BENGALURU (Reuters) – Indian shares were set to open at record highs on Tuesday, tracking gains in Asian peers, and extending their rally after the Federal Reserve’s outsized rate cut last week.
The GIFT Nifty was at 25,977.5 points, as of 7:58 a.m. IST, suggesting that the NSE Nifty 50 will open higher than its Monday’s close of 25,939.05.
Chinese stimulus measures, which are likely to spur sluggish economic growth, boosted Asian equities. [MKTS/GLOB]
India’s benchmark indexes have scaled all-time peaks every day since the Fed cut rates by 50 basis points on Sept. 18.
The rate cut has boosted investor sentiment globally and has pushed foreign investors to build long positions in Indian equities, analysts have said.
Foreign institutional investors have bought Indian shares worth 119.2 billion rupees ($1.43 billion) after the U.S. rate cut, as per exchange data.
Indian shares are trailing only Wall Street’s Nasdaq and S&P 500 as top-performing indexes this year, with analysts expecting the rally to extend into 2025.
STOCKS TO WATCH
** Coal India: Signed a joint venture agreement with Rajasthan Rajya Vidyut Utpadan Nigam for renewable energy business.
** Astrazeneca Pharma: Got nod to import for sale and distribution of Durvalumab drug.
** Reliance Power: Plans to raise up to 15.25 billion rupees through a preferential allotment in a bid to reduce debt, expand business.
($1 = 83.5300 Indian rupees)
(Reporting by Manvi Pant in Bengaluru; Editing by Mrigank Dhaniwala)
Disclaimer: This report is auto generated from the Reuters news service. ThePrint holds no responsibilty for its content.