Asian markets advanced, with the MSCI's broadest index of Asia-Pacific shares outside Japan adding 0.24%. Keeping a check on the gains in domestic equities could be the rise in retail inflation in January to 6.52%, above the upper limit of RBI's targeted band of 2-6%, on higher food prices. Economists flagged the likelihood of more rate hikes from India's central bank post the data. Meanwhile, the sharp selloff in Adani Group stocks could continue to cast a cloud on domestic equities. India's market regulator would update the finance ministry this week on its investigation into the group's abandoned $2.5 billion follow-on public issue, Reuters reported on Monday, citing two sources. Adani Group has appointed accounting firm Grant Thornton for independent audits for some of its group companies in its bid to address concerns raised by U.S. short-seller Hindenburg Research, Reuters reported, citing two sources.
STOCKS TO WATCH
** FSN E-Commerce Ventures : Co posts slide in
consolidated net profit in Q3 on high expenses.
** Zee Entertainment : Co reports fall in
consolidated net profit in third quarter on slide in ad spends
and rise in costs.
** Steel Authority of India : Co reports fall in
consolidated net profit in Q3
** Power Finance Corporation : Co reports rise in
consolidated net profit in Q3.
($1 = 82.5250 Indian rupees)
(Reporting by Bharath Rajeswaran in Bengaluru; Editing by
Dhanya Ann Thoppil)
