Narrow movement seen for benchmarks in early deal

Benchmark indices are likely to witness a range-bound movement in the opening session on Thursday. This mainly due to absence of any cues, market experts said.

However, today being the settlement day for November contracts, market will remain volatile at micro levels, on account of rollovers in individsual stocks.

Meanwhile, the minutes of US Federal Reserve’s FOMC (Nov meeting) are out and indicates that members are more dovish this time. Analysts expect global markets to see some stability in the near term.

Meanwhile SGX Nifty at 18,340 indicates a soft opening for Nifty, as Nifty Nov futures on Wednesday closed at 18,286.75 and Nifty Dec futures at 18,396.85.

Goldman Sachs’ view

Global investment advisory firm, Goldman Sachs on Wednesday said it is holding a market weight stance for the equities on the back of two successive years of massive rally, but expects the benchmark Nifty to reach 20,500 by December 2023.

However, the global major cut the GDP growth of Indian economy to 5.9 per cent in 2023, lower than 6.9 per cent growth estimated this year.

Indian market has been a strong outperformer with stronger fundamentals but at a premium price for the past two years. Goldman Sachs said it is unlikely that the markets will repeat the show for the third year in a trot. Therefore, it has only a market-weight stance on the domestic market.

Indian equities are less likely to outperform for the third successive year as China and other globally cyclical North Asian markets (notably Korea) could perform better on China reopening and global recovery expectations in 2024, it added.

Asian stocks are up in early deal on Thursday.

Choice International said: “The market undertone is bullish, and the major trend of the index is on the positive side. Hence any short-term corrections remain as a buying opportunity. Such minor corrections in the upcoming weeks cannot be ruled out.”