Indices may open with small gains

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could rise 18 points at the opening bell.

Trading could be volatile this week as traders roll over positions in the F&O segment from the near month November series to December series. The November 2023 F&O contracts will expire on 30 November 2023. Stock markets will remain closed on Monday, 27 November 2023 on account of Gurunanak Jayanti.

Global markets:

Overseas, Asian stocks are trading higher on Tuesday, as investors remained convinced the US Federal Reserve was done with its rate-hike cycle and looked ahead to a crucial inflation report later this week.

Investors will focus this week on the Fed`s preferred measure of inflation on Thursday and euro zone consumer inflation figures for further clarity on the where inflation is headed. Fed Chair Jerome Powell is due to speak on Friday. His words will be scrutinized by traders to gauge where rates may head.

European Central Bank President Christine Lagarde said on Monday the central bank`s fight to contain price growth is not yet done, citing a still strong wage growth and an uncertain outlook even as inflation pressures in euro zone ease.

US stocks edged lower on Monday, with investors taking a post-Thanksgiving pause as the holiday shopping season kicked into high gear.

Domestic markets:

Back home, domestic equity indices ended with small losses on Friday, declining for the second day in a row. The barometer index, the S&P BSE Sensex declined 47.77 points or 0.07% to 65,970.04. The Nifty 50 index shed 7.30 points or 0.04% to 19,794.70. The domestic stock market remained shut on Monday, 27 November 2023, on account of Gurunanak Jayanti.

Foreign portfolio investors (FPIs) bought shares worth Rs 2,625.21 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 134.46 crore in the Indian equity market on 24 November, provisional data showed.

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