Indian stocks are likely to open higher on Thursday, taking cues from fairly steady Asian markets, where the undertone is largely positive after the U.S. Federal Reserve announced an expected rate hike.
Some bargain hunting and short-covering after two successive days of losses may help lift prices of a few front-line stocks.
The data on wholesale price inflation for November will be announced around noon. In October, wholesale prices increased 3.59% (year-on-year) after rising 2.6% in September.
The Federal Reserve hiked the benchmark U.S. interest rate by 0.25%, from 1.25% and maintained the earlier forecast for just three 1/4- point rate hike in 2018. The Federal Open Market Committee raised the GDP estimate from 2.5% for 2018 from an earlier projection of 2.1%, although it projected growth to be 2.1% in 2019 and 2% in the subsequent year.
However, inflation is projected to remain shy of the Fed's 2% goal for another year. Amid concerns about inflation, the policymakers said there is no reason to accelerate the expected pace of rate increases.
Maruti Suzuki will be in focus on reports that the company is planning to hike prices across its models by up to 2% from January to partially offset the rise in input costs.
Tata Steel Board is scheduled to meet on December 18, to consider a proposal for raising funds through issue of equity shares or through a combination of methods.
by RTT Staff Writer
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