Partner With Us NRI

Indices may open higher amid supportive global cues

Published on May 22, 2024 08:41

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could rise 24 points at the opening bell.

Global Markets:

Asian markets cautiously gained on Wednesday. Investors, on edge, held onto hope that tech giant Nvidia could deliver on lofty expectations. However, concerns lingered regarding potential interest rate increases by both the US Federal Reserve and the Bank of England.

The release of the Federal Reserve meeting minutes later today is expected to reaffirm the possibility of a rate cut. Nevertheless, policymakers require further assurance that inflation is definitively on a downward path before implementing such a move.

UK inflation figures, also due out today, could sway the Bank of England`s decision on rate adjustments. This data may determine whether they choose to ease rates in June or postpone it until August.

US stocks ended Tuesday with modest gains in the absence of significant market movers. All three major indexes rose, with the S&P 500 and Nasdaq reaching all-time closing highs in anticipation of both Nvidia`s earnings report and the release of the Fed meeting minutes.

Domestic Markets:

The domestic stocks ended almost flat Tuesday, clawing back from early losses. Metal and PSU bank shares surged, but private lenders and FMCG stocks dragged. Worries linger after cautious comments from the US Fed officials and continued foreign investor outflows. The barometer index, the S&P BSE Sensex declined 52.63 points or 0.07% to 73,953.31. The Nifty 50 added 27.05 points or 0.12% to 22,529.05.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,874.54 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 3,548.97 crore in the Indian equity market on 21 May 2024, provisional data showed.

FPIs have sold shares worth over Rs 37,499.96 crore in May so far. They offloaded shares worth 35692 crore in April 2024.

Powered by Capital Market - Live News