Market Commentary - Pre-Session
Shares may see a firm opening As on : 26-Jun-24  08:18

GIFT Nifty:

Early indications from GIFT Nifty futures point towards a 26 points rise for the Nifty 50 index.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,175.91 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 149.45 crore in the Indian equity market on 25 June 2024, provisional data showed.

FPIs have sold shares worth over Rs 2062.78 crore in June 2024 (so far). They offloaded shares worth 42214.28 crore in May 2024.

Global Markets:

Asian stocks were mixed today, mirroring the cautious sentiment on Wall Street. While cyclical sectors underperformed in the US, the tech-heavy Nasdaq surged on Tuesday.

In the US, investors awaited key inflation data due later this week, with some Federal Reserve officials acknowledging inflationary risks.

The US consumer confidence index dipped slightly to 100.4 from a downwardly revised 101.3 in May, reflecting a more cautious outlook on business conditions, jobs, and income. This could signal potential headwinds for consumer spending, a key driver of economic growth.

Market participants are closely watching the release of the personal consumption expenditures (PCE) price index on Friday. This data point, the Fed's preferred inflation gauge, will be crucial for assessing future monetary policy decisions.

Domestic Markets:

Domestic equity benchmarks soared to new highs Tuesday, buoyed by strong performances from private banks. The Sensex and Nifty both notched record closing levels, with the Nifty breaching the 23,700 mark. Pre-budget optimism and positive monsoon expectations boosted sentiment. However, some profit-taking weighed on realty, metals, and power stocks, highlighting sector rotation as the market navigates its upward climb. The barometer index, the S&P BSE Sensex, was gained 712.44 points or 0.92% to 78,053.52. The Nifty 50 index rallied 183.45 points or 0.78% to 23,721.30.

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