Stock Market News: Benchmark indices are expected to open slightly lower on Thursday, taking cues from the fall in Asian and US markets. Mukesh Ambani-owned Reliance Industries will be among the key stocks in focus after the Competition Commission of India gave the go-ahead to its media asset merger deal with Walt Disney.
The GIFT Nifty was trading at 25,014 at 08:18 am, indicating that the NSE The Nifty 50 index could open marginally below its previous close of 25,052.35. Despite hitting an all-time high on Wednesday, the benchmark Nifty 50 index saw a pullback as profit-taking in various sectors capped gains for information technology stocks.
“We expect a gradual uptrend to persist in the markets but expect volatility in today’s session due to monthly derivatives expiry,” said Siddhartha Khemka, head of retail research at Motilal Oswal Financial Services.
In the United States, Wall Street stocks closed lower overnight as impressive results from Nvidia failed to meet some investors’ expectations. Asian markets saw little momentum on Thursday, with the slump in the technology sector sending the MSCI Asia ex-Japan index down 0.7 percent.
Investors are now looking ahead to the preliminary estimate of US gross domestic product for the second quarter, due today, along with the US Federal Reserve’s core PCE index, due on Friday. This indicator is widely seen as a key gauge of inflation and central banks’ interest rate decisions.
Investors are also looking forward to announcements from the annual general meeting to be held later today. Key updates are expected regarding its retail and telecom units, as well as developments in the new energy and oil and chemicals businesses.
Actions to take into account
- Online payment:It received government approval to invest in its payments division.
- InterGlobe Aviation:Founder Rakesh Gangwal could sell a stake worth up to $850 million via block deals, according to reports.
- KEC International:Orders worth ₹11.71 billion (USD 139.5 million) secured.
- Sonata programs:Achieved a large, multi-year, multi-million dollar strategic IT outsourcing deal.
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