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Nifty may consolidate further; keep an eye on Lupin

The Indian equity market is likely to consolidate further after the new CPI series puts the January inflation at 5.11% – much lower than street expectations and the stocks in the US too closing sharply higher. However, the SGX Nifty was down 22.50 points around 7.30 am in the morning on Friday.

The Indian equity benchmark gained 1 percent by end of trade on Thursday. The 30-share BSE Sensex climbed 271.13 points to 28805.10, aided by banking & financials, capital goods and auto stocks. The 50-share NSE Nifty closed above the 8700 level, up 84.15 points at 8711.55.

Meanwhile, Asia was mixed in morning trade as a stronger yen curbed risk appetite in Japan.

The stocks in the US closed sharply higher as investors cheered a cease-fire agreement between Russia and Ukraine, amid firming oil prices and strong earnings reports. The Nasdaq closed up 1.18 percent to 4,857 its highest level since march 2000.

On the economic data front in the US, retail sales for January came in weaker than expected, down 0.8 percent and near December’s 0.9 percent decline. Jobless claims were at 304,000 last week, more than expected and an increase of 25,000 from last week

In Europe equities ended higher with investors cheering a peace deal agreed between Ukraine and Russia. The German DAX – which is exposed to the Russian market – ended up 1.5 percent higher. A slew of corporate earnings also helped to boost sentiment in the region.

From the currency space, the dollar dropped across the board  after weaker-than-expected US economic data.

In commodities, Nymex Crude rose above USD 51 per barrel as news of deeper industry spending cuts and a sinking u-s dollar revived buying. Brent crude rises to USD 59 per barrel.

From precious metals space, gold remained largely unchanged, hovering around USD 1220 an ounce. The metal is headed for its third weekly drop.

Back home, stocks that could be in news today are Lupin, BHEL, Coal India, Cipla. RBI says FIIs/FPIs can now invest up to 49% in Lupin. BHEL continued to disappoint for the nith consecutive quarter. Coal India too profits were down.

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