Indian Markets Poised for Higher Open

15 Dec 2023 , 08:22 AM

The GIFT Nifty trends suggest a positive opening for the broader index in India, with an increase of 79 points or 0.37%. Nifty futures are trading around the 21,419 level.

Indian stock markets experienced a robust rally on December 14, 2023, driven by a dovish stance from the US Federal Reserve and favorable global cues. Both benchmark indices, BSE Sensex and NSE Nifty, surged to new record highs, closing over 1% higher each.

The Sensex concluded the day 929.13 points, or 1.33%, higher at 70,508.13, while the Nifty gained 243.60 points, or 1.16%, settling at 21,169.90.

On December 15, Asian markets continued to climb, with Wall Street maintaining its upward momentum following the US Federal Reserve’s decision to keep rates steady and outline potential cuts in 2024 and beyond.

Japan’s Nikkei and Kospi rose nearly 1% each.

The Bank of England opted to maintain interest rates at the highest level in 15 years, persisting with their higher-for-longer message despite increasing market expectations for rate cuts in 2024.

Foreign institutional investors (FIIs) net purchased shares worth Rs 3,570.07 crore, while domestic institutional investors (DIIs) bought stocks worth Rs 553.17 crore on December 14, according to provisional data from the National Stock Exchange (NSE).

For December 15, the NSE has included Manappuram Finance and SAIL in its F&O ban list, while retaining Balrampur Chini Mills, Delta Corp, Hindustan Copper, Indiabulls Housing Finance, India Cements, and Zee Entertainment Enterprises on the list. National Aluminium Company has been removed from the ban list.