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Indices may drift higher in early trade

Published on Apr 26, 2024 08:24

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could rise 12 points at the opening bell.

The second phase of voting, scheduled for April 26, encompasses 89 constituencies across 13 states and Union territories. The BJP seeks a third consecutive term, while the opposition, including the Congress, has united under the banner of the Indian National Developmental Inclusive Alliance (INDIA) bloc to thwart PM Modi`s re-election. The extensive Lok Sabha elections 2024 span seven phases from April 19 to June 1, with the results set to be announced on June 4.

Global markets:

Overseas, Asian stocks are trading lower on Friday as investors in Asia look to the Bank of Japan�s policy decision. The BOJ will leave its monetary policy unchanged, as per reports.

US stocks dropped on Thursday after data showed a sharp slowdown in economic growth and pointed to persistent inflation.

The US economy grew last quarter at the slowest pace in two years as consumer and government spending cooled amid a sharp pickup in inflation. The US gross domestic product (GDP) increased at a 1.6% annualized rate in January-March 2024. The economy grew at a 3.4% rate in the fourth quarter.

Inflation surged, with the personal consumption expenditures (PCE) price index, excluding food and energy, increasing at a 3.7% rate after rising at 2% in the fourth quarter.

Domestic markets:

Back home, domestic stocks extended their winning streak for a fifth day, shrugging off mixed global cues. The barometer index, the S&P BSE Sensex jumped 486.50 points or 0.66% to 74,339.44. The Nifty 50 index gained 167.95 points or 0.75% to 22,570.35. The 50-unit index has risen 2.61% in five straight sessions.

Foreign portfolio investors (FPIs) sold shares worth Rs 2,823.33 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 6,167.56 crore in the Indian equity market on 25 April, provisional data showed.

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