The Indian stock market benchmark indices, Sensex and Nifty 50, are expected to open on a steady note on Thursday, following mixed cues from global markets, with investors eying the October CPI inflation data scheduled for release later today.
The trends on Gift Nifty also signal a mildly positive start for the Indian benchmark indices, Nifty 50 and Sensex, today. The Gift Nifty was trading around 25,241 level, a premium of nearly 27 points from the Nifty futures' previous close.
In the previous session, the benchmark indices resumed their rally, with the Nifty 50 closing above 25,200 level.
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“With key sectors participating in the rally on a rotational basis, participants should focus on identifying quality stocks across promising themes, particularly PSU banking, capital markets and oil & gas. Any dips or consolidation should be utilised to accumulate quality names rather than chase extended moves,” said Ajit Mishra, SVP – Research, Religare Broking.
Here are five key factors that are likely to drive the Indian stock market today:
Asian Markets
Asian markets traded mixed in a choppy trade on Thursday. Japan's Nikkei 225 rose 0.23% and Topix index gained 0.49%. South Korea's Kospi rallied 0.41%, while Kosdaq index fell 0.67%. Hong Kong's Hang Seng index futures indicated a lower opening.
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Wall Street
US stock market ended higher on Wednesday, with the S&P 500 and the Nasdaq surging over 1% each.
The Dow Jones Industrial Average gained 254.60 points, or 0.49%, to 52,486.49, while the S&P 500 rallied 98.45 points, or 1.31%, to 7,619.38. The Nasdaq Composite closed 400.31 points, or 1.60%, higher at 25,466.19.
MSCI Rejig
Life Insurance Corporation of India (LIC), Coforge, Adani Green Energy and Meesho have been included to the MSCI Global Standard Index, while PI Industries have been removed from the index in its November review. India's weightage in the standard Emerging Market Index will rise to 13.1% from 12.9% currently.
FPI Flows
Foreign Portfolio Investors (FPI) turned net buyers in the Indian stock market during the month of November after persistent selling for two months. According to NSDL data, FPIs have net bought Indian equities worth Rs 60,698 crore this month so far.
Crude Oil Prices
Crude oil prices were steady near a two-month low. Brent oil price fell 0.63% to $92.18 a barrel after rising 1.4% in the previous session, while West Texas Intermediate (WTI) crude declined 0.64% to $85.98.
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