Indian stocks are likely to start the day a little higher on Friday. Analysts think the main indexes will not move much because there aren’t any big news events as the year ends.
The GIFT Nifty futures were showing a price of 23,930.5 at 7:47 a.m. IST. This suggests that the Nifty 50 index will open above Thursday’s closing value of 23,750.2.
Analyst Siddhartha Khemka from Motilal Oswal Financial Services said, “Without big news, the markets will probably stay at similar levels while we wait for the quarterly earnings reports in December. These reports will be important for market direction.”
He also pointed out that foreign investors have been selling shares continuously. On Thursday, foreign institutional investors sold Indian stocks for the eighth time in a row, totaling roughly 23.77 billion rupees (about $278.83 million).
India’s stock market took a pause after last week’s drop. The Nifty 50 is currently near its long-term average price, a critical support level.
The Nifty index has increased by about 0.7% this week after a decline of 5% last week, which was the biggest drop since June 2022.
Stocks to Watch:
– Dixon Technologies: Signed a deal with Cellecor Gadgets to make refrigerators.
– Paradeep Phosphates: Started production again at its ammonia and urea plants in Goa.
– Gujarat Fluorochemicals: Approved the sale of its power business for 2 billion rupees.
– Puravankara: Received a warning from India’s market regulator.
Leave a Reply