Local stocks may open lower on subdued global cues
18-Sep-23   08:27 Hrs IST

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could rise 25 points at the opening bell.

Global markets:

Overseas, Asian stocks slipped on Monday as investors look ahead to a week of central bank decisions. The U.S. Federal Reserve's decision is expected early Thursday in Asia, while Australia's central bank will release its minutes for its 5 September 2023 policy meeting on Tuesday.

On Friday, the Bank of Japan will conclude its monetary policy meeting and traders will be looking for clarity on when the BOJ will start to shift its ultra-easy monetary policy. Elsewhere, the People's Bank of China is also expected to release its loan prime rate decisions on Friday.

US stocks fell Friday as investors wrapped up a volatile week ahead of the Federal Reserve's policy meeting.

On the economic front, the University of Michigan's consumer sentiment survey showed one-year inflation expectations dropped to 3.1% in September, tied for the lowest since January 2021. Also, the five-year outlook fell to 2.7%, matching its lowest since December 2020.

Domestic markets:

Back home, domestic equity benchmarks ended with decent gains on Friday. The Sensex and the Nifty achieved record closing highs. The barometer index, the S&P BSE Sensex advanced 319.63 points or 0.47% to 67,838.63. The Nifty 50 index added 89.25 points or 0.44% to 20,192.35.

Foreign portfolio investors (FPIs) bought shares worth Rs 164.42 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,938.57 crore in the Indian equity market on 15 September, provisional data showed.

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