Indian stocks marginally up ahead of March inflation data release

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NEW DELHI: Indian stock indices opened Wednesday’s trade marginally higher as investors await retail inflation data for March (both for India and the US) later in the day.

At the time of filing this report, the Sensex and Nifty traded 0.1-0.2 per cent higher than Tuesday’s closing levels. The indices extended gains for the eighth session in a row, as the RBI made a surprise decision of keeping the repo rate unchanged to assess the effects of the policy rate tightening so far.

Meanwhile, retail inflation in India fell marginally, but remained above RBI’s 6 per cent upper tolerance band for the second straight month in February 2023, with the Consumer Price Index (CPI) pegged at 6.44 per cent. In January, the retail inflation was at 6.52 per cent.

India’s retail inflation was above RBI’s 6 per cent target for three consecutive quarters and had managed to fall back to the RBI’s comfort zone only in November 2022. Going ahead, the earnings of listed Indian companies for Q4 2022-23, which will start coming this week, will also be closely tracked by the investors. (ANI)

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