Fri, Feb 2, 2024 10:15 AM
Oman India-backed Capital Small Finance Bank to launch Rs 523-crore IPO.
A Flip by Avya Verma
Hong Kong stocks were poised for gains following a rally in US-listed Chinese shares overnight. Other Asian markets traded rangebound ahead of key US inflation data this week. Equity futures for Hong Kong rose after the Golden Dragon Index surged on Monday to the highest level since September, spurred by an 11% gain in Tencent Music Entertainment.
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Fund managers made fresh purchases in companies that could benefit from the strength in global economies, including the US. They increased exposure to metals, commodities and oil & gas. Fund managers believe the Fed is likely to cut rates later this year, which will lead the US dollar to depreciate resulting in rise in commodity prices, subsequently leading to higher realisations.
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The benchmark Sensex and Nifty indices are poised for a positive start on May 14th, buoyed by favourable trends in the GIFT Nifty, signaling a potential gain of 70 points for the broader index. GIFT Nifty indicators forecast a promising opening for the broader Indian index, with a projected uptick of 0.30% or 70 points, while Nifty futures are currently trading around the 22,235 level.
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