Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could gain 31.50 points at the opening bell on firm Asian stocks.
Overseas, Asian stocks gained taking cues from the rally on Wall Street overnight following the release of stronger-than-expected US inflation data. The consumer price index in US rose 0.5% last month, topping the forecast. Other economic data released overnight included US retail sales for the month of January, which missed expectations. Retail sales decreased 0.3% last month.
It will be a shortened week for greater China markets, with mainland China markets closing from 15 to 21 February 2018 and Hong Kong markets shut from 16 to 19 February 2018 for the Lunar New Year. Markets in South Korea, Taiwan and Vietnam are also closed today for the Lunar New Year holiday.
On the macro front back home, the government will announce inflation data based on wholesale price index (WPI) for January 2018 today, 15 February 2018. Wholesale prices in India rose by 3.58% year-on-year in December of 2017.
Among corporate news, Sun Pharmaceutical Industries' (Sun Pharma) consolidated net profit fell 75.17% to Rs 365.39 crore on 16.04% decline in total revenue from operations to Rs 6653.23 crore in Q3 December 2017 over Q3 December 2016. The results were announced after market hours yesterday, 14 February 2018.
Sun Pharma's bottom line in Q3 December 2017 was adversely impacted by one-time deferred tax adjustment of Rs 513 crore related to changes in US tax rates.
Dilip Shanghvi, Managing Director, Sun Pharma, said that the company's Q3 performance reflects a gradual improvement in profitability over the first half of this year, despite a challenging US generic pricing environment. Sun Pharma continues to evaluate opportunities in the specialty segment to further enhance this business, he said.
Also Read
Key benchmark indices settled with modest losses yesterday, 14 February 2018, after a sudden late sell-off in bank stocks after Punjab National Bank (PNB) said it detected a $1771.69-million fraud at a single branch in Mumbai. The Sensex fell 144.52 points or 0.42% to settle at 34,155.95, its lowest closing level since 9 February 2018.
Foreign portfolio investors (FPIs) sold shares worth a net Rs 728.71 crore yesterday, 14 February 2018, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 152.39 crore yesterday, 14 February 2018, as per provisional data.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content