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Updated February 13th, 2024 at 08:39 IST

Indian markets set to open higher, following Asian peers

The GIFT Nifty was trading at 21,745.50 at 8:29 am, indicating an opening above Monday's close of 21,616.05 for the NSE Nifty 50.

Business Desk
Sensex
Market to open higher | Image:Republic
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Indian shares to open higher: Indian shares are set to start the day on a positive note, taking cues from Asian markets, as investors await a crucial US inflation report. 

The easing of domestic inflation and optimism regarding potential inflows following the inclusion of five Indian stocks in a key MSCI index are bolstering sentiment.

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The GIFT Nifty was trading at 21,745.50 at 8:29 am, indicating an opening above Monday's close of 21,616.05 for the NSE Nifty 50.

Data released on Monday showed that India's retail inflation dropped to a three-month low of 5.10 per cent in January, in line with expectations. The decline was attributed to slower price increases in certain food items. 

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Additionally, December saw industrial output rise by 3.8 per cent year-on-year, primarily driven by manufacturing, indicating robust macroeconomic fundamentals.

Notably, MSCI increased India's weightage in its Global Standard (Emerging Markets) index to a record high of 18.2 per cent following its February review, and added five stocks. 

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Nuvama Alternative & Quantitative Research estimates potential passive inflows of over $1.2 billion from foreign institutional investors (FIIs) after the index reshuffle.

Asian stocks opened higher ahead of the US inflation data, which may influence the Federal Reserve's rate decisions. Most Wall Street equities posted gains overnight.

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Both foreign institutional investors (FIIs) and domestic institutional investors (DIIs) were net buyers of Indian equities on Monday. 

FIIs purchased shares worth Rs 127 crore on a net basis, while DIIs bought shares worth Rs 1,712 crore.

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Key earnings announcements expected on Tuesday include those from Eicher Motors, Hindalco Industries, and Zee Entertainment Enterprises.

Stocks to Watch 

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Mahindra & Mahindra: Company's production rose 32.4 per cent year-on-year in January 2024.

Steel Authority of India: Company posted drop in third-quarter profit as higher imports dented sales volume.

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Coal India: Company reported a higher-than-expected third-quarter profit on higher production.

 

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Published February 13th, 2024 at 08:39 IST

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