Gift Nifty, Asian markets to inflation data - check out key triggers for Indian stock market
India’s consumer price index (CPI) inflation rose for the first time in five months to 4.81% in June 2023, which was higher than the street's expectations of 4.58%. The inflation came in at 4.81% versus 4.31% in May 2023 and 7.01% in June last year. Market will also take cues from the corporate earnings for the quarter ended June 2023 with IT major Wipro to announce its results later today. Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — 13th July Japan’s Nikkei 225 rose 0.36%, while the Topix gained marginally.
South Korea’s Kospi was down marginally, but the Kosdaq rose 0.61% ahead of the Bank of Korea’s rate decision today. Hong Kong’s Hang Seng index futures were up by around 350 points at 19,213. In Australia, S&P/ASX 200 rallied 1.06%, Meanwhile, Gift Nifty was trading at 19,556.00, as compared to nifty's previous close of 19,384.30, indicating a higher start for the Indian index.
US stock indices ended higher with Nasdaq rallying over 1% after data showed a slowdown in inflation. The S&P 500 gained 33.40 points, or 0.75%, at 4,472.66 points, while The Nasdaq Composite climbed 160.30 points, or 1.16%, to 13,921.00. The Dow Jones Industrial Average rose 92.17 points, or 0.27%, at 34,353.59.
Nvidia shares rallied 3.5% after reports that SoftBank Group Corp’s chip designer Arm Ltd was in talks to bring in Nvidia as an anchor investor as it presses ahead with plans for a New York listing. Recursion Pharmaceuticals shares surged 78% after Nvidia said it will invest $50 million to speed up training of Recursion’s artificial intelligence models for drug discovery. European markets jumped led by gains in technology and miners.
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