Updated December 22nd, 2023 at 08:50 IST

Nifty set to open on a flat note; Tata Motors, LIC in focus

The benchmarks have hit fresh record highs in 11 of the 15 sessions in December so far.

Reported by: Business Desk
The Nifty and BSE Sensex have lost about 0.9 per cent each this week so far | Image:Republic
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The Indian equity benchmarks are set to open on a flat note as indicated by Nifty futures on GIFT Nifty on IFSC amid subdued cues from other Asian markets. The GIFT Nifty futures on International Financial Services Centre (IFSC) rose 4 points to 21,380 indicating a flat start for Nifty 50 index.

Asian markets were trading on a mixed note with Japan's Nikkei rising 0.19 per cent, China's Shnghai Composite fell 0.04 per cent, Hong Kong's Hang Seng rose 0.7 per cent and Taiwan Weighted was unchanged.

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Wall Street equities closed higher overnight, after data showed that third-quarter US economic growth was not as robust as previously stated, elevating bets of a rate cut in the first half of 2024.

Back home, the Nifty and BSE Sensex have lost about 0.9 per cent each this week so far, on course to snap a seven-week winning streak where they gained 12.65 per cent and 12.07 per cent, respectively.

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The benchmarks have hit fresh record highs in 11 of the 15 sessions in December so far, aided by the return of foreign inflows, improving US rate outlook, and strong macroeconomic data.

Life Insurance Corporation of India (LIC) will be in focus after the Department of Economic Affairs granted one-time exemption to the company to achieve the 25 per cent minimum public shareholding threshold within 10 years of listing.

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Tata Motors will also be on investors' radar after the company received no-objection certificate from the National Stock Exchange and Bombay Stock Exchange for the conversion of its differential voting rights shares to ordinary shares.

(With Reuters inputs)

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Published December 22nd, 2023 at 08:30 IST