Indian markets opened the day higher in trade today, in line with most Asian markets, even as investors keep an eye on the US Inflation data for May, 2021.
Analysts expect May US Inflation data to surge to 4.7%, the fastest pace of increase since 2008. Should the number be higher than this reading, we could see bond yields in the US rising and markets across the globe falling.
The Sensex opened higher by 135 points, while the Nifty gained 50 points in early trade.
Shares of Bata India were in the limelight after the company reported 23.2 percent fall in its net profit at Rs 29.5 crore against Rs 38.4 crore for the quarter ending March 31, 2021. The shares were up 1% in trade.
lndraprastha Medical Corporation saw its share price move lower by 2% after the compay posted a net profit of Rs 15 crore in Q4FY21 against Rs 6.4 crore in a year ago period.
Among the top losers in trade from the Nifty were ITC, Asian Paints and ICICI Bank. Stocks that gained from the Nifty were Power Grid and NTPC.
"The further direction of the domestic markets would depend on the monsoon, opening up of the economy in a phased manner and the pace of vaccination going forward.
As states ease restrictions gradually in Jun'21, we expect the demand environment to get better which can have a positive impact on the markets. Technically too, Nifty remain in a positive set up and can see a move towards highs of 16000 zones. Also with many states starting to ease restrictions gradually, we expect the demand environment to improve and the unlock trade to play out well in Jun'21," says Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services.