Will Nifty hit a new all time high above 21,700 or dip ahead? See GIFT Nifty, FII data, F&O ban, crude, more before market opens GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a positive opening on Thursday. Here’s top things to know before market opens. Stocks in Focus: GIFT Nifty traded up by 122 points or 0.56% at 21,792, indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Thursday. Previously, on Wednesday, the NSE Nifty 50 gained 213.40 points or 1% to settle at 21,654.75, while the BSE Sensex ended higher by 701.63 points or 0.98% to 72,038.43. Mishra also added that, Nifty has reclaimed its record high and closed decisively above the 21,500 mark. We expect the prevailing move to extend further and eyeing 22,150 levels. We feel the alignment of the banking index and supportive global cues would continue to play a critical role in maintaining the momentum else the move could be gradual. Traders should stay focused on stock selection and prefer index majors and quality midcaps for fresh buying. U.S. stocks struggled to find solid ground after approaching a record on speculation the Federal Reserve will cut rates in 2024, reports Bloomberg. The tech-heavy Nasdaq Composite gained just 2.83 points or 0.02% at 15,077.40. The S&P 500 dipped 1.87 points or 0.04% at 4,772.88, while the Dow Jones Industrial Average gained 25.40 points or 0.07% to 37,570.73. The US Dollar Index (DXY), which measures the value of the dollar against a basket of six foreign currencies, traded down by 0.12% at 100.87. WTI crude prices are trading at $74.12 up by 0.01%, while Brent crude prices are trading at $79.47 down by 0.09%, on Thursday morning. Shares in the Asia-Pacific region are trading mostly in the positive territory on Thursday morning. The Asia Dow is trading up by 0.91%, Japan’s Nikkei 225 is red, down by 0.74%, Hong Kong’s Hang Seng index is trading up by 1.74% and the benchmark Chinese index Shanghai Composite is trading higher by 0.54%. Foreign institutional investors (FII) bought shares worth net Rs 2926.1 crore, while domestic institutional investors (DII) offloaded shares worth net Rs 192 crore on December 27, 2023, according to the provisional data available on the NSE. The NSE has added National Aluminum and RBL Bank to its F&O ban list for December 28, 2023. Commenting on the Technical outlook of Rupak De, Senior Technical Analyst at LKP Securities, said, The Nifty experienced a significant rally as Put writers amassed substantial positions at 21500. Additionally, the daily chart showcased a breakout from consolidation. The Relative Strength Index (RSI) indicates a bullish crossover, coinciding with the index positioned above a crucial moving average. Looking ahead, the index potentially aims for a range between 21750-21800 on the upside, with support resting at 21500. “The Bank Nifty recently experienced a breakout from consolidation as observed on the daily chart. It’s been consistently maintaining a position above a critical moving average. Additionally, the Relative Strength Index (RSI) reflects a bullish crossover on the daily chart. Looking forward, the index could potentially target levels between 48500-48800 on the upside, with a support base at 48000,”said Rupak De, Senior Technical Analyst at LKP Securities.
The launched works involve rehabilitating the Galgamuwa Railway Station and upgrading the railway line from Maho to Anuradhapura, including additional tasks. Another project is the second phase of track rehabilitation from Maho to Omanthai (128 kms), funded by a $318 million Indian Line of Credit.
Transport Minister Gunawardena praised the efforts of Indian company IRCON in Sri Lanka and called for more cooperation in the railway sector. State Minister Shantha Bandara and officials from the Sri Lankan Ministry of Transport attended the event.
Railways is a priority for Indian assistance in Sri Lanka, with over $1 billion invested under five Indian Lines of Credit. IRCON has been involved in Sri Lanks since 2009. It has contributed to the modernisation of Sri Lanka Railways by reconstructing the entire railway line network in the Northern Province (253 Km) and upgradation of the Southern line (115 km), as well as improving safety through advanced signalling and telecommunication systems.
Despite Sri Lanka’s debt standstill in April 2022, India’s support under various Lines of Credit has continued.
(With PTI inputs)