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Indices may open with slim gains

Published on Dec 12, 2023 08:50

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could rise 11 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading higher Tuesday, with Japan stocks leading gains for a second straight session ahead of the final U.S. Federal Reserve meeting of the year.

US stocks registered modest gains on Monday but managed to close at new highs for the year, ahead of major market catalysts this week that include inflation readings and the Federal Reserve`s policy announcement.

The Fed�s two-day meeting kicks off Tuesday, and the U.S. central bank is expected to maintain the Federal Funds rate steady in the 5.25%-5.5% range. Market players will also assess the U.S. November inflation figures out late Tuesday. Later in the week, the European Central Bank (ECB) and the Bank of England (BOE), are also due to make policy announcements.

Domestic markets:

Back home, the domestic stock market climbed on Monday, with the Sensex breaching the 70,000 mark for the first time and the Nifty reaching a new high of 21,026.10 amid widespread buying activity. The barometer index, the S&P BSE Sensex advanced 102.93 points or 0.15% to 69,928.53. The Nifty 50 index added 27.70 points or 0.13% to 20,997.10.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,261.13 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,032.92 crore in the Indian equity market on 11 December, provisional data showed.

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