Updated May 15th, 2024 at 08:47 IST

Nifty, Sensex set to open higher on strong global cues; Canara Bank, JSW Energy in focus

The Gift Nifty was observed trading at 22,369 as of 8:15 am, suggesting that the Nifty 50 is poised to open above Tuesday's closing mark of 22,217.85.

Reported by: Business Desk
Stock market news | Image:Republic

Stock market news: Benchmark indices are anticipated to open on a positive note on Wednesday, extending gains for the week. Investors are closely monitoring the US inflation figures for potential cues on future rate adjustments, with particular focus on Canara Bank and JSW Energy following their inclusion in the emerging markets index.

The Gift Nifty GIFc1 was observed trading at 22,369 as of 8:15 am, suggesting that the Nifty 50 is poised to open above Tuesday's closing mark of 22,217.85.


This week has witnessed a 0.74 per cent upturn in the benchmark Nifty, marking a recovery from the 1.87 per cent decline recorded last week, which represented its most significant drop since mid-March.

Analysts attribute the persistent foreign selling to concerns surrounding the anticipated majority win of the ruling Bharatiya Janata Party in the ongoing elections, considered the world's largest democratic exercise. Results for the seven-phase election are slated for June 4.


Foreign investors offloaded Indian shares worth Rs 4,066 crore on a net basis on Tuesday, while domestic institutional investors made purchases totaling Rs 3,528 crore in stocks. This marked their selling trend in 25 out of the last 30 sessions.

Despite a halt in the 13-session gaining streak, Nifty's volatility gauge remained at elevated levels during Tuesday's session, nearing its 19-month high. Foreign investors were observed acquiring options to hedge their equity portfolios amidst election-related uncertainties.


In Asian markets, peers outside Japan demonstrated a 0.43 per cent rise, while all three major Wall Street indices recorded gains overnight.

Investors are eagerly awaiting crucial US inflation data, scheduled for release after the market close, which could provide insights into potential future rate adjustments.


Domestically, market participants will closely watch the reaction to the inclusion of Canara Bank and JSW Energy, among others, in the MSCI Emerging Markets index following the quarterly rebalancing. Additionally, the market response to telecom operator Bharti Airtel's fourth-quarter revenue miss will be under scrutiny.

Stocks to watch:

  • Cipla: The promoter group of India's third-largest drugmaker reportedly seeks to divest a 2.53 per cent stake through a block deal, as per reports.
  • Colgate Palmolive (India): The consumer goods manufacturer posted improved fourth-quarter profits, attributed to price hikes and heightened demand for its personal care products.
  • Patanjali Foods: The consumer goods company witnessed a decline in fourth-quarter profits due to increased expenses and lower sales of edible oils.

Published May 15th, 2024 at 08:47 IST