Sensex and Nifty are set to open lower, with Reliance Industries in the headlines.
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Summary: At 8:18 a.m., the GIFT Nifty was trading at 25,014, indicating that the NSE Nifty 50 would open slightly below its previous close of 25,052.35.
On Thursday, benchmark indices are anticipated to open somewhat lower as they follow the decline in Asian and US markets. Reliance Industries, headed by Mukesh Ambani, would be one of the major stocks under scrutiny after the Competition Commission of India approved its merger agreement with Walt Disney for media assets.
At 8:18 a.m., the GIFT Nifty was trading at 25,014, indicating that the NSE Nifty 50 would open slightly below its previous close of 25,052.35. The benchmark Nifty 50 saw a decline on Wednesday even though it had reached a record high, with advances in information technology stocks being restricted by profit-booking across multiple industries.
Head of retail research at Motilal Oswal Financial Services, Siddhartha Khemka, stated, "We anticipate a gradual upward trend in the markets to persist, but expect volatility in today's session due to the monthly derivatives expiry."
Wall Street stocks closed down overnight in the US as some investors were disappointed by Nvidia's impressive performance. Thursday's Asian markets showed little energy; the MSCI Asia ex-Japan index fell 0.7% as a result of a tech sector meltdown.
Investors are now awaiting the release of the US Federal Reserve's core PCE index on Friday, as well as the preliminary estimate of the country's gross domestic product for the second quarter, which is expected later today. Most people consider this to be a crucial indicator of inflation and central bank rate movements.
In addition, investors eagerly anticipate the AGM's announcements, which will be made on the floor later today. Important updates on its telecom and retail divisions, along with advancements in the new energy and oil-to-chemicals industries, are anticipated.
Stocks to focus on:
- Paytm: The government gave the company permission to invest in its payments division.
- InterGlobe Aviation: Based on rumors, founder Rakesh Gangwal may use block transactions to sell a stake worth up to $850 million.
- KEC International: ₹11.71 billion ($139.5 million) in orders were secured.
- Sonata Software: acquired a significant strategic IT outsourcing agreement worth millions of dollars, spanning several years.
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