Indian Stock Market Expected to Open Marginally Higher on September 18
The Indian stock market is expected to open marginally higher on September 18, 2023, supported by positive global cues and strong technical indicators. The Nifty50 is likely to remain supported above the 20,000 mark.
Global Cues
US stock futures inched up Sunday night as investors look toward the Federal Reserve’s next policy decision. European markets closed slightly higher on Friday as traders reacted to the European Central Bank’s suggestion that its latest hike may be its last. Asia-Pacific markets slipped Monday as investors look ahead to a week of central bank decisions.
Technical Indicators
The Nifty50 is trading in a bullish trend, with higher highs and higher lows. The index has support at 20,146 and 20,124, and resistance at 20,217 and 20,239.
Key Highlights
- Healthcare service provider Jupiter Life Line Hospitals is likely to list with a 30 percent premium over the issue price of Rs 735 per share today i.e., September 18, according to experts.
- The primary market is stepping on the gas with 10 companies ready to throng the Street with their initial public issues this week to raise at least Rs 2,400 crore along with six offers still open for bids and five stocks lined up for listing.
- Stocks of public sector banks (PSBs) have emerged as the champions of the Indian banking sector in the last one year, leaving private sector counterparts trailing behind and drawing further optimistic forecasts.
- Oil prices hit a 10-month high on Friday and posted a third weekly gain as supply tightness spearheaded by Saudi Arabian production cuts combined with optimism around Chinese demand to lift crude.
Conclusion
Market participants should monitor global cues and domestic factors such as inflation and interest rates. Investors should also track the performance of key sectors such as banking, financial services, and technology.
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