BENGALURU: Indian shares are set to open little changed on Wednesday, after logging gains for four sessions in a row on easing US recessions worries, with analysts expecting profit booking after the recent rally.
The GIFT Nifty was trading at 24,691 as of 08:03 a.m. IST, indicating that the NSE Nifty 50 will open near its close of 24,698.85 on Tuesday.
Other Asian markets fell on the day, taking a pause after a recent rally.
Investors now await the minutes of the latest policy meeting of the US Federal Reserve and Chair Jerome Powell’s address, due later this week, for clues into the rate cut trajectory.
Financials, IT lead rise in Indian shares
“We are of the view that the larger market texture is bullish but buying on dips and selling on rallies will continue to remain the ideal strategy for traders,” said Shrikant Chouhan, head of equity research at Kotak Securities.
Foreign institutional investors (FIIs) sold domestic equities worth 14.58 billion rupees ($174 million) on Tuesday while domestic institutional investors (DIIs) bought shares worth 22.52 billion rupees for a twelfth consecutive session.
Source: Brecorder
