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GIFT Nifty:
Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could fall 11 points at the opening bell.
The International Monetary Fund (IMF) has raised its GDP growth forecast for India for 2023-24 to 6.1% from 5.9% due to the blowout growth number for January-March. The upward revision made to India's growth forecast is in line with the IMF's new view on the global economy. The IMF has made no change to its forecast for next year and continues to see India's GDP growing by 6.3% in 2024-25, the multilateral agency said on July 25 in an update to its World Economic Outlook (WEO) report.
The International Monetary Fund raised its outlook for the world economy this year. Global gross domestic product will expand 3% in 2023, the IMF said in an update to its World Economic Outlook released Tuesday. While that's still a slowdown from 3.5% growth last year, it's faster than its 2.8% projection in April. The Washington-based fund left its global growth expectation for next year unchanged at 3%.
Global markets:
Overseas, Asian stocks are largely trading lower as investors brace for the U.S. Federal Reserve's rate decision on Wednesday.
On Wall Street, the three main indices closed higher on Tuesday, led by gains in shares of technology, materials and communication services companies.
Global central bank meetings are in focus. Markets reportedly anticipate a 25 basis points interest rate hike from the US Federal Reserve on Wednesday and European Central Bank on Thursday. Meanwhile, the Bank of Japan on Friday is likely to keep its super-loose policy intact. Investors are waiting for Chair Jerome Powell's statements on his outlook for the economy as it tackles inflation.
Domestic markets:
Back home, the key equity indices ended almost flat on Tuesday. The barometer index, the S&P BSE Sensex declined 29.07 points or 0.04% to 66,355.71. The Nifty 50 index added 8.25 points or 0.04% to 19,680.60.
Foreign portfolio investors (FPIs) bought shares worth Rs 1,088.76 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 333.70 crore in the Indian equity market on 25 July, provisional data showed.
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