Indices poised for opening bell gains

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could rise 20 points at the opening bell.

India`s industrial growth slowed down to 3.8% in January, compared to December`s revised figure of 4.2%. This suggests a slight decrease in factory output.

India`s Consumer Price Index (CPI) inflation rate remained steady at 5.09% in February, staying within the central bank`s target range. This is the sixth month in a row inflation has been within the target, but it is still above the medium-term goal of 4%.

Global Markets:

The US Dow Jones index futures is currently up by 27 points, signaling a positive opening for US stocks today.

Asian markets advanced on Wednesday after Wall Street jumped overnight, following U.S. inflation data that largely met expectations.

The U.S. consumer price index in February climbed 0.4% on the month and 3.2% year over year, the Bureau of Labor Statistics said on Tuesday.

Overnight in the U.S., all three major indexes climbed after the inflation readings. The tech-heavy Nasdaq saw the biggest jump, while the S&P 500 even reached a new record high.

Domestic Equity Market:

Domestic equity benchmarks closed slightly higher on Tuesday, led by gains in IT stocks. The Nifty 50 index surpassed the 22,300 mark. Selective buying in large-cap stocks lifted key indices into positive territory despite a volatile session. However, the broader market witnessed sharp corrections, with PSU banks, media and metal stocks declining. Bucking the trend, IT and private bank shares advanced. Investors now await upcoming inflation data in the US and India, hoping for further moderation that could pave the way for an interest rate cut.

In the barometer index, the S&P BSE Sensex gained 165.32 points or 0.22% to 73,667.96. The Nifty 50 index added 3.05 points or 0.01% to 22,335.70.

Foreign portfolio investors (FPIs) bought shares worth Rs 73.12 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 2,358.18 crore in the Indian equity market on 12 March 2024, provisional data showed.

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