Stock Market LIVE: Sensex nears 61k, Nifty gains 100 pts; IT, FCMG shines Stock market today: Inflation remains a concern.

Indian stock markets are trading in the green on Tuesday tracking the overnight gains in Wall Street. Sensex has crossed 60,900 and Nifty 17,850. UPL and HCL Tech shine; Adani Enterprises, NTPC lag. IT and FMCG stocks are leading the rally, while Realty and Media drag.

Retail inflation again breached RBI’s upper tolerance limit and touched 6.52% in January, mainly due to higher prices in the food basket. Now all eyes are on the US inflation data set to be released today. Economists expect the inflation to have slowed to 6.2% in January. Adani stocks will continue to remain under the lens.

India’s January WPI inflation eases to 4.73% y/y

India’s annual wholesale price-based inflation (WPI) eased in January to 4.73% year-on-year, government data showed on Tuesday.

The reading was higher than the Reuters forecast of 4.54% but lower than 4.95% recorded in the previous month.

India will need 2,210 new planes in next two decades amid rising domestic air traffic: Boeing

India will require around 2,210 new planes in the next two decades and out of them, 1,983 units will be single-aisle jets, Boeing said on Tuesday as it projected a nearly 7 per cent annual domestic air traffic growth through 2041.

Unveiling its 2022 Commercial Market Outlook (CMO) for India, Boeing said that largely driven by the strength of the domestic market, which has recovered to 98 per cent of the pre-pandemic levels, the country’s traffic has transitioned from recovery to growth.

The domestic market growth is expected to double by the end of this decade.

“Indian airlines will add 7 per cent more supply in the first half of 2023, compared to 2019. Due to the rapid growth of its domestic traffic, Boeing forecasts that 90 per cent of new airplane deliveries to India will be for single-aisle airplanes like the 737 MAX over the next 20 years,” it said in a release.

The aircraft maker has forecast long-term passenger growth rate of nearly 7 per cent annually through 2041.

Boeing said India will require approximately 2,210 new airplanes over the next two decades of which 1,983 units will be for single-aisle jets while 227 units or 10 per cent of new deliveries will be for wide-body airplanes.

Adani Enterprises shares in the red ahead of Q3 results; other group shares fall

Shares of Adani Group’s flagship firm Adani Enterprises, which pulled a ₹20,000 crore share sale earlier this month after the stock rout, were trading in the red during the day, ahead of its third results due later today. In the morning session, the scrip of Adani Enterprises plunged 4.89 per cent to ₹1,633.55 on the BSE. It is currently trading at ₹1,670.55 per share, down 2.74 per cent on the BSE while writing the report.

Shares of other Adani Group companies continue to remain weak for the second day running today amid a host of negative events surrounding the firms after US short-seller Hindenburg Research accused the group of improper use of offshore tax havens and stock manipulation – allegations the group has denied.

Adani Group stocks have been under pressure and the critical report has sparked about a $120 billion loss in the group’s market value on concerns including about its ability to refinance debt.

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