The US stocks ended with deep cuts, after sticky US inflation data - more than estimated at 3.1 per cent in January -- triggered worries of further delay in the easing of interest rates. S&P 500 declined about 1.4 per cent Tuesday.
Indian stock indices started fresh week marginally higher, extending gains from the past week, with investors eyeing retail inflation data for January to be released later in the day.
Analysing the daily chart for Nifty 50, market observers noted the formation of a bullish piercing candlestick pattern, suggesting potential bullish momentum in the market.
Indian stocks were off to a positive start Wednesday, tracking firm overnight cues from the US markets after softer-than-expected US inflation data supported the view that its central bank may be done raising interest rates.
Indian stock indices extended losses from the past week's closing, though marginally, and all eyes are now on a series of Q2 company earnings of sectoral majors coupled with wholesale inflation data for September due later in the day.
Investors now await retail inflation data for June to be released later today. Analysts expect inflation may see an uptick due to the sharp rise in tomato and a relative spurt in pulses prices.
Indian stock indices started the new week on a steady note with investors largely eyeing May inflation data scheduled to be released this week for further course of action.
BSE Sensex went down 71 points to 61,689.38 and NSE Nifty lost 21 points to 18,244.35. The top gainers on Nifty 50 were IndusInd Bank, Tata Motors, Power Grid, Bajaj Auto and HCL Tech while the losers were UPL, Dr Reddy, SBIN, Grasim and Adani Ports.
Going ahead, the release of US and Indian inflation data for April will be keenly watched by the market participants to get a direction. India retail inflation data is expected on Friday.
Indian stock indices opened Wednesday's trade marginally higher as investors await retail inflation data for March (both for India and the US) later in the day.
Indian stock indices opened Tuesday's trade on a positive note, largely due to the pause in an interest rate hike by RBI which brought cheers among investors.