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Stocks geared for higher opening

Published on Nov 02, 2023 08:46

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could rise 23 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading higher as investors took comfort from the U.S. Federal Reserve�s decision to leave its benchmark interest rates unchanged, while parsing inflation and trade data from across the region.

US stocks advanced on Wednesday after the Federal Reserve kept interest rates unchanged for a second consecutive time � leading investors to think the central bank would stay put for the rest of the year.

The Federal Reserve on Wednesday held rates steady at a range of 5.25%-5.5%. amid signs of economic growth, while labor market conditions and inflation remain above the central bank�s target. The decision also included an upgrade to the Fed�s general assessment of the economy.

Domestic markets:

Back home, the domestic stock market faced another day of decline as the Nifty index dropped below the 19,000 mark on Wednesday. The barometer index, the S&P BSE Sensex slipped 283.60 points or 0.44% to 63,591.33. The Nifty 50 index lost 90.45 points or 0.47% to 18,989.15.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,816.91 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,622.05 crore in the Indian equity market on 1 November, provisional data showed.

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