Gift Nifty, Asian stocks to TCS Q1 results - check out key global cues for the Indian stock market
inflation data from India and the US to be released later today. US stock futures were little changed in early Asian trade, while Japanese and South Korean markets fell. Investors await the inflation data for further cues on the outlook for interest rates in the US and India.
According to a Reuters poll, the US inflation rate in June is expected to fall slightly to 5% from 5.3% in May, while consumer price index (CPI) inflation in India may rise by 4.58% in June, slightly faster than the 4.25% recorded in May. On the domestic front, the corporate earnings for the first quarter of FY24 will drive the markets going ahead with IT bellwethers Tata Consultancy Services (TCS) and HCL Technologies to announce their Q1FY24 results later today. The June quarter earnings of Indian IT services companies are likely to be hit by the deteriorating global macros, weakness in demand and wage hikes.
Read here: TCS Q1 Results Live: IT major TCS to announce Q1FY24 earnings today; Catch live updates here Japan’s Nikkei 225 fell 0.93%, while the Topix declined 0.7%. South Korea’s Kospi fell 0.13% at open, while the Kosdaq eased 0.07% on higher unemployment at 2.6% in June. Hong Kong’s Hang Seng index futures were trading at around 100 points higher at 18,761.
In Australia, S&P/ASX 200 gained 0.65%. Meanwhile, Gift Nifty was trading 8 points, or 0.04%, lower at 19,529.00, indicating a tepid start for the Indian benchmark indices. Also Read: Day trading guide for today: Six buy or sell stocks for Wednesday — July 12 US stock indices ended higher ahead of inflation reports.
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