Indian Shares Likely To Open On Positive Note

(RTTNews) - Higher GIFT Nifty futures point to a positive start for Indian shares on Tuesday. Investors are also likely to react positively to data showing a drop in consumer price inflation in the month of December. Some bargain hunting is likely as well after four successive days of declines.

Data released by the National Statistical Office after trading hours on Monday showed India's consumer price inflation softened slightly to 5.22% in December from 5.48% in November. Inflation was expected to come in at 5.3%.

Data on wholesale price inflation is due this noon.

In earnings news, HCL Technologies posted consolidated net profit stood of Rs 4,590 crore in the third quarter, compared to Rs 4,235 crore QoQ.

Angel One reported a Rs 20 crore increase in third-quarter profit at Rs 280 crore, compared to a year ago. Anand Rathi Wealth also reported a jump in third quarter earnings at Rs 77 crore, compared to the year-ago quarter.

HDFC Asset Management Company, Hathway Cable & Datacom, Network18 Media & Investments, Shoppers Stop and SRM Energy are among the companies scheduled to release their quarterly earnings today.

Indian shares tumbled on Monday, losing ground for a fourth straight session, as upbeat U.S. jobs data dimmed prospects of a rate cut by the Federal Reserve this month. Also, investors were wary of picking up stocks ahead of key inflation data.

The BSE benchmark Sensex closed down 1,048.90 points or 1.36% at 76,330.01, while the broader Nifty50 of the National Stock Exchange settled lower by 345.55 points or 1.47% at 23,085.95.

On Wall Street, stocks closed on a mixed note. The S&P 500 closed 0.2% up, and the Dow climbed 0.9%, while the Nasdaq settled lower by 0.4%.

Weakness in the tech sector weighed early in the session, as AI darling and market leader Nvidia (NVDA) plunged by as much as 4.7%. Ongoing concerns about the outlook for interest rates also generated negative sentiment following last Friday's stronger-than-expected monthly jobs report.

Selling pressure waned over the course of the trading session, however, leading some traders to pick up stocks at reduced levels as the S&P 500 rebounded from its lowest intraday level in over two months.