Maharashtra Deputy CM Ajit Pawar Slams Meat Sale Ban on Independence Day

Indian equities expected to start on a positive note, driven by strong global cues and a cooling retail inflation rate of 1.55% in July. GIFT Nifty futures were trading 63 points higher at 24,618. Asian markets edged higher, while Wall Street indices closed at fresh record highs after tamer-than-expected consumer price index data. Several companies, including Bharat Petroleum Corporation and United Spirits, will release Q1 results today.

Indian equities are expected to start the day on a positive note, driven by strong global cues and a cooling retail inflation rate of 1.55% in July. GIFT Nifty futures were trading 63 points higher at 24,618, indicating a positive start for the Indian stock market indices. Asian markets edged higher, while Wall Street indices closed at fresh record highs after tamer-than-expected consumer price index (CPI) data [1].

The global market sentiment is buoyed by the US Federal Reserve's expected interest rate cut next month, following the release of inflation data. The US consumer price index (CPI) rose moderately in July, increasing by 0.2% after gaining 0.3% in June. This data bolstered expectations of a Federal Reserve interest rate cut, leading to a rally in Wall Street indices [1].

In India, the retail inflation rate, as measured by the Consumer Price Index (CPI), dropped to 1.55% in July, slipping below the central bank's comfort zone for the first time in eight years. This cooling inflation rate is expected to support the Indian stock market, as it reduces the pressure on interest rates and encourages consumer spending [1].

Several companies, including Bharat Petroleum Corporation and United Spirits, will release their Q1 results today. The market is closely watching these earnings reports to gauge the financial health of these companies and their impact on the overall market sentiment.

The Asian markets traded higher on Wednesday, following overnight gains on Wall Street. Japan’s Nikkei 225 rallied 1.35%, while the broader Topix gained 0.72%. South Korea’s Kospi rose 0.24% and the Kosdaq gained by 0.88%. Hong Kong’s Hang Seng index futures indicated a higher opening [1].

Gold prices rose, supported by a weaker dollar after tame US inflation data. Spot gold price was up 0.1% at $3,347.09 per ounce, while US gold futures for December delivery were steady at $3,397.50 [1].

Crude oil prices were little changed after falling in the previous session. Brent crude futures were flat at $66.12 a barrel after dropping 0.8% in the previous session, while US West Texas Intermediate crude futures fell 0.09% to $63.11 after declining 1.2% [1].

The dollar weakened after a tame reading on US inflation bolstered expectations of a Federal Reserve rate cut next month. The dollar index last stood at 98.08, after falling roughly 0.5% on Tuesday. Against the yen, the dollar was last 0.05% lower at 147.76, while the euro was steady at $1.1676, having risen 0.5% in the previous session. Sterling gained 0.03% to $1.3504 [1].

In conclusion, the Indian stock market is expected to open higher on Wednesday, supported by upbeat global market cues and a cooling inflation rate. Investors will be closely watching the earnings reports of companies like Bharat Petroleum Corporation and United Spirits to gauge the market's performance.

References:
[1] https://www.livemint.com/market/stock-market-news/indian-stock-market-10-key-things-that-changed-for-market-overnight-gift-nifty-inflation-data-to-nvidia-shares-rally/amp-11755050451249.html