Indices poised to slide, Asian gains may offer lift

GIFT Nifty:

Early indications from GIFT Nifty futures point towards a 17.50 points decline for the Nifty 50 index.

Foreign portfolio investors (FPIs) bought shares worth Rs 583.96 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,082.40 crore in the Indian equity market on 10 July 2024, provisional data showed.

FPIs have bought shares worth over Rs 7834.06 crore in July 2024 (so far). They bought shares worth 2037.47 crore in June 2024.

Global Markets:

Asian stocks surged on Thursday, fueled by tech gains and record highs in Japan, after chipmaker TSMC's strong revenue boosted optimism for AI. TSMC's record revenue in June, driven by surging AI demand, pushed its share price up nearly 2% in Taiwan.

The rally followed a surge on Wall Street overnight, where the S&P 500 and NASDAQ hit records on hopes of a soft economic landing and potential Fed rate cuts later this year. All eyes are now on upcoming consumer inflation data, which will heavily influence the Fed's decision on interest rates.

Domestic Market:

The domestic stocks closed slightly lower on Wednesday after setting new record highs earlier in the day. The Nifty ended below 24,350, despite early gains. Sectors like pharma, healthcare and FMCG saw buying interest, while autos and metals sold off. Analysts see this pullback as a natural pause ahead of crucial Q1 earnings reports and the upcoming union budget, potentially setting the stage for future growth.

The barometer index, the S&P BSE Sensex, fell 426.87 points or 0.53% to 79,924.77. The Nifty 50 index declined 108.75 points or 0.45% to 24,324.45.

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