Sensex, Nifty Set for Positive Open

16 Feb 2024 , 08:28 AM

On February 16, the benchmark Sensex and Nifty indices are expected to commence trading on a positive note, as indicated by trends in the GIFT Nifty, which suggest a gain of 62.50 points. 

This follows a trend of volatility in the market, with the previous session marking the third consecutive day of gains, during which the Nifty surpassed the 21,900 level. At the close of trading on February 15, the Sensex rose by 227.55 points or 0.32% to reach 72,050.38, while the Nifty climbed by 70.70 points or 0.32% to 21,910.75.

Furthermore, trends in the GIFT Nifty indicate a positive start for the broader Indian index, with Nifty futures trading around the 22,090.50 level. In Asian markets, early trading on Friday saw the Nikkei rising by 1.2% and Kospi gaining 0.6%.

In domestic news, the government has implemented revisions to the windfall gains tax on crude petroleum, effective February 15. These revisions include an increase in the Special Additional Excise Duty (SAED) on crude petroleum to ₹3,300 per tonne from the previous ₹3,200 per tonne. Additionally, the tax on diesel has been raised to ₹1.50 per litre from zero, while SAED on petrol and aviation turbine fuel (ATF) will remain at nil.

In terms of investor activity, provisional data from the NSE indicates that foreign institutional investors (FIIs) were net sellers of shares worth ₹3,064.15 Crore, while domestic institutional investors (DIIs) bought shares worth ₹2,276.93 Crore on February 15.