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The December futures contract of the GIFT Nifty index indicated a cautious opening for the benchmarks in India.
As of 7.44 am, the GIFT Nifty traded 0.08% lower at 21,224.50 points.
Stocks and bonds across the world rallied on signs of the Federal Reserve rate cut next year, reigniting a bullish pulse across markets as inflation eases.
Other Asian indices were mostly up with Australia’s S&P/ASX 200 and South Korea’s Kospi gaining over 1% tracking dovish comments from the US Federal Reserve at the Wednesday meeting. Meanwhile, indices in Japan opened lower.
In the US, while the Dow Jones Industrial Average index closed at its highest level, S&P 500, and Nasdaq gained over 1% after the Federal Reserve’s dot plot signalled that officials anticipate cutting rates 75 basis points in 2024 — a sharper pace of cuts than indicated in September.
Brent crude was trading 0.54% higher at $74.66 a barrel. Gold was up by 0.24% at $2,032.68 an ounce.
India’s benchmark indices settled largely flat on Wednesday ahead of the outcome of the Fed’s two-day policy meeting.
The NSE Nifty 50 ended 20 points, or 0.1%, higher at 20,926.35, while the S&P BSE Sensex settled at 34 points, or 0.05%, higher at 69,584.60.
Overseas investors stayed net buyers of Indian equities for the fourth consecutive session on Tuesday. Foreign portfolio investors mopped up stocks worth Rs 4,710.9 crore, while domestic institutional investors turned net sellers and offloaded equities worth Rs 958.5 crore, the NSE data showed.
The Indian rupee depreciated nearly 2 paise to close at its all-time weakest level of 83.402 against the dollar on Wednesday.
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