Market Commentary - Pre-Session
Indices may open higher on positive Asian cues As on : 04-Nov-24  08:28

GIFT Nifty:

The GIFT Nifty November futures contract is up 7 points, suggesting a mildly positive start for the Nifty 50, tracking positive cues from other Asian indices.

Goods and services tax or GST collections in October were Rs 1.87 lakh crore, recording a rise of 8.9% compared to same month last year. The total GST collections for 2024 have edged up by 9.4% to Rs 12.74 lakh crore.

Institutional Flows:

Foreign portfolio investors (FPIs) sold shares worth Rs 211.93 crore, while domestic institutional investors (DIIs) were net sellers to the tune of Rs 377.33 crore in the Indian equity market on 1 November 2024, provisional data showed.

According to NSDL data, FPIs have sold shares worth Rs 113858.81 crore in October 2024.

Global Markets:

The Dow Jones index futures were down 65 points, indicating a negative opening in the US stocks today.

Most Asian stocks rose on Monday as investors looked for clues on fiscal stimulus from an upcoming meeting of China's top policymakers. However, gains were limited by pre-US election risk aversion and a regional trading holiday in Japan.

Chinese stocks were upbeat as the National People's Congress Standing Committee began a four-day meeting. The body is expected to outline further fiscal spending measures.

In the US, the S&P 500 closed higher on Friday as a significant miss on job gains in the October payrolls report solidified expectations of a Fed rate cut next week. A rally in Amazon also lifted consumer stocks. The S&P 500 gained 0.4% to 5,728.8 points, the NASDAQ Composite rose 0.8% to 18,239.92 points, and the Dow Jones Industrial Average increased 0.7% to 42,052.19 points.

The US economy added only 12,000 jobs in October, far below the expected 106,000 and a sharp decline from the revised 223,000 in September. However, these figures were impacted by recent hurricanes and ongoing labor actions. The softer-than-expected payrolls data has intensified expectations of further interest rate cuts by the Federal Reserve.

All eyes are on the Federal Reserve's meeting this week, where the central bank is widely anticipated to implement a 25-basis-point interest rate cut, following a 50-basis-point reduction in September.

After the market closed on Thursday, tech giants Apple and Amazon released their quarterly results. Apple's stock fell more than 1% after the company's revenue outlook for the current quarter was projected in the low- to mid-single-digit range, potentially signaling caution ahead of the holiday shopping season.

In contrast, Amazon's stock surged over 6% as the e-commerce giant reported an 11% year-over-year increase in overall quarterly revenue, benefiting from once-in-a-lifetime opportunities presented by generative AI.

Domestic Market:

The key equity barometers ended the special one-hour Muhurat trading session with moderate gains on Friday, snapping a 2-day losing streak. The Nifty settled above the 24,300 level. All the sectoral indices on the NSE ended in the green, with auto, realty and consumer durables gaining the most. The barometer index, the S&P BSE Sensex advanced 335.06 points or 0.42% to 79,724.12. The Nifty 50 index added 99 points or 0.41% to 24,304.35.

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