Market Commentary - Pre-Session
GIFT Nifty points to lower opening for Indian indices As on : 13-Aug-24  08:16

GIFT Nifty:

GIFT Nifty futures is trading 44 points lower, indicating a negative start for the Nifty 50.

India's CPI inflation in July 2024 stood at 3.54%, which is the lowest since August 2019, according to official data released on Monday, August 12. In the previous month of June 2024, India's retail inflation had stood at 5.08%.

Meanwhile, India's IIP recorded a growth of 4.2% in June 2024. The factory output, measured in terms of the Index of Industrial Production (IIP) witnessed a growth of 4% in June 2023.

Foreign portfolio investors (FPIs) sold shares worth Rs 4,680.51 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 4,477.73 crore in the Indian equity market on 12 August 2024, provisional data showed.

FPIs have sold shares worth over Rs 25040.99 crore in August 2024 (so far). They bought shares worth 5407.83 crore in June 2024.

Global Markets:

Asian stocks climbed on Tuesday, buoyed by strong performance in Japan amid a steady yen. Investors are keenly watching for the release of U.S. inflation data, which will offer clues about the Federal Reserve's next interest rate move.

Wall Street closed with a mixed performance on Monday as traders prepared for a week packed with crucial economic indicators. The benchmark S&P 500 hugged the flat line while the tech-heavy Nasdaq Composite rose about 0.2%. Meanwhile, the Dow Jones Industrial Average dropped roughly 0.4%.

Domestic Market:

The domestic stocks ended flat Monday despite a volatile session triggered by fresh allegations against SEBI chief by Hindenburg. The market swung wildly, mirroring investor uncertainty over the credibility of the claims and counter-claims. While the Nifty managed to recoup early losses, a late sell-off erased gains. PSU banks and FMCG shares declined. On the other hand, realty and consumer durables shares bucked the trend. The S&P BSE Sensex fell 56.99 points or 0.07% to 79,648.92. The Nifty 50 index declined 20.50 points or 0.08% to 24,347.

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