Stock Market Update: Monday’s trading in Indian equities was subdued as investors anticipated inflation data that was scheduled to be released later in the day for guidance on the central bank’s interest rate trajectory and ahead of a flurry of corporate earnings announcements.
Because of softer increases in food prices and a good base year, economists predict retail price inflation to decelerate to 6.73% in October, according to a Reuters poll, but it will still persistently exceed the Reserve Bank of India’s 6% upper limit.
Stock Market Update: Top preforming sectors
Nifty’s IT and metal indices, which saw gains of 0.9% and 1.6%, respectively, in early trading, were among the best-performing sectors. Nearly 1% was lost by the public sector bank and pharmaceutical indexes.
Life Insurance Corporation of India rose 7.3% on after reporting a surge in quarterly profit.
More than 1,000 companies are scheduled to report results later in the day. These include low-cost carrier SpiceJet, drugmaker Biocon, tyre manufacturer Apollo Tyres as well as conglomerates Godrej Industries and Grasim Industries.
Trading in billions
Foreign institutional investors bought a net of 39.58 billion Indian rupees (about $492 million) of equities on Friday, while domestic investors bought 6.16 billion rupees of shares, as per provisional data available with the National Stock Exchange.
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