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Stocks may open in positive zone

Published on Nov 09, 2023 08:29

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could rise 28 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading higher Thursday after US equities hit their hottest winning streak in two years, as investors cling to hopes that interest rates have peaked. Meanwhile, China slid back into deflation. Government data showed October consumer prices shrank 0.2% year-on-year in China. Producer prices declined 2.6%.

In US, the S&P 500 and Nasdaq eked out small gains on Wednesday to extend their recent winning streaks as investors weighed Federal Reserve officials` recent comments for signals on the path of interest rates and focused on the direction of Treasury yields. The Dow`s decline snapped a seven-session winning streak.

Fed Chair Jerome Powell will appear on a panel discussing monetary policy challenges later Thursday. Atlanta Fed President Raphael Bostic and his Richmond counterpart Tom Barkin are also slated to speak Thursday, as is Bank of England chief economist Huw Pill.

Domestic markets:

Back home, the domestic stock market navigated a volatile trading session on Wednesday, culminating in modest gains. The barometer index, the S&P BSE Sensex rose 33.21 points or 0.05% to 64,975.61. The Nifty 50 index added 36.80 points or 0.19% to 19,443.50.

Foreign portfolio investors (FPIs) sold shares worth Rs 84.55 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 524.47 crore in the Indian equity market on 8 November, provisional data showed.

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