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GIFT Nifty:
Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could rise 22 points at the opening bell.
Trading could be volatile as traders roll over positions in the F&O segment from the near month November series to December series. The November 2023 F&O contracts will expire today, 30 November 2023.
On the macro front, India's gross domestic product (GDP) for the third quarter will be released today, 30 November 2023. The infrastructure output data for October will be released on the same day.
On the political front, all eyes are set on exit poll results. The exit polls results for all the five states ? Rajasthan Madhya Pradesh, Mizoram, Chhattisgarh and Telangana ? will be declared after the voting ends in Telangana on Thursday. The assembly elections in these five states were held between November 7 and November 30. The counting of votes will be held on December 3. The state polls are being considered as a semi-final before the 2024 assembly elections.
Global markets:
Overseas, Asian stocks fell across the board on Thursday ahead of key economic data from the region. China?s factory activity shrank for a second straight month in November. The official manufacturing purchasing managers? index fell slightly to 49.4 in November from 49.5 in October, according to data from the National Bureau of Statistics released Thursday.
Retail sales rose in Japan, but at the slowest pace so far this year, while industrial output during the same month increased more than expected. Official data showed Japan retail sales rose 4.2% last month. Japan?s factory output gained 1.0% in October.
South Korea?s central bank held its benchmark policy rate at 3.5% for the seventh meeting in a row, in line with expectations. In its announcement, the Bank of Korea said that ?although inflation has been elevated than previously expected, it is projected to continue its underlying trend of a slowdown.?
US stocks remained near the flat line on Wednesday, even as the U.S. economy grew more than expected. GDP in the third quarter accelerated at a 5.2% annualized pace, above the initial estimate of 4.9%.
Investors will focus on the Fed's preferred measure of inflation on Thursday and Euro Zone consumer inflation figures for further clarity on the where inflation is headed. Fed Chair Jerome Powell is due to speak on Friday. His words will be scrutinized by traders to gauge where rates may head.
Oil prices settled more than 1% higher on Wednesday as futures contracts gain momentum ahead of key OPEC meeting on Thursday. OPEC and its allies, OPEC+, are set to hold a virtual meeting on production cuts.
Domestic markets:
Back home, the domestic stock market rallied on Wednesday, marked by the Nifty surpassing the 20,000 level for the first time since 18 September 2023. The barometer index, the S&P BSE Sensex jumped 727.71 points or 1.10% to 66,901.91. The Nifty 50 index added 206.90 points or 1.04% to 20,096.60.
Foreign portfolio investors (FPIs) bought shares worth Rs 71.91 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,360.81 crore in the Indian equity market on 29 November, provisional data showed.
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