Home retailer Kirkland’s soared 14% premarket.The clothing retailer’s revenue was lower than expected for the company’s second quarter, though adjusted earnings beat analysts’ consensus estimate. Shares of American Eagle Outfitters dropped more than 11% premarket.Baxter International is buying the medical-technology company for $156 a share, a premium over Hill-rom’s Wednesday’s $145.06 closing price. The energy infrastructure company is acquiring Blattner, a utility-scale renewable energy infrastructure provider, for $2.7 billion in stock and cash. Virgin Galactic shed 1.3%. Aviation regulators are investigating how the spacecraft returned to the ground after taking billionaire entrepreneur Richard Branson to the edge of space.
India's import cover fell to the lowest since October 9, 2020, driven by large scale intervention by the RBI to shore up the rupee and stabilise it from wild swings.īut the broader global narrative shows expectations for a more subdued US inflation data, due later in the week, which drove Asian equities and global stocks futures higher and restrained the dollar.īut trading volumes were weak due to holidays in China and South Korea, and investors were uncertain of the potential repercussions of Ukraine's unexpected victory over Russian soldiers.Īfter mildly recovering from a two-year low struck last week, MSCI's broadest index of Asia-Pacific equities outside of Japan rose 0.2 per cent.Īfter rising 2 per cent last week, the Nikkei in Japan gained an additional 0.9 per cent on Monday. However, there may be some cautiousness as another data from RBI showed that its headline foreign exchange reserves declined by $7.9 billion to $553.11 billion in the week ended September 2," said Mohit Nigam, Head of Portfolio Management Services at Hem Securities. "Investors will be looking ahead to the macro-economic data- Index of Industrial Production (IIP) and Consumer Price Index (CPI) to be out later in the day. Those expectations were largely driven by a rise in food costs as prices of essential crops like wheat, rice and pulses were driven higher by a record heatwave, squeezing already stretched household budgets further. Prior to retail inflation and industrial output data, which will be released after market hours, trading trend was favourable.īut that may be at risk as India's retail inflation data for August, due at 5.30 pm, is predicted to show a surge back to near 7 per cent, snapping a three-month downtrend, according to a Reuters survey of economists. Indeed, Foreign Institutional Investors (FIIs) were net buyers to the tune of Rs 2,132.42 crore on Friday, as per the latest exchange data. What has helped domestic stocks is the capital inflows. The beaten down IT segment may participate in a pullback rally," he added.
"While financials will continue to be resilient, some sector rotation can be expected at this juncture. RBI's report which puts bank credit growth now running at 15.5 per cent is an endorsement of this fact," V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, told PTI. "The most important bullish factor that has caused and is sustaining India's market outperformance is the strong growth recovery underway in India now. However, the laggards included Kotak Bank, Dr. Tech Mahindra, Infosys, Bajaj Finserv, Mahindra & Mahindra, Tata Steel, and ICICI Bank were at the top of the gainers' table from the 30-share Sensex group.
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