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Sensex Opens Over 200 Points Up on Fed Comments
Thu, 13 Jul 09:30 am

Asian equity markets are higher today as Chinese and Hong Kong shares show gains. The Shanghai Composite is up 0.28% while the Hang Seng is up 1.01%. The Nikkei 225 is trading up by 0.15%. The US stocks ended higher with Dow hitting a fresh record high close following Federal Reserve Chair Janet Yellen's congressional testimony to gradually raise interest rates.

Back home, share markets in India have opened the day on a firm note. The BSE Sensex is trading higher by 190 points while the NSE Nifty is trading higher by 46 points. The BSE Mid Cap Index and BSE Small Cap index opened the day up by 0.6% & 0.4% respectively.

Barring consumer durables stocks, all sectoral indices have opened the day in green with oil & gas stocks and PSU stocks leading the pack of gainers. The rupee is trading at 64.50 to the US$.

ICICI Bank gained over 1.6% on the reports that ICICI Bank and Fairfax Financial Holdings may together dilute a stake of at least 20% in the IPO of ICICI Lombard General Insurance Co. ICICI Lombard's IPO will be the first public offering by a general insurance company. IT stocks opened the day on a mixed note with Oracle Financial Services and Tech Mahindra leading the gains. TCS share price opened the day up by 1.2% as the IT major is set to announce Q1 earnings today.

As per an article in The Economic Times, TCS is expected to report 2.5% to 3.5% sequential growth in dollar revenue for the June quarter, with up to 200 basis points contraction in margins today.

Usually, the June quarter is expected to be a weak one for the IT industry given the wage revisions that may contribute to 70-120 basis points sequential contraction in margins for TCS, the reports noted.

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However, a rise in visa costs (up to 50 bps hit) and the appreciating rupee are also seen denting the IT firm's Q1 numbers.

Meanwhile, Cyient Ltd, Hatsun Agro Product Ltd and Reliance Industrial Infrastructure Ltd, are some of the companies that will also release their earnings for the June quarter today.

Moving on to the news from the economy. India's annual retail inflation eased in June to its slowest pace in more than five years, as food prices fell.

The consumer price index rose 1.54% in the 12 months through June, down from an increase of 2.18% in the previous month.

This is the lowest inflation rate since India started releasing retail inflation data in January 2012 based on a combined CPI index for rural and urban consumers.

Elsewhere in Asia, China's annual consumer prices remained subdued at 1.5% in June.

Retail Inflation on a Downward Trajectory

The Reserve Bank, which mainly factors in retail inflation to arrive at its monetary policy, is slated to meet in early August to announce the next bi-monthly policy rate.

In its last policy in June, the central bank had kept the key lending rate unchanged citing risk to inflation.

But given that the June inflation is way below the RBI's projection of 2-3.5% for the first half of this fiscal, the clamour for rate cuts has only gotten stronger.

Separately, industrial output rose 1.7% in May after growing 3.1% in April due to weaker performances in manufacturing, mining and power generation.

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Jan 19, 2018 (Close)