Market Commentary - Pre-Session
Firm opening on the cards on buoyant global cues As on : 21-Mar-24  08:29

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could rise 52 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading higher on Thursday with Japan's Nikkei hitting record highs on Thursday after Wall Street set new highs as the Federal Reserve signaled it remains on track for three interest-rate cuts this year despite a recent uptick in inflation.

Wall Street's main stock indexes closed higher on Wednesday after the Federal Reserve eased investor jitters by keeping borrowing costs unchanged.

Following its two-day policy meeting, the central bank?s rate-setting Federal Open Market Committee said it will keep its benchmark overnight borrowing rate in a range between 5.25%-5.5%. Along with the decision, Fed officials penciled in three quarter-percentage point cuts by the end of 2024. However, Fed's outlook for rate cuts in 2025 has come down to three times, than earlier four. Chair Jerome Powell said the Fed also did not elaborate on timing but said he still expects the cuts to come, as long as the data cooperate.

Domestic markets:

Back home, the domestic stock market inched higher on Wednesday, clawing back some losses after a volatile session. The barometer index, the S&P BSE Sensex, was up 89.64 points or 0.12% to 72,101.69. The Nifty 50 index rose 21.65 points or 0.10% to 21,839.10.

Foreign portfolio investors (FPIs) sold shares worth Rs 2,599.19 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,667.52 crore in the Indian equity market on 20 March, provisional data showed.

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