futures fluctuated after the S&P 500 and the Nasdaq 100 ended higher on Wednesday.
The Singapore-traded SGX Nifty, an early indicator of India’s Nifty 50 Index’s performance, rose 0.66% to 18,336.50 as of 7:30 a.m.
Elsewhere, oil rose amid signs of tighter supply. Bitcoin traded around $44,000
