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Benchmark indices are likely to open higher tracking the gains in select Asian peers. Some volatility may be expected later in the session as consumer inflation for the month December rose to 5% from 4.38% in the previous month, primarily due to a rise in food prices.
Traders would read the increase of 3.8% in industrial production for the month of November with some caution as it is over a negative base.
At 8:34AM, the early indicator SGX Nifty was up 29 points at 8,388.
Meanwhile, foreign institutional investors were net buyers in Indian equities worth Rs 245 crore on Monday, as per provisional stock exchange data
Asian markets are trading mixed. Nikkei has lost around 1.8% on the overnight losses in US markets and an appreciating yen. Hang Seng and Shanghai Composite indices have gained around 0.5% and 0.8% each.
Overnight, US markets closed lower for the second straight session dragged the losses in energy shares which declined as global crude prices slumped by another 5% on global supply glut and Goldman Sachs providing weak outlook for the sector. Dow Jones Industrial Average declined around 0.5%, S&P 500 lost 0.8% and Nasdaq Composite declined 0.8%.
Stocks to watch
Cipla is in focus on media reports that it may re-start supplying anti-HIV drugs to the National Aids Control Organisation (Naco) in the next two months.
NTPC is in focus on media reports that it will invite tenders this month for the construction of a $1.2 billion, joint venture power project to be built in Bangladesh
UltraTech Cements is in news after deciding to drop out of the race to buy overseas cement assets of Holcim & Lafarge
Biocon is in focus after concluding sale of 10% stake in its research arm Syngene for Rs 380 crore to IVF Trustee Company Private Ltd.
IT firm CMC may come under pressure on weak Q3 results. CMC reported 2.2% increase in consolidated net profit to Rs 72.11 crore in the third quarter which is below market expectations.
