India`s Nifty 50 set to hit record high at open, surfing global rally
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India's blue-chip index Nifty 50 is set to hit a record high for the fifth straight session on Friday, moving in tandem with a global technology stocks-led rally that was triggered by AI-bellwether Nvidia's stellar earnings.
India's GIFT Nifty was trading at 22,312.50 as of 8:13 a.m. IST, indicating that the NSE Nifty 50 will open above its Thursday's record close of 22,217.45.
The Nifty has hit all-time peaks in each of the four sessions this week and gained about 0.8% over the period, aided by financials and consumer stocks.
The Sensex has added 1% this week so far and is about 300 points away from its record high.
The S&P 500 index and Dow Jones Industrial Average both jumped to record closing highs on Thursday, powered by chipmaker Nvidia's surge after its bumper earnings and outlook. The Nasdaq added about 3%.
European shares rose to a record high on Thursday and the euphoria carried over into the Asian markets on Friday. The MSCI Asia ex-Japan index gained over 0.5%. Japan's Nikkei 225, fresh off an Nvidia-powered record high on Thursday, rose another 2%. [MKTS/GLOB]
Meanwhile, the minutes of the Reserve Bank of India's latest policy meeting hinted "at a dialing down of hawkishness, with two members materially more dovish, as members showed optimism over robust growth," Barclays analysts said in a note.
They expected India's central bank to cut rates in June.
Domestic institutional investors (DII) bought shares worth 18.24 billion rupees ($220.1 million), on a net basis, on Thursday while foreign institutional investors (FII) offloaded stocks worth 14.10 billion rupees.
STOCKS TO WATCH:
** Vodafone Idea will hold a board meeting on Feb. 27 to consider fundraising proposals.
** Prataap Snacks said it is not in negotiations with ITC for a stake sale, as media reports had said.
** Concord Biotech received a certificate of good manufacturing practices from the Kenyan government for its Ahmedabad plant.
** Eureka Forbes: Lunolux sold a 10% stake via block deals to buyers including Goldman Sachs India Equity Portfolio and Morgan Stanley Asia. ($1 = 82.8640 Indian rupees)
