Market Commentary - Pre-Session
Indices may open in positive zone As on : 25-Jan-24  08:42

Trading could be volatile as traders roll over positions in the F&O segment from the near month January series to February series. The January 2024 F&O contracts will expire today, 25 January 2024. Stock markets will remain closed on Friday, 26 January 2024 on account of Republic Day.

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could rise 20 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading lower as markets respond to China?s central bank cutting reserve requirements for the country?s lenders. The People?s Bank of China announced that it would reduce the amount of funds its banks are required to hold as reserves early next month in a bid to boost its struggling economy. Reserve ratio requirements for banks will be cut by 50 basis points from February 5, which will provide 1 trillion yuan ($139.8 billion) in long-term capital.

Shares of electric vehicle makers and suppliers of Tesla in Asia-Pacific fell after the U.S. EV leader warned of bleak volume growth. Tesla warned that vehicle volume growth in 2024 may be notably lower than last year.

Overnight in the U.S., the S&P 500 rose Wednesday as Netflix led a broader rally among technology names, pushing the broader market to new heights. Netflix shares surged more than 10% after the streamer said its total subscriber count hit an all-time high of 260.8 million. The broad-based index eked out a gain of 0.08% to clinch a new all-time closing high. The Nasdaq Composite rose 0.36% helped by the tech rally. In contrast, the Dow Jones Industrial Average fell 0.26%, to 37,806.39, dragged by Verizon and 3M a day after they reported earnings.

Domestic markets:

Back home, indices showed resilience on Wednesday, with both benchmark indices recovering from yesterday's losses to close higher amid volatile trading. The barometer index, the S&P BSE Sensex gained 689.76 points or 0.98% to 71,060.31. The Nifty 50 index added 215.15 points or 1.01% to 21,453.95.

Foreign portfolio investors (FPIs) sold shares worth Rs 6,934.93 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 6,012.67 crore in the Indian equity market on 24 January, provisional data showed.

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