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Sensex, Nifty may open higher on positive global cues

Published on May 02, 2024 08:42

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could rise around 60.5 points at the opening bell.

Global markets:

Asia-Pacific stock markets were mostly higher on Thursday, after the U.S. Federal Reserve opted to hold interest rates steady at the end of its two-day meeting.

Fed Chair Jerome Powell ruled out the possibility of a rate hike, easing worries over the central bank likely not being able to rein in inflation.

South Korea�s consumer prices rose at a slower pace in April from March on a year-on-year basis, according to official data. April CPI came in at 2.9% year on year, compared with a 3.1% rise in March. Core CPI, excluding food and energy prices, rose 2.3%. It was slightly slower than a 2.4% increase in March.

US stocks closed with a mixed performance on Wednesday following the Federal Reserve`s decision to keep its key interest rate unchanged, as widely anticipated. The central bank indicated a potential rate cut in the future but expressed uncertainty regarding sustained progress on inflation.

Domestic markets:

Domestic equity benchmarks surrendered early gains and closed moderately lower on Tuesday. The S&P BSE Sensex fell 188.50 points or 0.25% to 74,482.78, while the Nifty 50 slipped 38.55 points or 0.17% to 22,604.85.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,071.93 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,429.11 crore in the Indian equity market on 30 April, provisional data showed.

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