INDIA: Shares impacted by Reliance Industries! Indian shares experienced a rise on Wednesday, driven by heavyweight Reliance Industries, as investors awaited domestic and U.S. inflation data for June and the upcoming quarterly results season.
As of 9:53 a.m. IST, the Nifty 50 index was up 0.10% at 19,458.90, while the S&P BSE Sensex rose 0.10% to 65,685.54.
Among the major sectoral indexes, ten out of thirteen recorded gains. The fast-moving consumer goods sector saw a rise of 0.4%, while the oil and gas sector gained nearly 1%.
Ahead of the quarterly earnings reports from Tata Consultancy Services (TCS.NS) and HCLTech (HCLT.NS), which were expected to be released after the market closed on Wednesday, the information technology (IT) index, however, dropped 0.5%.
Investors are eagerly anticipating India’s inflation data, scheduled to be released later today. A survey of economists showed that retail inflation, which had been declining for the past four months, will likely rebound in June due to increasing food prices.
Regarding specific stocks, online gaming companies Delta Corp., Nazara Technologies, and Onmobile Global experienced significant declines, ranging from 4% to 10%. This drop followed the government’s decision to impose a 28% tax on the turnover of online gaming firms.
Reliance Industries, the leading Indian company in terms of market capitalization, experienced a 1% increase and led the upward movement in the market index. This surge came after brokerage firm Morgan Stanley reaffirmed their “overweight” rating on the stock, citing the presence of multiple growth catalysts that offer clear visibility.
Just Dial, another company, saw a significant jump of over 7% following UBS’s decision to reiterate their “buy” recommendation and raise their earnings estimates due to the expected expansion of margins.
In line with the positive performance on Wall Street, Asian markets recorded growth of over 0.5%. This occurred ahead of the release of U.S. inflation data, as investors kept a close eye on these developments.
The U.S. consumer price index is projected to have increased by 3.1% in June, which is likely to be the lowest level since March 2021, relaxing rate concerns.
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