Market Commentary - Pre-Session
Indices poised for a slide at opening bell As on : 09-May-24  08:32

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could fall 10.50 points at the opening bell.

Global markets:

Asian stocks lacked direction on Thursday as investors awaited comments from Federal Reserve officials and upcoming U.S. inflation data. Markets were cautious with China being the only bright spot, expecting positive trade data.

U.S. stocks were mixed on Wednesday as investors interpreted signals about potential interest rate cuts and considered a new batch of earnings reports to gauge the possibility of a corporate-driven economic revival.

The Dow Jones Industrial Average rose 0.5%, while the S&P 500 closed almost flat. The tech-heavy Nasdaq Composite edged down slightly by about 0.1%. The Dow has now risen for six consecutive trading sessions and is back above 39,000.

Domestic Markets:

Domestic stock market ended flat Wednesday, with the Nifty 50 settling near the 22,300 mark. Investor caution ruled the day as election jitters kept them on the sidelines. While oil & gas, auto, and metals found some buying interest, banking and IT stocks saw profit-taking, dragging the indices. Even supportive European cues could not lift spirits, as ongoing foreign fund outflows and a lack of earnings season fireworks keeping a lid on optimism. The barometer index, the S&P BSE Sensex was down 45.46 points or 0.06% to 73,466.39. The Nifty 50 ended flat at 22,302.50.

Foreign portfolio investors (FPIs) sold shares worth Rs 6,669.10 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 5,928.81 crore in the Indian equity market on 8 May 2024, provisional data showed.

FPIs have sold shares worth over Rs 15863.14 crore in May so far. They offloaded shares worth 35692 crore in April 2024.

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