Share Market Live: SGX Nifty Hints At A Positive Start; Tata Steel, BPCL, Eicher Motors In Focus

Indian bonds traders will await a Rs 25,000 crore ($3.4 billion) purchase of debt by the central bank to see what cutoff yields the authority will be offering for the various papers. Traders will also watch for the release of July CPI print, which is expected to show some easing from the previous month.

• RBI to buy 5.63% 2026, 7.17% 2028, 7.26% 2029, 7.61% 2030 and 7.95% 2032 bonds as part of its G-SAP program.

• July retail inflation is expected to ease to 5.72% y/y as against 6.26% the previous month, as per a Bloomberg survey. June industrial production is expected to show a 14% YoY growth against the 29.3% the previous month, a separate survey shows

Asian stocks were mixed on Thursday as China’s regulatory push sapped sentiment, overshadowing a Wall Street record on easing inflation that reduced concerns about an imminent pull back in Federal Reserve stimulus.

Equities edged up in Japan, fluctuated in China and slipped in Hong Kong. U.S. contracts were little changed after the S&P 500 hit an all-time high and the tech-heavy Nasdaq 100 fell amid a rotation to cyclical shares. Ten-year Treasuries pared gains spurred by a strong auction and a U.S. inflation report supporting the view that price pressures are transitory. The dollar held a drop.

India’s SGX Nifty 50 Index futures for Aug. delivery rose 0.2% to 16,323.00, while MSCI Asia Pacific Index shed 0.2%. The NSE Nifty 50 Index closed little changed Wednesday at 16,282.25.

China released a five-year plan calling for greater business regulation as Beijing pursues a crackdown that has shaken investors. One of the latest steps is stepped up scrutiny of insurance technology platforms. The central bank also faces calls to cut interest rates as virus outbreaks hamper the economy. Credit in China expanded last month at the slowest pace since February 2020.

In the U.S., prices paid by consumers climbed at a slower pace in July but remained elevated. The inflation trajectory has implications for the Fed’s likely timeline for tapering bond purchases and President Joe Biden’s push for unified Democrat support for another $3.5 trillion in social spending.

Elsewhere, oil held a climb as a weaker dollar offset a smaller-than-expected decline in crude stockpiles. Bitcoin traded around $46,000 following a sharp rally since mid-July.

Back home, Cummins India, CESC, Bata, HEG, CreditAccess may react as the companies reported quarterly results after the market closed Wednesday. Tata Steel, BPCL, Hero, Eicher Motors, Ashok Leyland, Page, Aurobindo Pharma, Bharat Forge are among the companies scheduled to report earnings Thursday.

Government to release June industrial-production and July consumer-price inflation data. MRF, Page Industries, Cummins, CSB Bank, Bata, Equitas Small are holding their annual shareholders’ meeting. Foreign investors sold net Rs 80.15 crore of stocks on Tuesday, according to NSDL website.