Updated February 15th, 2024 at 09:02 IST

Indian shares set to open higher following global rebound

As of 7:56 am, GIFT Nifty was trading at 21,987.50, indicating that the NSE Nifty 50 will open above Wednesday's close of 21,840.05.

Reported by: Business Desk
Markets set to open higher | Image:Republic
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Indian shares may open higher: Indian shares are set to open higher on Thursday, taking cues from a recovery in Asian and US markets after a setback triggered by hotter-than-expected US inflation figures in the previous session.

As of 7:56 am, GIFT Nifty was trading at 21,987.50, indicating that the NSE Nifty 50 will open above Wednesday's close of 21,840.05.

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Despite a negative start on Wednesday, domestic blue-chip indexes Nifty 50 and BSE Sensex rebounded to close with gains of approximately 0.5 per cent each. This was supported by state-owned banks and a sustained post-results rally in energy stocks.

Ajit Mishra, Senior Vice President of Technical Research at Religare Broking, noted the Indian markets' resilience amid weak global cues, highlighting Wednesday's bounceback.

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Mishra suggested that benchmark indexes may continue consolidating near current levels in the near future.

In contrast, other Asian markets experienced declines in the previous session following concerns over US inflation data, reigniting worries about potential rate hikes. 

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However, they opened higher on Thursday, while Wall Street equities closed with gains overnight.

Foreign institutional investors (FIIs) sold Indian shares worth Rs 3,930 crore on a net basis on Wednesday, while domestic institutional investors (DIIs) purchased stocks worth Rs 2,898 crore.

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Stocks to watch

Paytm: Enforcement Directorate (ED) is reportedly seeking details on overseas transactions by the company's payments bank following an RBI clampdown.

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Hindustan Unilever: The consumer goods firm is in discussions with Andhra Pradesh state to invest Rs 300 crore for palm oil production.

Glenmark Pharmaceuticals: The generic drugmaker posted a quarterly loss for the second-straight time, attributed to higher expenses and costs related to the remediation of its manufacturing sites.

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Vedanta: Parent company Vedanta Resources may sell about $1 billion worth of shares in the company to investment firm GQG Partners via block deals, according to media reports.

(With Reuters Inputs)

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Published February 15th, 2024 at 08:08 IST