Indian Markets Open Higher on Indicators of US Fed Cuts Interest Rates – Tata Consumer, Keystone Realtors, Biocon in Focus | Daily News Byte

• The Sensex and Nifty50 opened in the green for the third consecutive day amid positive signals from global markets.
• The 30-share index Sensex opened 145 points higher at 61,656 while the Nifty50 opened 58 points higher at 18,326.
• According to Goldman Sachs analysts, the Nifty50 could reach 20,500 by the end of 2023.
• Tata Consumer, Keystone Realtors, Biocon and other stocks will be in focus today.

The Sensex and Nifty50 opened in the green for the third consecutive day amid positive signals from global markets. This happened after the US Fed meeting revealed that the central bank is open to slowing the pace of interest rate increases.

The SGX Nifty, an early indicator of how the Indian market may perform, rose 0.47% on Thursday morning.

The 30-share index Sensex opened 145 points higher at 61,656 while the Nifty50 opened 58 points higher at 18,326.

On Wednesday, the Sensex closed 92 points higher at 61,511 while the Nifty50 ended the day up 23 points at 18,267. In the last five days, the Sensex has fallen 0.85% while the Nifty50 has fallen 0.65%.

“Indian markets could open higher, in line with higher Asian markets today and positive US markets on Wednesday,” said Deepak Jasani, head of retail research at HDFC Securities.

According to Goldman Sachs analysts, the Nifty50 could reach 20,500 by the end of 2023, which is an increase of 12% from the current level. However, the research firm noted that it is unlikely that India’s stock market will continue to outperform its global peers for the third year in a row due to rising rates, a weak rupee and lingering inflation.

Asian markets trended higher after the US Federal Reserve’s minutes indicated a reduction in the pace of interest rates. Japan’s Nikkei 225 rose 1.18%, Taiwan’s TSEC 50 rose 0.51%, Hong Kong’s Hang Seng rose 0.46%, and China’s Shanghai SE Composite rose 0.08%.

Brent crude oil prices fell to $85.2 per barrel on Thursday morning from $88.2 during the market close on Wednesday due to reports of higher-than-expected Russian crude prices.

The rupee fell 18 times to close at 81.85 against the US dollar on Wednesday.

The US market has risen on the possibility of the US Fed to slowly raise interest rates

US markets closed on a positive note on Wednesday after the US Fed’s meeting revealed the possibility of slowing the pace of interest rate hikes.

The Dow Jones Industrial Average (DJIA) closed up 0.28% at 34,194, while the S&P 500 closed up 0.59% at 4,027. The tech-heavy Nasdaq rose 0.99% to close at 11,285.

US markets will remain closed on Thanksgiving Thursday and will close at midnight on Black Friday.

Stocks to watch out for on Thursday

Tata Consumer: To buy popular water brand Bisleri for around ₹7,000 crore.

Keystone Realtors: A real estate company that sells properties under the brand ‘Rustomjee’ is expected to debut on the exchange on Thursday. Overall, the ₹635 crore IPO received good demand from investors amid volatile market conditions, being subscribed 2.01 times.

Biocon: entered into a semi-exclusive partnership with European pharmaceutical company Zentiva to commercialize Liraglutide, a combination drug for the management and treatment of type 2 diabetes and obesity.

Glenmark Pharma: The US FDA has issued a warning letter for the company’s manufacturing facility in Goa.

Adani/Tata Power: Supreme Court upholds Maharashtra Electricity Regulatory Commission’s Rs 7,000 crore settlement Euros to Adani Power, rejecting Tata Power’s plea.

Shares in F&O prohibited

Punjab National Bank is on the F&O ban list today.

Source: NSE, at 10:40 am on November 24, 2022

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