Core CPI, which excludes food and energy prices, increased 0.4 percent from the last month and 3.8 percent from a year ago.
The benchmark Sensex and Nifty indices are likely to open higher on March 13 as trends in the GIFT Nifty indicate a positive start for the broader index with a gain of 27.50 points.
In yet another volatile session on March 12, the Indian benchmark indices ended on a mixed note with BSE Sensex rising 165.32 points or 0.22 percent at 73,667.96, while the Nifty gained three points or 0.01 percent at 22,335.70.
The pivot point calculator indicates that the Nifty may face resistance at 22,354, followed by 22,470 and 22,545 levels. On the lower side, the index is likely to take immediate support at 22,273, followed by 22,227 and 22,152.
Stay tuned to Moneycontrol to find out what happens in the currency and equity markets today. We have collated a list of important headlines across news platforms, which could impact Indian as well as international markets.
GIFT Nifty
Trends in the GIFT Nifty indicate a positive start for the broader index in India, with a gain of 27.50 points or 0.12 percent. The Nifty futures were trading around the 22,466.50 level.
Trade setup for today: Top 15 things to know before the opening bell
US Markets
US stocks ended sharply higher on Tuesday, with the S&P 500 registering a record-high close as Oracle shares surged and consumer price data failed to dampen investors’ hopes of interest rate cuts in the coming months.
The Dow Jones Industrial Average rose 235.74 points, or 0.61 percent, to 39,005.4. The S&P 500 gained 57.3 points, or 1.12 percent, at 5,175.24 and the Nasdaq Composite added 246.36 points, or 1.54 percent, at 16,265.64.
Gasoline, shelter costs lift US consumer prices in February
US consumer prices increased solidly in February amid higher costs for gasoline and shelter, suggesting some stickiness in inflation that could delay an anticipated June interest rate cut from the Federal Reserve.
The consumer price index (CPI) rose 0.4 percent last month after climbing 0.3 percent in January, the Labor Department’s Bureau of Labor Statistics said on Tuesday. Gasoline and shelter, which includes rents, contributed more than 60 percent to the monthly increase in the CPI. In the 12 months through February, the CPI increased 3.2 percent, after advancing 3.1 percent in January.
BAT to sell 3.5% ITC stake for Rs 16,775 crore; offers shares at 5% discount
British American Tobacco has launched a block deal to sell 3.5 percent equity stake in India’s ITC Ltd to institutional investors for as much as Rs 16,775 crore.
The British cigarette maker’s India unit plans to sell up to 43.69 crore ITC shares via accelerated book building at Rs 384-400.25 per share, reported CNBC Awaaz, citing sources.
The share sale in ITC through a block trade, will cut the holding of ITC’s single-largest shareholder to about 25.5 percent from about 29 percent. There is a 180-day lock-in period for BAT to sell further stake in ITC.
SEBI asks Vedanta India to pay Cairn UK Holdings Rs 77.62 cr for late dividend payout
The market regulator has asked Vedanta India, earlier known as Cairn India Ltd, to pay Cairn UK Holdings Limited (CUHL) Rs 77.62 crore plus a simple interest of 18 percent per annum, for delayed payment of dividend.
The Securities and Exchange Board of India (Sebi) has also asked the company’s chairman and managing director (CMD) Navin Agarwal, whole-time director Tarun Jain, whole-time director and chief executive officer (CEO) Thomas Albanese and whole-time director and chief financial officer (CFO) GR Arun Kumar to restrain from accessing the securities market for two months and non-executive director Priya Agarwal and independent directors K Venkataramanan, Lalita D Gupte, Aman Mehta, Ravi Kant and Edward T Story from accessing the market for one month.
India’s January IIP growth at 3.8% versus 4.2% in December
Growth in India’s industrial output decelerated to 3.8 percent in January, according to data released by the Ministry of Statistics and Programme Implementation on March 12.
At 3.8 percent, the latest industrial growth figure as per the Index of Industrial Production (IIP) is unchanged from the December 2023 figure of 3.8 percent. That number was on March 12 revised higher to 4.2 percent by the statistics ministry. This was to be expected after the commerce ministry revised upwards core sector growth for December to 4.9 percent from 3.8 percent.
India’s February CPI inflation at 5.09%, core inflation drops further to 3.3%
India’s headline retail inflation rate was largely unchanged at 5.09 percent in February, according to data released by the Ministry of Statistics and Programme Implementation on March 12.
The Consumer Price Index (CPI) inflation print in January was 5.10 percent.
At 5.09 percent, the latest headline retail inflation figure is as per expectations, with economists having predicted prices likely rose 5.1 percent year-on-year according to a Moneycontrol survey.
While CPI inflation has extended its stay inside the Reserve Bank of India’s (RBI) tolerance range of 2 percent to 6 percent to a sixth consecutive month, it has now spent 53 months in a row above the medium-term target of 4 percent.
Crude
Oil prices rose on Wednesday on expectations of strong global demand, including in the world’s top consumer the United States, and as even somewhat sticky U.S. inflation did not dent expectations the Fed might start cutting rates soon.
Brent futures for May delivery were up 36 cents, or 0.44 percent, at $82.28 a barrel by 0020 GMT. The April U.S. West Texas Intermediate (WTI) crude contract rose 38 cents, or 0.49 percent, to $77.94.
FII and DII data
Foreign institutional investors (FIIs) net bought shares worth Rs 73.12 crore, while domestic institutional investors (DIIs) purchased Rs 2,358.18 crore worth of stocks on March 12, provisional data from the NSE showed.
Stock under F&O ban on NSE
The NSE has added National Aluminium Company, and Piramal Enterprises to the F&O ban list for March 13, while retaining Aditya Birla Fashion & Retail, Hindustan Copper, Manappuram Finance, Mahanagar Gas, SAIL, Tata Chemicals, and Zee Entertainment Enterprises on the said list.
With inputs from Reuters and other agencies
