حفلة 2024

Indian stocks inch up ahead of key US data

Indian stock markets edged higher on Tuesday, with both the NSE Nifty 50 and S&P BSE Sensex rising 0.3 per cent by mid-morning IST, Reuters reported. Gains were broad-based, with all 13 major sectors registering positive movement.

The energy sector led the pack, climbing 0.6 per cent. ONGC was a major contributor, jumping nearly four per cent after Jefferies upgraded its target price on the oil refiner’s stock.

US interest rate-sensitive IT stocks also saw modest gains of 0.2 per cent. Investor focus remains on the upcoming US consumer price index (CPI) data for May and the Federal Reserve’s policy decision on Wednesday.

The Fed is widely expected to maintain interest rates, with the key question being whether their projections for rate cuts in 2024 will be revised.

India’s heavyweight financial services sector recovered from early losses to end the morning session with a 0.1 per cent gain.

Broader market indices, the Nifty Small Cap 50 and Nifty Midcap 50, outperformed the benchmarks, rising nearly by one per cent each.

IndiGo shares, however, dipped 3.5 per cent as its largest shareholder prepared to sell a two per cent stake worth ₹32.93 billion ($394 million).

Despite recent volatility, Indian markets have recovered significantly, returning to near record highs following Prime Minister Narendra Modi‘s re-election, albeit with a reduced majority.

Market experts like Anita Gandhi, founder of Arihant Capital Markets, believe further direction will depend on the upcoming budget presentation by Finance Minister Nirmala Sitharaman, expected next month.

Leave a comment