Stock Market

Nifty likely to open in green; focus on CPI, BoJ’s meet

Chillicious Team

Markets last week ended flat with Nifty managing to hold onto the 7,500 mark while the Sensex gained over 90 points to inch closer to 25,000 mark.

SGX Nifty, which was trading at 7,565 level at 7:55 AM, up 51 points indicates a positive opening for the market.

Key macro data to be watched out for today is the February’s consumer price index (CPI), which will be released in the evening. CPI is likely to ease month-on-month to 5.53 percent led by food inflation and the wholesale price index (WPI) could register 16th consecutive month of decline.

In Asia, markets are trading with strong gains on the Monday morning. All eyes will be on the Bank of Japan’s monetary policy meet which will commence on today.

In the US, stocks closed sharply on Friday on back of oil price rising. The major indices rallied more than a percent.

In Europe, indices bounced back on Friday post the European Central Bank’s monetary easing measures that were announced on Thursday. A recovery in oil and metal stocks as well added stimulus.

In commodities, Nymex crude was trading above USD 38 per barrel following four straight weeks of gains Brent was trading above USD 40.