Market Commentary - Pre-Session
GIFT Nifty signals positive opening As on : 27-Nov-24  08:26

GIFT Nifty:

The GIFT Nifty December futures contract is trading 25 points higher, indicating a positive opening for the Nifty 50.

Institutional Flows:

Foreign portfolio investors (FPIs) bought shares worth Rs 1,157.70 crore, while domestic institutional investors (DIIs) were net sellers to the tune of Rs 1,910.86 crore in the Indian equity market on 26 November 2024, provisional data showed.

According to NSDL data, FPIs have sold shares worth over Rs 31271.16 crore (so far) in the secondary market during November 2024. This follows their sale of shares worth Rs 1,13,858.81 crore in October 2024.

Global Markets:

The Dow Jones index futures were up 75 points, signaling a positive opening for U.S. stocks today.

Asian stocks declined on Wednesday, weighed down by lingering concerns over Donald Trump's tariff plans, which had rattled emerging markets in the previous session. Speculation about the role tariffs would play in the president-elect's economic agenda intensified as reports surfaced that Jamieson Greer, a prot'g' of Robert Lighthizer, was being considered for US Trade Representative. This selection underscores the administration's focus on protectionist trade policies.

In Australia, the consumer price index (CPI) inflation grew by 2.1% year-on-year in October, falling short of expectations due to government subsidies that helped reduce energy costs. However, core inflation, represented by the annual trimmed mean inflation, rose to 3.5% in October from 3.2% the previous month, pushing further above the Reserve Bank's target range.

US stocks advanced on Tuesday, as strength in technology shares counterbalanced worries about potential tariff escalations under Donald Trump's administration. The S&P 500 climbed 0.57%, the Dow Jones Industrial Average rose 0.28%, and the NASDAQ Composite gained 0.63%.

Among the Magnificent Seven tech stocks, five closed higher, led by Amazon.com Inc., which surged over 3%. The rally followed reports from Bloomberg that Amazon plans to reduce its reliance on NVIDIA Corporation by developing its own custom artificial intelligence chips.

Investors also weighed mixed signals on U.S. interest rates. Minutes from the Federal Reserve's November meeting revealed a split among policymakers regarding the path of future rate cuts. They highlighted uncertainty about the neutral rate, a level that neither stimulates nor restricts economic growth, as a key factor for their cautious stance.

Domestic Market:

The domestic equity benchmarks snapped a two-day winning streak and ended marginally lower on Tuesday. The Nifty 50 index closed slightly below the 24,200 mark, while the Sensex also ended in the red. Despite mixed global cues, the benchmark indices opened higher, with the Nifty surpassing 24,300. However, the initial optimism quickly faded, and the indices spent most of the day in negative territory. A late buying spree helped to partially recover the day's losses. Sectorally, auto and pharma shares underperformed, while IT and FMCG stocks witnessed buying interest.

The S&P BSE Sensex shed 105.79 points or 0.13% to 80,004.06. The Nifty 50 index lost 27.40 points or 0.11% to 24,194.50.

Powered by Capital Market - Live News