Sensex, Nifty may open on firm note

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could rise 39 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading mixed on Monday after Wall Street slumped on Friday amid signs US inflation is stickier than expected. Chinese shares are trading higher as they resume trading following the week-long Lunar New Year break. The People�s Bank of China on Sunday held a key policy rate steady as expected. China�s central bank said it was holding the rate unchanged at 2.5% on 500 billion yuan ($69.51 billion) worth of one-year medium-term lending facility.

US stocks fell on Friday after a hotter-than-expected producer prices report eroded hopes for imminent interest rate cuts by the Federal Reserve.

Domestic markets:

Back home, domestic equity benchmarks ended with decent gains on Friday, rising for the fourth day in a row. The S&P BSE Sensex advanced 376.26 points or 0.52% to 72,426.64. The Nifty 50 index added 129.95 points or 0.59% to 22,040.70.

Foreign portfolio investors (FPIs) bought shares worth Rs 253.28 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,571.00 crore in the Indian equity market on 16 February, provisional data showed.

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