Sensex, Nifty poised for firm opening

September 14,2023

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could rise 35 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading higher on Thursday even as inflation in the U.S. inflation rate in August came in hotter than expected.

US stocks ended mixed on Wednesday as traders weighted the hot August inflation report. Markets are now waiting on key economic indicators before the Fed issues its next rate move on September 20. The Bureau of Labor Statistics is slated to release the August Producer Price Index before the opening bell on Thursday.

Month-on-month, the consumer price index rose 0.6% in August, in line with expectations. In July, the CPI rose 3.2% year-on-year and 0.2% month-on-month. However, excluding volatile food and energy costs, the core CPI rose 4.3%, in line with estimates and down from 4.7% in July.

Domestic markets:

Back home, domestic stock barometers experienced a rebound on Wednesday. The barometer index, the S&P BSE Sensex advanced 245.86 points or 0.37% to 67,466.99. The Nifty 50 index added 76.80 points or 0.38% to 20,070. Both the indices attained record closing high levels.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,631.63 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 849.86 crore in the Indian equity market on 13 September, provisional data showed.

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