Markets are anticipated to open higher, GIFT NIFTY trades marginally higher
Upstox
2 min read • Updated: February 15, 2024, 9:14 AM
Summary
At 7:56 a.m. IST, the GIFT Nifty in India was trading at 21,987.50, indicating an opening above Wednesday's close of 21,840.05 for the NSE Nifty 50.
Thursday's opening for Indian shares is anticipated to be higher, following a rebound in Asian and U.S. markets. The surge comes in response to a recovery from the previous session's downturn caused by unexpectedly high U.S. inflation.
At 7:56 a.m. IST, the GIFT Nifty in India was trading at 21,987.50, indicating an opening above Wednesday's close of 21,840.05 for the NSE Nifty 50.
On Wednesday, India's domestic blue-chip indexes, Nifty 50 and BSE Sensex, overcame an initial negative start to finish with gains of approximately 0.5% each. This positive outcome was supported by state-owned banks and a continued post-results rally in energy stocks.
Market analysts suggest that the consolidation of benchmark indexes around current levels may persist in the near future. In contrast to Indian equities, several other Asian markets experienced declines in the previous session due to concerns about rising U.S. inflation. However, they showed signs of recovery on Thursday. Wall Street equities also closed higher in the overnight session.
Foreign institutional investors were net sellers of Indian shares worth ₹3,930 crore on Wednesday, while domestic institutional investors bought stocks worth ₹2,898 crore.
Noteworthy stocks to observe include:
Paytm: India's financial crime-fighting agency is reportedly seeking information on overseas transactions by the company's payments bank following regulatory actions by the Reserve Bank of India.
Hindustan Unilever: The consumer goods firm is in discussions with the Andhra Pradesh state government regarding a potential investment of ₹300 crore for palm oil production.
Glenmark Pharmaceuticals: The generic drugmaker reported a quarterly loss for the second consecutive time, citing increased expenses and costs related to the remediation of its manufacturing sites.
Vedanta: According to media reports, Vedanta Resources, the parent company, may sell approximately $1 billion worth of shares in the company to investment firm GQG Partners through block deals.