Indian shares are likely to open higher on Wednesday supported by a rally in global stock markets and after retail inflation data boosted chances of a rate cut.
Asian shares advanced after the US delayed tariffs on some Chinese imports. Indian’s CPI inflation eased marginally to 3.15 percent in July, but remained below the RBI’s target of 4 percent, strengthening chances of a rate cut.
Indian benchmark indices ended lower on Tuesday, dragged by banking and automotive stocks, as investors remained cautious in the absence of an announcement about a government fiscal stimulus package to curb slowdown and rollback of FPI surcharge, ahead of key inflation data. The Sensex ended 624 points down at 36,958 while the broader Nifty50 index lost 184 points to end the day at 10,926.
At 7.50 AM, the SGX Nifty futures traded 19.50 points, or 0.18 percent, higher at 10,940, indicating a positive start for the Sensex and the Nifty.
Stocks to watch: Future Retail, Glenmark Pharma, Coal India, Infosys in focus. Click here to know more.
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