Flat opening on the cards
12-Jul-23   08:00 Hrs IST

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could fall 6 points at the opening bell.

On the macro front, the Industrial Production and Manufacturing Production data for May will be released today, 12 July 2023. Inflation rate for June will also be declared today.

Global markets:

Overseas, Asian stocks are trading mixed on Wednesday ahead of the key inflation data from India and the US to be released later today.

Japan's corporate goods price index rose at a slower pace of 4.1% year-on-year in June, the sixth straight month that growth has slowed. Also known as the wholesale inflation gauge, the 4.1% figure is lower than May's revised print of 5.2%, and also the slowest inflation rate recorded since April 2021.

US stocks ended higher on Tuesday, helped by optimism ahead of key inflation reports and as JPMorgan and other financial shares gained before earnings later this week.

US consumer price data is due on Wednesday, while a producer prices report is due on Thursday. Investors are looking for further clues on whether price pressures are abating and if the Federal Reserve is nearing the end of its interest rate hiking cycle.

Domestic markets:

Back home, domestic shares closed higher on Tuesday, with the Nifty index closing above the 19,400 level. The barometer index, the S&P BSE Sensex added 273.67 points or 0.42% to 65,617.84. The Nifty 50 index advanced 83.50 points or 0.43% to 19,439.40.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,197.38 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 7.25 crore in the Indian equity market on 11 July, provisional data showed.

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