Muted Market Awaits Fed Decision, GIFT Nifty Hints at Positive Start

14 Dec 2023 , 09:08 AM

In the pre-market trading session, the GIFT Nifty on the NSE IX registered a minor decline of 5 points or 0.02%, settling at 21,237.5. This signals that Dalal Street is likely to experience a subdued start on Thursday.

Domestic equities displayed a lacklustre performance on Wednesday as investors awaited the outcome of the US Federal Reserve’s policy decision. Today’s trading session is poised to react to the Fed’s stance, shaping market dynamics.

The US Federal Reserve opted to maintain interest rates and hinted at potential rate cuts in 2024, triggering positive movements across global markets. Overnight, the US market concluded with robust gains, and early trading in most Asian counterparts reflected a similar uptrend. The GIFT Nifty surged by over 200 points, indicating a positive start for the domestic market.

Foreign portfolio investors (FPIs) emerged as net buyers on Wednesday, infusing Rs 4,710 crore into the market. Conversely, domestic institutional investors (DIIs) divested shares worth Rs 958 crore.

The net long position of FPIs experienced a reduction, decreasing from Rs 50,228 crore on Tuesday to Rs 38,695 crore on Wednesday.

In a session marked by volatility, Indian benchmark indices managed to close on a flat note on December 13. The Nifty maintained a close proximity to the 20,950 mark, reflecting investor caution amidst a mix of global and domestic cues.

Key Market Movements: Top Gainers (Nifty):

NTPC, Hero MotoCorp, Power Grid Corporation, Eicher Motors, M&M

Top Losers (Nifty):

TCS, Infosys, Bajaj Finserv, HDFC Life, Axis Bank