1031: Marketbuzz Podcast with Ekta Batra: Sensex, Nifty 50 likely to open higher amid rising bets of Fed rate pause

Indian benchmark indices — Sensex and Nifty 50 — are set to open higher on June 12 as rising bets of a rate pause by the US Federal Reserve aided sentiment, ahead of domestic retail inflation data later in the day. India's NSE stock futures listed on the Singapore Exchange were up 0.37 percent at 18,679.50, as of 7:57 am.



On Friday, Wall Street equities closed at new highs for 2023 on rising odds of a rate hike pause by the US central bank in its upcoming meeting on June 14.  Back home, the Indian market closed with minor cuts following what was a range session.



Meanwhile, Brent crude is down for the second consecutive week below $75 per barrel.



Later in the day, India will report its CPI inflation data for the month of May. Last month, the annual retail inflation cooled to an 18-month low in April, below the Reserve Bank of India's upper tolerance level of 6 percent, as food prices softened. Inflation as measured by the annual change in the consumer price index (CPI), eased to 4.70 percent in April from 5.66 percent in the previous month.



Meanwhile, the US CPI data for May is due tomorrow. Another thing to watch out for is the precursor to the Federal Open Market Committee (FOMC) meeting on June 13 and 14. According to Reuters, there is a 71 percent chance of a pause in the June FOMC meeting which will be the first time since early 2022.



Last week, the domestic market recorded minor gains and was up for the third straight week. Many stocks are at fresh 52-week highs like Axis Bank, Britannia, IndusInd Bank and Indian Oil Corporation.



Tune in to Marketbuzz Podcast for more news and cues ahead of today’s session