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GIFT Nifty signals flat start

Published on Dec 28, 2023 08:32

The GIFT Nifty futures trading indicates a flat opening in the Nifty 50 index today. Intraday trading may see volatility ahead of the expiry of the December series F&O contracts.

Azad Engineering IPO will make its market debut today.

Global Markets:

The US Dow Jones index futures were up 25 points, indicating a weak opening in the US stocks today.

In Asian markets, stocks advanced due to expectations of more aggressive rate cuts.

On Wednesday, US stocks closed higher, with the S&P 500 inching up to 4,781.58 and the Nasdaq Composite adding to 15,099.18. The Dow Jones Industrial Average also rose by 111.19 points to close at 37,656.52.

Domestic Equity Market:

The stock market closed with strong gains on Wednesday, marking its fourth consecutive trading session of growth. Market analysts anticipate a continuation of the bullish trend, often referred to as the "Santa Claus rally," supported by India`s robust growth prospects, institutional investments, and a shift towards large caps. Despite an overall positive outlook, caution is advised as certain areas of the market, such as oversubscribed IPOs and inflated valuations in mid and small-cap segments, raise concerns. PSU bank, autos and metal shares were in demand. On the other hand, oil & gas, media and FMCG shares lagged.

The barometer index, the S&P BSE Sensex, was up 701.63 points or 0.98% to 72,038.43. The Nifty 50 index advanced 213.40 points or 1% to 21,654.75. In four trading sessions, the Sensex rose 2.17% while the Nifty 50 climbed 2.39%.

Foreign portfolio investors (FPIs) bought shares worth Rs 2,926.05 crore, while domestic institutional investors (DIIs) were net sellers to the tune of Rs 192.01 crore in the Indian equity market on 27 December 2023, provisional data showed.

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