Nifty likely to open in green over strong Reliance Q2, CPI

The Indian equity market is likely to open in the green today with the SGX Nifty trading 7949.50, up 40 points at 8:00.

Global markets, however, are in the red with the US markets slumping and the S&P 500 falling below its average from the past 200 days. Meanwhile, the CBOE Vix jumped 16 percent, the highest level since June 2012. Nikkei that opened after a day’s holiday tanked 2 percent on a strong yen.

Back home, Reliance Industries' second quarter net profit comes in at Rs 5972 crore, beating street estimates, led by higher than expected USD 8.30 per barrel gross refining margins. The company’s net sales are also higher at Rs 1.13 lakh crore.Auto major Bajaj Auto too will be announcing its earnings today. A CNBC-TV18 poll sees the net profit rising 4 percent to Rs 870 crore. Superior product mix, currency benefits and operating leverage is likely to aid margins.

And what brought some much-needed macro cheer for the economy, the consumer price index (CPI) for September fell to all-time low of 6.46 percent versus expectations of 7.2 percent. Meanwhile, in key data today, the wholesale price index (WPI) for September is expected to soften further to 3.1 percent.In other corporate news, realty major DLF and six of its senior executives has been barred by the market regulator Sebi from accessing capital markets for three years with respect to the 2007 initial public offering (IPO) prospectus disclosures case.  Meanwhile, the company has said it is reviewing the Sebi order and has reassured investors & stakeholders that it has not acted in contravention of law.