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Stocks may see gap-up opening on positive global cues

Published on Jan 23, 2024 07:26

The domestic equity indices are expected to open high today in a holiday truncated week, tracking gains in Asian peers amid positive global market cues. Markets will remain closed on Friday for the Republic day holiday.

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could jump 156 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading higher while investors await interest rate decision from the Bank of Japan (BoJ) as it holds its first monetary policy of the year. Markets will also be influenced by the interest rate decisions of the BoJ and European Central Bank (ECB), along with US GDP data.

US stock market indices ended higher on Monday with the S&P 500 posting a second straight record high close led by a rally in tech stocks.

Domestic markets:

Back home, the key equity barometers ended with small losses on Saturday. The barometer index, the S&P BSE Sensex declined 259.58 points or 0.36% to 71,423.65. The Nifty 50 index lost 50.60 points or 0.23% to 21,571.80. Stock exchanges were closed on Monday, 22 January 2024, in observance of the public holiday commemorating the consecration of the Ram Temple in Ayodhya.

Foreign portfolio investors (FPIs) sold shares worth Rs 545.58 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 719.31 crore in the Indian equity market on 20 January, provisional data showed.

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