Indian stock market: Gift Nifty indicates gap-down opening on April 12 after US inflation dispels Fed rate cut hopes
Also Read: US Fed rate cut unlikely in June as US inflation hots up. What this means for Indian investors and what should they do? Coming to current levels, NSE International Exchange (NSEIX) data suggests that Gift Nifty is trading around 22,582 (up 0.12 per cent) as against the Nifty 50 futures closing of 22,804 on April 10. Gift Nifty is more than 200 points lower which indicates a gap-down opening for Nifty 50 on Friday, April 12.
The gap down should be a speed bump in an ongoing uptrend in the Index. This gap would most likely get bought into, according to market analysts. On Wednesday, April 10, domestic equity benchmarks witnessed healthy buying across sectors despite mixed global cues.
The 30-share Sensex closed above the 75,000 mark for the first time while the Nifty 50 also settled at its fresh closing high in the previous session. Today, markets are closed due to Id-Ul-Fitr. Sensex closed 354 points, or 0.47 per cent, higher at 75,038.15, before hitting its intraday high of 75,105.14.
The Nifty 50 touched its fresh all-time high of 22,775.70 before settling at 22,753.80, up 111 points, or 0.49 per cent. The US consumer price index (CPI) rose 0.4 per cent month-on-month (MoM) and 3.5 per cent year-on-year (YoY), above the Street expectations of 0.3 per cent MoM and 3.4 per cent YoY, according to data released by the Labor Department's Bureau of Labor Statistics released on Wednesday. Core inflation, which the Fed tracks closely, grew 0.4 per cent MoM against the expectations of a 0.3 per cent increase.
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