With Wall Street providing no prominent cues and Asian stocks trading mixed, the Indian market may open on a flat note Wednesday. However, strong year-over-year growth reported by heavyweight Reliance Industries, continued buying by foreign institutional investors (FIIs) and the ongoing wave of monsoon rains across the country may keep market sentiment positive.
" All of us are chasing the monsoon. If it rains, everything is well on earth and cordial in heaven. You carry on with your work. But if it doesn't, all you did was drought relief. Now at the end of my career I realize I am once again hostage to monsoon,' RBI governor D Subbarao said yesterday, addressing a press conference after reviewing the central bank's first-quarter monetary policy.
Reliance Industries reported first-quarter net profit of Rs.4,851 crore, up 32% from Rs.3,666 crore in the year-ago period. Total revenue rose to Rs.58,950 crore from Rs.31,896 crore in the first-quarter of 2009. FII inflow this month totaled Rs 11,444.20 crore till July 26, according to market regulator SEBI.
On Wall Street, stocks closed on opposite sides of the unchanged mark on Tuesday, as a mixed batch of economic data and solid quarterly earnings results divided market sentiment on the day.
While the Dow eked out a modest 0.12% gain, the Nasdaq and the S&P 500 declined by slim margins. The Indian ADRs also closed on a mixed note. Infosys, Wipro, Reddy's Laboratories, Mahidnra Satyam and HDFC Bank rose, while Sterlite Industries, ICICI Bank and MTNL ended in the red.
Crude oil prices declined on Tuesday as data showed a bigger-than-expected decline in U.S. consumer confidence. Light, sweet crude for September delivery settled at $77.50 a barrel, down $1.48, on the session.
On Tuesday, the Indian stock market ended a lackluster session modestly higher after the Reserve Bank of India raised its repo rate by 25 basis points (bps) and the reverse repo rate by 50 bps, as expected, and left the cash reserve ratio (CRR) unchanged. Firm global cues also offered some support. While the 30-share Sensex ended up about 60 points or 0.32% at 18,072, the 50-share Nifty rose by 12 points or 0.22% to 5,431.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.