The domestic markets are expected to open on flat note with a downward bias on Thursday. According to analysts, big corporate events - Reliance demerger and listing and Infosys and Hindustan Unilever results will anchor the market direction today.

Gift Nifty at 19837.50 indicates a flat opening, as Nifty futures on Wednesday closed at 19847 on the NSE. 

Also read: Reliance Industries will have special pre-market trading session today for demerger

“The market’s record-breaking spree continued on Dalal Street, as we are in the midst of a strong bull run, backed by robust foreign fund inflows, strong growth prospects, an evenly spread out monsoon and stable corporate earnings so far, which have increased the appetite for local stocks,” said Shrikant Chouhan, Head of Research (Retail), Kotak Securities Ltd

Analysts expect stock-specific action with a focus on corporate results. 

Overnight US stocks ended in the green. “US stocks are rising as soft-landing hopes grow, as the regional banks provide signs of stabilisation and on hopes that inflation will continue to cool. It doesn’t look like we will see a major credit crunch anytime soon, and that could mean good news for the recovery that takes hold next year,” said Edward Moya, Senior Analyst, The Americas OANDA.

However, Asian stocks are mixed.

Analysts expect the consolidation phase to continue amid strong buying foreign portfolio investors.

According to Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services,the domestic market has been hitting record highs daily over the last few sessions, driven by sustained foreign inflows, a surplus monsoon, and a good start to the earnings season. We expect this momentum to continue in the near term given buoyant domestic cues and receding global concerns.”

The markets would react to the weekly option expiry and results of index heavyweights Infosys and HUL, he added.

Om Mehra, Equity Research Analyst, Choice Broking, said: “We believe the Nifty will reach 20k by the end of the month or over a longer period of time. Overall, the sectors are performing rotationally, which has contributed to the Index’s rise from 17,000 to 19,700 levels. For the time being, extended FII buying is acting as a catalyst for investors to remain bullish over a period of time.”

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