MUMBAI: The Indian equity market will be reacting to domestic and American inflation figures due this week. As the third quarter result season is getting over on February 15, it will a crowded first half of the week with earnings announcements. It is also time to look at the aggregate performance of all the companies in the listed universe towards the end of the week.
The crude oil price has risen again in the international market after Russia announced a cut in oil production by 500,000 barrels last Friday after Western countries capped the price of its crude over the invasion of Ukraine. The Brent crude oil futures price rose by 2.39 per cent on Friday to $86.52 per barrel with the focus shifting to OPEC member countries' reaction.
Focus on the Adani Group companies will continue this week as NSE on Friday removed Adani Ports and Special Economic Zone and Ambuja Cements from the additional surveillance measures (ASM) framework with effect from February 13.
The NSE had earlier placed three Adani group stocks – Adani Enterprises, Adani Ports, and Ambuja Cements under ASM to curb excessive volatility post US short-seller Hindenburg Research’s report.
Foreign portfolio investors (FIIs) turned net buyers on Friday by Rs 1,458.02 crore which will be a positive for the market rattled by aggressive selling by FPIs last fortnight when Adani Group stocks plummeted to 52-week lows.
It will also be heartening for the market to see higher net inflows in equity and hybrid mutual funds in January 2023 which is likely to be deployed over a period of time.
