Sensex, Nifty trend higher tracking global peers; retail inflation data in focus
Premium- Over the week, markets will take cues from earnings announcements and macroeconomic data - IIP and retail inflation on 12 July, and WPI inflation on 14 July
MUMBAI: Indian stock markets opened higher on Monday tracking gains in global peers and ahead of the release of the retail inflation data, due later today.
At 0942am, the benchmark Sensex was up 0.4% at 52,599, while Nifty rose 0.42% to 15754.95.
Asian shares were enjoying a relief rally on Monday as record highs on the Wall Street and policy easing in China helped calm some of the recent jitters on global growth, though plenty of potential pitfalls lay ahead this week.
In the US, inflation data could provide a scare ahead of testimony by Federal Reserve Chair Jerome Powell on Wednesday and Thursday, where markets will be hyper-sensitive to any talk of early tapering.
Back home, over the week, markets will take cues from earnings announcements and macroeconomic data - IIP & retail inflation on 12 July, and WPI inflation on 14 July. Besides, global cues, monsoon progress and updates on the new COVID variant will be closely monitored by investors.
Consumer price inflation probably rose 6.59% year-on-year in June compared with a 6.30% gain in May, according to a Bloomberg survey
Last week, markets were subdued tracking global cues. While visible improvement in business momentum with ease of curbs by states have been offering comfort, the recent uptick in daily caseload and increasing positivity rates could be a near-term risk, analysts said.
Analysts, however, believe that any meaningful correction in the markets should be taken as an opportunity to get into quality stocks.
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