Market Commentary - Pre-Session
Shares may open higher As on : 11-Dec-24  08:24

GIFT Nifty:

The GIFT Nifty December futures contract is currently trading 14 points higher, suggesting a positive opening for the Nifty 50.

Institutional Flows:

Foreign portfolio investors (FPIs) bought shares worth Rs 1,285.96 crore, while domestic institutional investors (DIIs) were net sellers to the tune of Rs 605.79 crore in the Indian equity market on 10 December 2024, provisional data showed.

According to NSDL data, FPIs have bought shares worth over Rs 16947.89 crore (so far) in the secondary market during December 2024. This follows their sale of shares worth Rs 39315.78 crore in November 2024.

Global Markets:

Asian markets traded in mixed territory on Wednesday as investors eagerly awaited the release of key US inflation data. The data is expected to provide crucial insights into the Federal Reserve's potential interest rate decision next week.

Meanwhile, China is gearing up for its annual economic work conference, where policymakers will outline the nation's economic agenda for the coming year. Recent strong stimulus signals from top Chinese leaders have boosted market sentiment, with President Xi Jinping expressing confidence in achieving the country's growth target.

In the US, stocks retreated for a second consecutive day, primarily due to weakness in the technology sector. Investors remained cautious ahead of the inflation report and the upcoming Federal Reserve meeting. The S&P 500 fell 0.3% to 6,034.91 points on Tuesday. The NASDAQ Composite fell 0.2% to 19,688.98 points, while the Dow Jones Industrial Average fell 0.4% to 44,247.83 points.'

Google owner Alphabet Inc was a standout performer, rising 0.6% after-hours following a 5.6% jump during the session. The company announced a new breakthrough in quantum computing, which could herald a sharp increase in computing speeds.'

Investors are also seeking more cues on what President-elect Donald Trump's policies will entail for inflation and the economy, with his plans for increased trade tariffs expected to increase price pressures.'

Domestic Market:

Key benchmark indices concluded Tuesday's volatile trading session on a flat note. The Nifty 50 index closed below the 24,650 mark after reaching an intraday high of 24,677.80. While the realty and IT sectors witnessed buying interest, media and energy stocks experienced downward pressure. After a muted start, the market exhibited positive momentum in the first half. However, profit-booking activities in the latter half pulled the Nifty into negative territory.

Market participants are keenly awaiting crucial economic data releases. The US CPI data on December 11, India's CPI data on December 12, and the US Federal Reserve's interest rate decision on December 18 are expected to significantly influence market sentiment.

The S&P BSE Sensex rose 1.59 points to 81,510.05. The Nifty 50 index lost 8.95 points or 0.04% to 24,610.05.

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