Market Commentary - Pre-Session
Indices may open mildly lower As on : 25-Jun-24  08:30

GIFT Nifty:

Early indications from GIFT Nifty futures point towards a 9 points decline for the Nifty 50 index.

Foreign portfolio investors (FPIs) sold shares worth Rs 653.97 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 820.47 crore in the Indian equity market on 24 June 2024, provisional data showed.

FPIs have sold shares worth over Rs 3238.69 crore in June 2024 (so far). They offloaded shares worth 42214.28 crore in May 2024.

Economy:

India's telecom spectrum auction starts today (June 25th) offering airwaves worth Rs 96,318 crore. The government reportedly aims for Rs 10,000 crore. This auction includes frequencies from 800 MHz to 26 GHz bands and offers 20-year validity with options for sharing or surrendering spectrum after 10 years.

Global Markets:

Asian shares traded cautiously on Tuesday, with investor eyes set on Friday's crucial U.S. inflation data. The upcoming U.S. presidential debate on Thursday and the first French election round this weekend are also adding to the cautious sentiment, as investors weigh potential political impacts on their holdings.

Wall Street closed with mixed results overnight. The Nasdaq suffered a significant drop of over 1%, led by a 7% plunge in AI leader Nvidia. This decline suggests investors are shifting out of technology stocks for now. However, the Dow Jones bucked the trend, climbing 0.7% to reach a one-month high. The S&P 500 ended slightly lower, down 0.31%.

Domestic Markets:

Domestic stocks clawed their way back after a shaky start today, closing with modest gains. The Nifty 50 even dipped to 23,350 in early trade but recovered by midday, fueled by auto, consumer durables, and FMCG stocks. Sectoral shuffling was seen as investors weighed pre-budget expectations and hunted for bargains. The Sebi's probe into Quant Mutual Fund cast a minor shadow, but overall, the mood was cautiously optimistic. The barometer index, the S&P BSE Sensex, was up 131.18 points or 0.17% to 77,341.08. The Nifty 50 index rose 36.75 points or 0.16% to 23,537.85.

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