Updated March 22nd, 2024 at 08:34 IST

Nifty, Sensex set to open marginally higher, IT stocks in focus

The Gift Nifty was seen trading at 22,060 as of 8:06 am, suggesting a higher opening for the Nifty 50 compared to Thursday's close of 22,011.95.

Reported by: Business Desk
Dalal Street | Image:PTI
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Indian stock market: Indian shares are expected to open slightly higher on Friday, following the global uptrend after the US Federal Reserve reaffirmed its rate cut projections. However, Asian markets started lower today after recording gains on Thursday. The Gift Nifty was seen trading at 22,060 as of 8:06 am, suggesting a higher opening for the Nifty 50 compared to Thursday's close of 22,011.95.

In global markets, Wall Street saw gains driven by the Fed's stance, while the Swiss National Bank initiated policy easing. 

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The Bank of England opted to keep rates steady but indicated a potential shift towards rate cuts in the near term, influencing global interest rate expectations.

On the domestic front, attention will be on heavyweight IT stocks following Accenture's downward revision of its 2024 revenue growth forecast due to subdued dealmaking amid economic uncertainty. 

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Accenture's performance is closely watched as a barometer for the Indian IT sector, reflecting the condition of clients in major Western markets.

Prashanth Tapse, Senior VP (Research), Mehta Equities said, “The global market outlook remains bullish as major indices hit record highs, with the Federal Reserve predicting three rate cuts this year despite strong economic indicators. IT stocks may see a slowdown following Accenture's revised revenue forecast. Nifty aims to maintain momentum, with support at 21711, while Bank Nifty looks poised for further gains. IndiGo, Bank of Baroda, and Zomato show promising trends for the week.”

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Thursday saw India's major indexes, Nifty 50 and Sensex, closing higher, supported by gains in the metal index and large-cap stocks. Small-cap and mid-cap stocks also saw gains, possibly driven by improved risk appetite.

Foreign portfolio investors offloaded Indian shares worth Rs 1,827 crore on Thursday, while domestic institutional investors (DIIs) bought stocks worth Rs 3,209 crore.

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Stocks to watch 

LTIMindtree: Life Insurance Corporation of India increased stake in the company to 5.03 per cent from 4.99 per cent.

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Tata Chemicals: Company received income tax penalty of Rs 104 crore.

Mazagon Dock Shipbuilders: Company accepted offer of Mumbai Port Authority for allotment of land and building at an allotment cost of Rs 354 crore.

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Published March 22nd, 2024 at 08:21 IST