Trade Setup Thursday: Sensex, Nifty Likely To Open Higher; IRCTC, Vedanta, Hindustan Zinc, Indigo In Focus

The Indian equity market is expected to open higher on Thursday following strong cues from Wall Street indices. Global markets fared well after the US Federal Reserve kept the key interest rates unchanged for a third straight time on Wednesday. The Fed's policymakers also hinted that they expect to make three quarter-point cuts to their benchmark interest rate in 2024.

The Indian benchmark indices ended on a flat note amidst the volatile session on Wednesday. At close, the Sensex was up 0.05% at 69,584.60, and the Nifty gained 0.10% at 20,926.30 points.

The three major US indices closed on a strong note on Wednesday as the Fed's decision to keep interest rates unchanged improved investors sentiments who hoped the US central bank would finally start to acknowledge the slowing trend of inflation with a loosening monetary stance.

The Dow Jones Industrial Average jumped to a record on Wednesday and closed 1.40% higher at 37,090.24 points.
The S&P 500 jumped 1.37% at 4,707.09, while the Nasdaq Composite climbed 1.38%. to 14,733.96. All three major averages hit fresh 52-week highs in the overnight trading on Wall Street.

FII and DII data

Foreign institutional investors (FIIs) net purchased shares worth Rs 4,710.86 crore, while domestic institutional investors (DIIs) sold Rs 958.49 crore worth of stocks on December 13, as per the provisional data available on the National Stock Exchange (NSE).

Gift Nifty

With a gain of 0.01% at 21,244 points, trends in the GIFT Nifty indicate a flat-to-negative start for the Indian equity market.

Asian Markets

Asian shares traded mixed today. South Korea's Kospi was up 1.47% at 2,547.54 points, and the small-cap Kosdaq was up 0.28%. Topix was down 1.05%. Hong Kong's Hang Seng index futures were up 1.65% at 16,410.5 points. Japan's Nikkei 225 declined 0.51% at 32,757.22 points in the early trade on Thursday.

Buzzing stocks:

Hindustan Zinc:

Shares of Hindustan Zinc will trade ex-dividend today. The company announced an interim dividend of Rs 6 per share i.e. 300% on face value of Rs 2 per share for the financial year 2023-24.

InterGlobe Aviation:

India's largest airline, IndiGo, has soared past United Airlines to become the world's sixth-largest airline in terms of market capitalization. On December 13, the share price of InterGlobe Aviation traded at a new 52 52-week high value of 3006.90.

Vedanta:

Vedanta shares will be in focus today as the company is scheduled to consider and approve the second interim dividend on equity shares on December 18.

Indian Railway Catering and Tourism Corporation (IRCTC):

The hospitality and tourism subsidiary of Indian Railways is on track to proliferate in areas of business beyond railways to promote its brand and business across the country. Currently, IRCTC is managing catering services for various ministries, government departments, and autonomous bodies, including the judiciary, and universities.