AGL 37.50 Decreased By ▼ -0.08 (-0.21%)
AIRLINK 222.89 Increased By ▲ 0.46 (0.21%)
BOP 10.82 Decreased By ▼ -0.14 (-1.28%)
CNERGY 7.56 Decreased By ▼ -0.10 (-1.31%)
DCL 9.42 Decreased By ▼ -0.21 (-2.18%)
DFML 40.96 Decreased By ▼ -0.74 (-1.77%)
DGKC 106.76 Decreased By ▼ -3.99 (-3.6%)
FCCL 37.07 Decreased By ▼ -0.99 (-2.6%)
FFL 19.24 Increased By ▲ 0.95 (5.19%)
HASCOL 13.18 Decreased By ▼ -0.19 (-1.42%)
HUBC 132.64 Decreased By ▼ -2.32 (-1.72%)
HUMNL 14.73 Decreased By ▼ -0.86 (-5.52%)
KEL 5.40 Decreased By ▼ -0.16 (-2.88%)
KOSM 7.48 Increased By ▲ 0.07 (0.94%)
MLCF 48.18 Decreased By ▼ -2.15 (-4.27%)
NBP 66.29 Decreased By ▼ -0.18 (-0.27%)
OGDC 223.26 Decreased By ▼ -5.35 (-2.34%)
PAEL 43.50 Increased By ▲ 0.13 (0.3%)
PIBTL 9.07 Decreased By ▼ -0.23 (-2.47%)
PPL 198.24 Decreased By ▼ -4.89 (-2.41%)
PRL 42.24 Decreased By ▼ -0.62 (-1.45%)
PTC 27.39 Increased By ▲ 0.06 (0.22%)
SEARL 110.08 Increased By ▲ 3.06 (2.86%)
TELE 10.52 Increased By ▲ 0.74 (7.57%)
TOMCL 36.62 Decreased By ▼ -0.01 (-0.03%)
TPLP 14.95 Decreased By ▼ -0.28 (-1.84%)
TREET 26.53 Decreased By ▼ -0.26 (-0.97%)
TRG 68.85 Decreased By ▼ -1.30 (-1.85%)
UNITY 34.19 No Change ▼ 0.00 (0%)
WTL 1.79 Increased By ▲ 0.03 (1.7%)
BR100 12,363 Decreased By -32.9 (-0.27%)
BR30 38,218 Decreased By -629.2 (-1.62%)
KSE100 117,120 Increased By 111.6 (0.1%)
KSE30 36,937 Increased By 72.2 (0.2%)

BENGALURU: Indian shares are set to open higher on Wednesday, tracking a rise in Asian and US peers after dovish commentary from a US Federal Reserve official elevated bets of rate cuts by as early as March 2024.

India’s GIFT Nifty was up 0.31% at 20,029.50 as of 7:58 a.m. IST, above the benchmark Nifty 50’s close of 19,889.70 on Tuesday.

Wall Street equities rose overnight after Fed governor Christopher Waller flagged the possibility of lowering the interest rate in the months ahead if inflation continued to come down.

While another Fed governor, Michelle Bowman, hinted at the possibility of raising rates further if needed, stock markets took their cues from Waller’s dovish comments.

The odds of a 25 basis-point rate cut by March 2024 rose to 40.4% on Wednesday from 21.5% the day before, according to the FedWatch tool.

Asian markets opened higher.

The Nifty 50 closed at the highest since Sept. 20, 2023 on Tuesday, aided by a rise in energy and Adani group stocks. Since Nov. 14’s soft US inflation data, the blue-chip index has closed above 19,600 in every session, but did not breach the 19,900-level in intraday data until the previous session.

“Nifty broke out upwards after a gap of almost six weeks. It could now head up towards the 19,980 - 20,115 band while the 19,765 - 19,811 band could offer support on falls,” said Deepak Jasani, head of retail research at HDFC Securities.

Adani, energy stocks propel India’s Nifty to a two-month high

The rise in Nifty, accompanied by high volumes, suggests the return of foreign portfolio investors (FPIs) on the buy side, Jasani added.

FPIs bought Indian shares worth 7.84 billion rupees ($94.12 million) on Tuesday on a net basis. Domestic institutional investors purchased shares worth 13.25 billion rupees.

As of Nov. 28, 2023, FPIs have turned net buyers of Indian equities after two months, adding shares worth 29.01 billion rupees.

Comments

Comments are closed.