Market may open higher in special session

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could rise 45.50 points at the opening bell.

The National Stock Exchange and Bombay Stock Exchange are holding a special live trading session today, 18 May 2024, in the equity and equity derivative segments with an intra-day switchover from the Primary site to the Disaster Recovery site. The special session is divided into two parts the first session will begin at 9:15 am and conclude at 10 am, followed by another session starting at 11:30 am and ending at 12:30 pm.

Global Markets:

Dow Jones index futures are up 125 points, indicating a strong opening in the US market in the next session.

US equities on Friday gained, with the Dow Jones closing above the historic 40,000-level for the first time ever. The Dow Jones Industrial Average climbed 0.34% to settle at an impressive 40,003.59. While the broader S&P 500 managed a modest gain of 0.1%, the tech-heavy Nasdaq Composite ended the day flat with a slight downward tilt. These positive market movements likely stem from a combination of strong corporate earnings reports and economic data that has fueled investor optimism about potential Federal Reserve interest rate reductions later this year.

Domestic Markets:

Domestic stock market climbed for a second day on Friday, shrugging off mixed global cues. The Nifty closed above 22,450 after early wobbles. Bargain hunters swooped in on sectors like autos and consumer durables, while positive Q4 earnings from select companies boosted sentiment. The broader market's outperformance and continued buying in mid- and small-caps added fuel to the fire. The barometer index, the S&P BSE Sensex gained 253.31 points or 0.34% to 73,917.03. The Nifty 50 index added 62.25 points or 0.28% to 22,466.10.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,616.79 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,556.25 crore in the Indian equity market on 16 May 2024, provisional data showed.

FPIs have sold shares worth over Rs 35532.47 crore in May so far. They offloaded shares worth 35692 crore in April 2024.

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