Indices open firm ahead of CPI data; Britannia, SBI in focus

Domestic markets on Monday  opened firm on positive global cues. Sensex had ended the week at 28,334.25, gaining 93.73 points or 0.33%. The Nifty50 of the National Stock Exchange ended up 52.60 points or 0.6% at 8793.55. 

At 0917 hours Sensex was trading at 28,429.75, up 95.50 points or 0.34% while Nifty was at 8,816.20, up 22.65 points or 0.26%. 

On 30-share benchmark, among top gainers were Gail (1.13%), NTPC (0.88%), ICICI Bank (0.82%), Adani Ports (0.77%) and Tata Steel (0.69%). Among top losers were Coal India (-2.36%), Bharti Airtel (-0.55%), Tata Motors (-0.26%), ITC (-0.04%) and Reliance Industries (-0.03%). 

The investors were cautious ahead of Consumer Price index (CPI), or retail inflation data for the month of January which will be released today later in the evening. In the month of December, retail inflation stood at 3.41%.

On Friday, Index of Industrial Production (IIP), or factory output for the month of December 2016 fell by 0.4% at 183.5 as compared to the level in the month of December 2015. 

Stocks in focus: 

State bank of India: On Friday, SBI had announced its financial result for the quarter ended on December 31. Beating the estimates, the bank had reported a Standalone net profit of Rs 2,610 crore, a rise of 134% as against Rs 1115.3 crore during the same period in the last fiscal.

Mahindra & Mahindra: Mahindra & Mahindra on Friday announced its financial result for the quarter ended on December 31. The company reported a standalone net profit of Rs 1,112.27 crore, a rise of 33% as against Rs 834.47 crore during the third quarter of previous fiscal. 

ITC: Diversified group ITC has planned to set up multi-specialty hospitals and leverage its experience in hospitality for tapping into the expanding medical tourism segment in India.

Better known for FMCG products and cigarettes, ITC is seeking approval from shareholders through a special resolution to alter its Memorandum of Association in order to be able to foray into the healthcare sector.

Idea Cellular: Idea Cellular reported consolidated net loss of Rs 385.5 crore in its third quarter ended December 31, 2016 as compared to net profit of Rs 655.5 crore in the corresponding period of the previous year. The company stated free voice and mobile data promotions by Mukesh Ambani's Reliance Jio as main reason for loss. 

Quarterly result announcement: Britannia, Hindalco, GMR Infra, Hindustan Petroleum, NMDC, Petronet LNG will announce their financial result for the quarter ended on December 31. 

On global front, the dollar rose against the yen on relief that US President Donald Trump set aside tough campaign rhetoric over security and jobs in a smooth meeting with Japanese Prime Minister Shinzo Abe, with no mention of currency policy, as reported by Reuters. 

MSCI`s broadest index of Asia-Pacific shares outside Japan gained 0.3%, led by resource-related shares. Japan`s Nikkei rose 0.4%, hitting its highest level since early January, the report added.