BENGALURU, Sept 23 (Askume) – Indian shares opened at a record high on Monday, tracking gains in Asian markets, as a half-percentage point cut in interest rates and further easing by the Federal Reserve cheered investors.
As of 8:01 am, the GIFT Nifty was trading at 25,939 points, indicating that the NSE Nifty 50 (.NSEI) would open higher than Friday’s close of 25,790.95 points.
The benchmark index hit a record high on Friday and notched a weekly gain on expectations of a slowdown in the US economy that would slow inflation but not lead to a recession.
Asian shares strengthened, with the MSCI Asia ex-Japan index (.MIAPJ0000PUS) rising 0.1%, benefiting from China’s cut in the repurchase rate to support the economy.
According to CME FedWatch data , after Wednesday’s sharp 50 basis point interest rate cut, the market expects the Federal Reserve to cut interest rates by another 50 basis points on November 7. The probability of a rate cut at the next Fed policy meeting is 50.3%.
Indian stocks have outperformed Wall Street’s Nasdaq and S&P 500 this year, and analysts expect the momentum to continue until 2025.
Foreign investors bought Indian shares worth Rs 140.64 billion ($1.68 billion) in the previous session, while domestic investors sold shares worth Rs 44.27 billion, according to exchange data.
Stocks to watch
** Vodafone Idea (VODA.NS) signs $3.6 billion network equipment deal with Nokia, Ericsson and Samsung. Read more
**Bharat Heavy Electricals (BHEL.NS) bags Rs 6,100 crore order from NTPC (NTPC.NS) .
** Glenmark Pharma (GLEN.NS) said the US drug regulator concluded the inspection of its Aurangabad plant with zero observations.
(1 USD = 83.4680 Indian Rupees)
