GIFT Nifty indicates firm opening; F&O expiry may trigger volatility
27-Jul-23   07:56 Hrs IST

GIFT Nifty:

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

Trading could be volatile as traders roll over positions in the F&O segment from the near month July series to August series. The July 2023 F&O contracts will expire today, 27 July 2023.

Prime Minister Narendra Modi on Wednesday laid bare his blueprint for a third term of his government, saying India will become the third largest economy in the world with a faster growth rate than now. PM Modi government will complete 10 years in office next May and he is seeking a third term on development plank. He said that India will be one of the top three economies in the world in his third term. The next general elections are due in May 2024.

Global markets:

Overseas, Asian stocks are trading higher Thursday after the U.S. Federal Reserve raised rates to their highest level in more than 22 years while leaving the door open for further tightening.

US stocks ended flat after a choppy trading session on Wednesday, unmoved by the Federal Reserve's latest action to raise benchmark interest rates.

The Federal Reserve raised rates by a quarter-point Wednesday, as was widely expected. The increase pushes the benchmark rate to a range of 5.25%-5.5%, its highest level in more than 22 years. The central bank also said it will ?continue to assess additional information and its implications for monetary policy,? echoing its data-dependent approach to monetary policy.

The European Central Bank and the Bank of Japan are due to announce their own policy moves on Thursday and Friday, respectively.

Domestic markets:

Back home, domestic equity barometers advanced on Wednesday, following a period of consolidation over the past three trading days. The barometer index, the S&P BSE Sensex gained 351.49 points or 0.53% to 66,707.20. The Nifty 50 index added 97.70 points or 0.50% to 19,778.30.

Foreign portfolio investors (FPIs) bought shares worth Rs 922.84 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 470.10 crore in the Indian equity market on 26 July, provisional data showed.

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