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Market Commentary
All eyes on WPI Inflation, IIP data - Eastern Financiers
Posted On : 2013-02-10 09:55:45( TIMEZONE : IST )
On macro façade, data on WPI Inflation and Industrial Production for the month of December 2012 along with host of third quarter earnings by the corporates shall pave the trend for the markets that endured to be cautious this week. In the near term market participants shall keep a close eye on any announcement from the government about the upcoming Budget.
The FII chart that persisted to simmer optimism this week despite of the murky growth forecast for the nation shall be watched out next week too. FII's have poured in funds to the tune of Rs. 4802.13 crores this week.
Data on IIP, CPI and WPI shall be watched out closely next week. The CSO is slated to announce the data on Industrial Production on 12th February for the month of December 2012, Consumer Price inflation too will be unveiled on the same day and that of WPI Inflation is set to be declared on 14th of February.
Industrial production is anticipated to grow around 1.3% for the month of December 2012. Industrial production declined 0.1% in the preceding month of November 2012. Data on inflation based on the combined consumer price index for urban and rural India that is due for January 2013 edged up to 10.56% in December 2012 from 9.9% in November 2012. Inflation based on the wholesale price index (WPI) for January 2013 is expected to ease at 7.1% from 7.18% in December 2012.
On global space, markets in China, Taiwan and Hong Kong are to be shut on account of the Lunar New Year Holiday which is the longest and most important celebration in the Chinese calendar. Markets in China and Taiwan will be shut next week while those in Hong Kong will close from Feb. 11 through Feb. 13.
Investors shall closely watch the Bank of Japan announcement on Wednesday. Corporate earnings for the fourth quarter and economic releases that includes UK CPI, Japan GDP, US Retail Sales, Italy GDP, US Industrial Production, UK Retail Sales and European Union GDP flash among others too will be watched out by the market participants.