Nifty to open higher after upward momentum in broader Asian markets

Benchmark index Nifty 50 is set for a higher opening on Thursday following its recent record-setting performance, buoyed by a global surge driven by optimism surrounding potential rate cuts by the US central bank in March. 

As of 7:45 am, the GIFT Nifty was trading at 21,760, indicating an opening above Wednesday's close of 21,654.75.

On Wednesday, both the NSE Nifty and BSE Sensex reached all-time highs, with the Nifty achieving record levels in 12 out of 18 sessions in December. 

Analysts express positivity in market sentiment, anticipating a favourable end to the year in the remaining days of the week.

December has witnessed a remarkable 7.5 per cent increase in both indices, fuelled by robust domestic macroeconomic indicators, a resurgence of foreign investments, and a decline in oil prices. These gains mark the highest monthly increase since July 2022, representing a notable upswing in the market.

Overnight gains in US stocks, along with expectations of rate cuts by the US central bank in the coming year, have contributed to Asian shares reaching five-month highs on Thursday.

Stocks to watch

Indian Oil Corp: One worker was killed and another injured in a fire incident at a plant in the southern Indian city of Chennai on Wednesday, the state-run refiner said.

South Indian Bank: The bank's board has approved a proposal for fundraising for up to Rs 1,750 crore via share issue on a right basis.

Tata Power: The company has bought the project special purpose vehicle Bikaner III Neemrana II Transmission for Rs 18.6 crore.

Petronet LNG: The company has signed an agreement with Gopalpur Ports for setting up of LNG Terminal on the east coast of India.

(With Reuters Inputs)