MARKET LIVE: Muted open likely for Sensex, Nifty; Aug retail inflation eyed

By On Sep 12, 2022

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Stock market live: The Sensex and Nifty indices are looking to open flat on Monday. At 8 am, the SGX Nifty futures were 20 points lower at 17,850 levels.

The market mood may remain cautious today ahead of the release of August retail inflation numbers, and industrial output (IIP) data for July.

As per a Reuters poll, India’s retail inflation likely snapped a three-month downward trend in August as food prices surged, which may add pressure on the Reserve Bank of India to hike interest rates more aggressively in coming months. Read here

Global cues remain positive as US markets closed up to 2 per cent higher on Friday. Asian stocks also climbed higher in early trade today. Nikkei jumped over 1 per cent. Mainland China, Hong Kong and South Korea markets are closed for a holiday.

Among stocks, Reliance Industries will be in focus as it said its subsidiary Reliance Petroleum Retail will acquire polyester business of Shubhalakshmi Polyesters & Shubhlaxmi Polytex for Rs 1,592 crore.

Oil and Natural Gas Corporation will also be on the radar as the state-owned oil and gas company has signed six contracts for Discovered Small Fields (DSF) in the offshore under DSF-III bid round, with three each for fields in the Arabian Sea and Bay of Bengal.

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