Stock market to open tad lower due to weak US data, here are key stocks to watch
The stock market in India are expected to open slightly lower on Monday due to concerns about a slowdown in the US economy, which has led to a decline in global equities. However, the impact of this sentiment was partly offset by a decrease in domestic retail inflation.As of 7:50 am IST, India's NSE stock futures listed on the Singapore exchange were down 0.20% at 18,287.The decline in Wall Street equities was driven by a recent survey showing a six-month low in US consumer sentiment in May, raising fears of a potential recession. Asian markets were also subdued as investors awaited China's central bank rate decision and important macroeconomic data.Despite the weak global cues, Indian retail inflation data for April showed a decrease to an 18-month low. Shaktikanta Das, the governor of the Reserve Bank of India (RBI), expressed confidence that the latest inflation figures indicated the central bank's monetary policy was on the right track.Siddhartha Khemkha, the head of retail research at Motilal Oswal Financial Services Ltd, stated that the market is waiting for new catalysts to drive the next phase of the rally.The Nifty 50 index recorded gains for the third consecutive week on Friday, with a 5.50% increase since March 31, 2023. This growth was supported by relatively stable earnings in the March quarter and a return of foreign institutional investors (FIIs) to Indian equities.On Friday, FIIs extended their buying streak in Indian equities for the twelfth consecutive session, purchasing shares worth 10.14 billion rupees ($123.99 million). Over the period, FIIs bought nearly 195 billion rupees ($2.38 billion) worth of shares, as per provisional data from the National Stock Exchange.Here are some stocks to watch:Tata Motors Ltd: The company reported a second consecutive quarterly profit, benefiting from price hikes and strong demand.Avenue Supermarts Ltd: Consolidated profit for the March quarter increased by nearly 8% year-on-year, reaching 4.60 billion rupees.DLF Ltd: The company's Q4 profit rose by 41% due to lower costs.Colgate-Palmolive (India) Ltd: The company surpassed profit expectations in Q4, driven by price hikes.(With inputs from Reuters)
Monday, May 15, 2023 at 4:34 am