GIFT Nifty hints at positive opening

GIFT Nifty:

The GIFT Nifty December futures contract is trading 40 points higher, indicating a positive opening for the Nifty 50.

Institutional Flows:

Foreign portfolio investors (FPIs) bought shares worth Rs 3,664.67 crore, while domestic institutional investors (DIIs) were net sellers to the tune of Rs 250.99 crore in the Indian equity market on 3 December 2024, provisional data showed.

According to NSDL data, FPIs have bought shares worth over Rs 304.56 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:

The Dow Jones index futures were up 100 points, signaling a positive opening for U.S. stocks today.

Asian stocks were mixed on Wednesday following South Korean President Yoon Suk Yeol's surprising decision to impose martial law, a move that he reversed just hours later, unsettling global markets.

The benchmark Kospi Index dropped as much as 2% in early Wednesday trading, reflecting the sharp decline in South Korea-related assets during overnight sessions.

Yoon Suk Yeol's attempt to impose martial law on Wednesday was short-lived and met with significant resistance. Lawmakers defied security forces and voted against the declaration, while thousands of protesters took to the streets, expressing opposition to the unprecedented move.

In the US, indices reached record highs on Tuesday, driven by gains in major technology stocks, though the pace of the rally appeared to be slowing due to growing uncertainty about the economic outlook. The S&P 500 edged up 0.1% to close at 6,049.88, while the NASDAQ Composite rose 0.4% to finish at 19,478.89. In contrast, the Dow Jones Industrial Average dipped 0.2% to 44,705.53.

Technology stocks continued to benefit from optimism surrounding artificial intelligence, a sector expected to maintain robust momentum in the months ahead. Additionally, the prospect of lower interest rates provided further support for the tech-heavy market.

Meanwhile, investors are eyeing this weeks critical jobs data and Federal Reserve Chair Jerome Powells upcoming remarks for potential signals on whether the Fed will consider cutting rates in December.

Domestic Market:

Domestic equity benchmarks advanced on Tuesday, marking their third consecutive day of gains. The Nifty 50 index closed above the 24,450 level, driven by strong performances in the PSU bank and metal sectors. The rally has been fueled by optimism surrounding the government's increased capital expenditure spending and expectations of a favorable monetary policy decision from the Reserve Bank of India's Monetary Policy Committee meeting later this week.

The S&P BSE Sensex jumped 597.67 points or 0.74% to 80,845.75. The Nifty 50 index gained 181.10 points or 0.75% to 24,457.15. The 50-unit index has risen 2.27% in three sessions.

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