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Market may open on subdued note

Published on Feb 14, 2024 08:42

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could fall 13 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading sharply lower on Wednesday, tracking a similar move on the Wall Street, as higher-than-expected U.S. CPI data pushed back traders` expectation of rate cuts by the Federal Reserve anytime soon. Mainland China`s financial markets remain closed for the week.

Wall Street`s main indices tumbled on Tuesday after a higher-than-expected consumer inflation reading pushed back market expectations of imminent interest rate cuts, driving US Treasury yields higher. US Consumer Price Index rose by 3.1% for the 12 months ended in January, according to Bureau of Labor Statistics data released Tuesday. That marks a step back from December`s 3.4% rate and a dramatic cooling from the 6.4% increase seen in January 2023. On a monthly basis, CPI rose by 0.3% in January.

Domestic markets:

Back home, the domestic stock market experienced a decent upturn on Tuesday, supported by banks and financial stocks. The primary catalyst for this recovery was positive economic data. The barometer index, the S&P BSE Sensex gained 482.70 points or 0.68% to 71,555.19. The Nifty 50 index added 127.20 points or 0.59% to 21,743.25.

Foreign portfolio investors (FPIs) bought shares worth Rs 376.32 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 273.94 crore in the Indian equity market on 13 February, provisional data showed.

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