Updated March 13th, 2024 at 10:17 IST

Nifty, Sensex set to open higher, following Asian peers

The GIFT Nifty was trading at a positive level, indicating that the Nifty 50 will open above Tuesday's close.

Reported by: Business Desk
Indian stock markets | Image:Republic
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Indian stock markets: Indian shares are set to open higher on Wednesday, taking cues from Asian markets which saw gains after US inflation data met expectations, reinforcing the belief that the Federal Reserve might cut rates in June. Domestic consumer prices in India also eased slightly in February.

The GIFT Nifty was trading at a positive level, indicating that the Nifty 50 will open above Tuesday's close. 

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Asian markets opened on a positive note, with the MSCI Asia ex-Japan index adding to the optimism.

Wall Street also witnessed gains, with the S&P 500 hitting a record high, as the latest data on the US consumer price index (CPI) showed a 0.4 per cent increase in February, aligning with forecasts.

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Although US inflation remained stubbornly high, market expectations regarding a Federal Reserve rate cut in June remained unchanged, as indicated by the CME's FedWatch Tool.

India's retail inflation slightly eased to 5.09 per cent in February from the previous month, but it surpassed expectations due to elevated food prices.

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The Nifty 50 and BSE Sensex remained relatively unchanged on Tuesday, after experiencing slight declines in the previous session. 

However, small and mid-cap stocks underperformed amid concerns raised by the markets regulator over elevated valuations.

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Both foreign portfolio investors and domestic institutional investors were net buyers of Indian equities on Tuesday.

Stocks to watch

ITC: British American Tobacco plans to sell shares worth $2.03 billion through a block deal.

Aurobindo Pharma: Company's unit Eugia Pharma has resumed distribution after temporarily halting production at one of its units.

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Vedanta: Company has been ordered by the markets regulator to pay Cairn UK $9.4 million for delayed dividends.

Oriental Rail Infrastructure: Company's unit secured an order worth Rs 1,249 crore from the Ministry of Railways for the supply of wagons.

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(With Reuters Inputs)

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Published March 13th, 2024 at 08:12 IST