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Stocks poised for rally in early trade on upbeat global cues

Published on Nov 15, 2023 08:48

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could jump 185 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading with strong gains on Wednesday, taking cues from Wall Street after a soft U.S. inflation reading boosted hopes of the Federal Reserve nearing the end of its interest rate-hiking cycle.

Japan�s economy shrank in the July-September period for the first time in four quarters, provisional government data showed Wednesday, amid slowing global demand and rising domestic inflation. Provisional gross domestic product fell 2.1% in the third quarter compared to a year ago, while also recording a 0.5% decline from the previous quarter.

On the geopolitical front, U.S. President Joe Biden and China�s President Xi Jinping are expected to meet in person in San Francisco for the first time in about a year.

US stocks rallied Tuesday, building on their strong November gains, as Wall Street cheered the soft U.S. inflation report. The consumer price index was flat in October from the previous month but increased 3.2% from a year ago. The headline CPI had increased 0.4% in September.

Late Tuesday, the House of Representatives passed a bill to avert a government shutdown. The measure will go to the Senate for a vote. If cleared by lawmakers, the legislation goes to President Joe Biden.

Domestic markets:

Back home, domestic stocks faced selling pressure on Monday, dragged by banking, financial, and IT stocks. The barometer index, the S&P BSE Sensex slipped 325.58 points or 0.50% to 64,933.87. The Nifty 50 index lost 82 points or 0.42% to 19,443.55. The exchanges remained closed on Tuesday, 14 November 2023, on the occasion of Diwali Balipratipada.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,244.44 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 830.40 crore in the Indian equity market on 13 November, provisional data showed.

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