Indian benchmark indices Sensex and Nifty are likely to open flat on Wednesday, with GIFT Nifty trading largely unchanged as investors weigh a recovery in Asian technology stocks against concerns over hotter-than-expected US inflation and the possibility of a Federal Reserve rate hike in December. Renewed foreign institutional buying and relatively lower crude oil prices could support domestic equities, although the rebound in oil and overnight losses on Wall Street may keep gains in check.
GIFT Nifty was trading at 25,330 around 8 am, up just 2 points, or 0.01 percent, signalling a muted opening after Indian markets remained closed on Tuesday for a holiday. In the previous session on Monday, the Sensex gained 107.25 points, or 0.13 percent, to close at 81,106.65, while the Nifty advanced 58.25 points, or 0.23 percent, to 25,044.65, recovering from steep intraday losses. Foreign institutional investors bought equities worth Rs 7,212 crore, while domestic institutional investors sold shares worth Rs 7,172 crore for an eighth consecutive session.
Asian markets rise as CoreWeave earnings revive AI stocks
Asian equities advanced on Wednesday as better-than-expected earnings from US cloud computing company CoreWeave revived investor interest in artificial intelligence-related stocks, helping offset concerns over US inflation and interest rates.
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