Markets may open higher; CPI, IIP data in focus

Investors will remain cautious ahead of the release of November CPI and October IIP data due later today

Markets are likely to open higher tracking gains in their Asian peers and overnight gains on Wall Street. However, some volatility may be expected in today's session on caution ahead of the release of consumer inflation and industrial production data due later today.
 
At 8:25AM, the early indicator SGX Nifty was up 10 points at 8,339.
 
On the economic front, progress on the Centre's proposed goods and services tax (GST) slowed further on Thursday as the states turned down the government's revised draft on a Constitution amendment Bill in this regard.
 

Meanwhile, foreign institutional investors were net sellers in Indian equities worth Rs 808.27 crore on Thursday, as per provisional stock exchange data

 
Japanese markets have gained on fall in yen and rebound in US markets. Nikkei has gained more than 1%. Chinese stocks have gained ahead of the release of retail sales data as any weakness in the figures is likely to bring about a stimulus dose by Chinese authorities. Hang Seng and Shanghai Composite indices have gained 0.5% and 0.9% each.
 
Overnight, US markets closed higher after three consecutive sessions of ending lower. Positive retail sales data boosted sentiments. Dow Jones Industrial Average gained 0.3% while S&P 500 and Nasdaq Composite indices closed with gains of 0.4% and 0.5% each.

 
Stocks to watch
 
Stocks of Public Sector Banks will be in focus on media reports that these banks will soon approach the stock market to raise capital to meet stringent Basel III norms.
 
TCS is in focus on news reports that the information-technology services player is undergoing a restructuring exercise. The workforce optimisation programme, in the planning stage, is expected to be over in February 2015, according to media reports.
 
Indian mining company NMDC will be in focus as the company has signed a memorandum of understanding with Akron to buy a stake in a potash mine in Russia, according to media reports.

 
IDFC is in focus after announcing that it has signed a memorandum of understanding with Russian Direct Investment Fund (RDIF) to jointly invest up to $1 billion in infrastructure projects.
 
Jindal Steel and Power Ltd (JSPL) in focus as it has commissioned its billet caster plant at its 2.5 million tonne per annum (MTPA) integrated steel making complex at Angul, in addition to its existing steel plate unit.
 
Tata Chemicals, part of $100 billion plus Tata Group, is in focus as the company is expected to invest around Rs 150 crore into setting up a nutraceuticals manufacturing facility in Sriperumbudur, near Chennai in next three years.