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Indices poised for flat opening

Published on Feb 28, 2024 08:30

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could fall 5 points at the opening bell.

Global markets:

Overseas, Asian stocks are mostly lower Wednesday with investors awaiting key U.S. inflation and China data later this week. China�s manufacturing purchasing managers� index reading and U.S. personal consumption expenditures price index is due Thursday.

New Zealand�s central bank kept its interest rate steady. The Reserve Bank of New Zealand held its official cash rate at 5.50%, keeping it at a 15-year high, while warning that inflation remained well above its target range.

US stocks closed on a mixed note on Tuesday ahead of inflation and other economic data that could shed light on the possible timing of a Federal Reserve interest rate cut.

Federal Reserve Governor Michelle Bowman said that it`s too soon to begin rate cuts and reiterated her view that inflation will continue to rise with the current level of interest rates, as per reports.

Domestic markets:

Back home, the domestic equity benchmarks reversed early losses and closed higher on Tuesday, snapping a two-day losing streak. The barometer index, the S&P BSE Sensex up 305.09 points or 0.42% to 73,095.22. The Nifty 50 index lost 76.30 points or 0.34% to 22,198.35.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,509.16 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,861.56 crore in the Indian equity market on 27 February, provisional data showed.

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