Published 08:44 IST, February 7th 2024
Indian shares set for higher opening, following Asian markets
As of 8:15 am, India's GIFT Nifty was trading at 22,122 points, indicating that the NSE Nifty 50 will open above its previous close of 21,929.40 on Tuesday.
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Indian shares to open higher: Indian shares are expected to start the day on a positive note Wednesday, aiming to extend the gains from the previous session while mirroring the upward trend seen in Asian markets, buoyed by China's initiatives to safeguard its financial markets.
As of 8:15 am, GIFT Nifty was trading at 22,122 points, indicating that the NSE Nifty 50 will open above its previous close of 21,929.40 on Tuesday.
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Asian markets witnessed an uptick after China unveiled measures to restrict short-selling and expand stock purchases by state-owned entities in a bid to shield its markets. Wall Street also closed higher overnight.
On Tuesday, India's NSE Nifty 50 and BSE Sensex advanced, with the IT sector gaining momentum amid optimism regarding a soft landing of the US economy.
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Additionally, the sustained rally in oil and gas stocks contributed to the market's positive sentiment.
Ajit Mishra, senior vice president of technical research at Religare Broking, noted, "The recent uptrend in domestic markets reflects positive sentiment, likely to persist.
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All sectors, except banks, are witnessing buying activity on a rotational basis."
In January, foreign portfolio investors (FPI) offloaded a major amount of financial stocks but increased their holdings in IT and energy sectors.
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On Tuesday, FPIs bought shares worth a net Rs 92.52 crore across sectors, while domestic institutional investors (DIIs) sold stocks worth Rs 1,096 crore, according to exchange data.
The Reserve Bank of India (RBI) is anticipated to maintain its rate pause during Thursday's meeting, although market participants will closely scrutinise policymakers' commentary on the economy and inflation for insights into potential rate easing.
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Notable earnings scheduled for today include Lupin, Nestle India, Tata Consumer Products, Power Grid Corporation of India, and Apollo Tyres.
Stocks to watch
Britannia Industries: The company reported a fall in December-quarter profit on soft rural demand and rising competition.
Max Financial Services: India's insurance regulator approved a capital infusion of Rs 1,612 crore by Axis Bank AXBK.NS into Max Life.
Navin Fluorine International: The company posted a fall in quarterly net profit.
(With Reuters Inputs)
08:29 IST, February 7th 2024