Stocks may open with positive bias

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could rise 26 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading lower on Friday tracking overnight losses on Wall Street after a hot US inflation report.

Chinas central bank left a key lending rate unchanged for a seventh month. The Peoples Bank of China kept the interest rate on its one-year medium-term lending facility loans at 2.50%.

U.S. stocks ended lower on Thursday after higher-than-estimated US producer prices in February suggested that the US Federal Reserve could reduce the number of rate cuts this year.

 

US producer price index for final demand rose 0.6% last month after advancing by an unrevised 0.3% in January. The gauge rose 1.6% from a year earlier, the largest annual advance since September. US retail sales rose 0.6% last month. Data for January was revised lower to show sales tumbling 1.1% instead of the previously reported 0.8%, while sales in December were also downgraded.

Domestic markets:

Back home, the domestic stock market rebounded on Thursday, fueled by buying across most sectors. In the barometer index, the S&P BSE Sensex gained 335.39 points or 0.46% to 73,097.28. The Nifty 50 index added 148.95 points or 0.68% to 22,146.65.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,356.29 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 139.47 crore in the Indian equity market on 14 March, provisional data showed.

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