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Market may open higher on positive global cues

Published on Dec 14, 2023 08:48

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could jump 220 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading higher on Thursday as investors embraced the U.S. Federal Reserve�s move to end its interest-rate-hiking cycle and signal cuts for the next year.

US stocks closed at yet another fresh highs of the year on Wednesday, with the dovish Federal Reserve signals pushing the S&P 500 closer to the all-time high. US Fed Chair Jerome Powell said inflation easing without an unemployment spike is good news, while reiterating that policy has moved well into restrictive territory.

The Fed held rates at 5.25%-5.5% for a third straight time and laid out the timeline for at least three quarter-percentage point cuts in 2024 and beyond. The Federal Reserve is willing to cut rates even if the U.S. economy doesn�t dip into a recession in 2024, Chair Jerome Powell said.

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 equity barometers ended near the flat line, with some positive bias, on Wednesday. The barometer index, the S&P BSE Sensex added 33.57 points or 0.05% to 69,584.60. The Nifty 50 index rose 19.95 points or 0.10% to 20,926.35.

Foreign portfolio investors (FPIs) bought shares worth Rs 4,710.86 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 958.49 crore in the Indian equity market on 13 December, provisional data showed.

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