Indian Stock Market: Sensex and Nifty 50 Expected to Open Higher Following Global Cues

Indian Stock Market Set to Open Higher Following Positive Global Cues

The Indian stock market is poised to open higher on Thursday, buoyed by positive cues from global markets. Asian markets traded higher, with Japan’s Nikkei 225 rising 0.56% and South Korea’s Kospi rallying 1.39%. The US stock market also ended mostly in the green after the Federal Reserve policy decision and softer than expected inflation data.

The Sensex and Nifty 50 ended higher on Wednesday, with the Nifty 50 hitting a record high during the session. The Sensex gained 149.98 points to close at 76,606.57, while the Nifty 50 settled 58.10 points higher at 23,322.95.

Market experts believe that the Nifty is currently in a consolidation phase, awaiting fresh domestic triggers and the outcome of the US CPI and US Fed policy. The market is expected to consolidate in the near term with a positive bias.

Global cues, including the US Federal Reserve’s decision to keep interest rates unchanged and signal one rate cut of 25 basis points this year, have boosted investor sentiment. US consumer prices remained unchanged in May, easing concerns about inflation.

In India, retail inflation based on the consumer price index fell to 4.75% in May, the lowest in a year, while factory output rose 5% in April. These positive economic indicators have contributed to the overall positive sentiment in the Indian stock market.

US Treasury yields dropped after the Fed policy announcement, with the benchmark 10-year US Treasury note hitting its lowest level since April. Oil prices also fell as US crude stockpiles rose more than expected last week.

Overall, the Indian stock market is expected to open higher today, supported by positive global cues and favorable economic data. Investors are advised to stay informed and consult with certified experts before making any investment decisions.