BENGALURU: India’s Nifty 50 is set to open higher on Friday, extending a recovery after Wednesday’s fall and tracking Asian and US peers after fresh US growth data added to the improving interest rate outlook.
India’s GIFT Nifty was trading at 21,378 as of 8:16 a.m. IST, indicating the NSE Nifty 50 is likely to open above its Thursday close of 21,255.05.
The Nifty and BSE Sensex have lost about 0.9% each this week so far, on course to snap a seven-week winning streak where they gained 12.65% and 12.07%, respectively.
The benchmarks have hit fresh record highs in 11 of the 15 sessions in December so far, aided by the return of foreign inflows, improving US rate outlook, and strong macroeconomic data.
However, selling pressure emerged at record-high levels on Wednesday as investors booked profits in recent outperforming segments like state-owned banks, financials and energy.
On Thursday, markets recouped some of the losses.
“Domestic equities are likely to move in a range as investor participation is expected to gradually decline globally ahead of Christmas and New Year holidays,” said Siddhartha Khemka, head of retail research at Motilal Oswal.
Energy stocks aid rebound in Indian shares after lacklustre start
Wall Street equities closed higher overnight, after data showed that third-quarter US economic growth was not as robust as previously stated, elevating bets of a rate cut in the first half of 2024.
Investors also await a key US inflation reading that could influence the Fed’s rate outlook, due later in the day. Asian shares opened higher.
Comments
Comments are closed.