Stocks may slide at opening bell amid mixed Asian cues

GIFT Nifty:

The Nifty 50 index is expected to open 5.50 points lower based on GIFT Nifty futures.

Finance Minister Nirmala Sitharaman will present the Union Budget for 2024-25 in the Lok Sabha on Tuesday, 23 July 2024.

The Indian government plans to introduce six new bills during the upcoming Monsoon Session of Parliament, which will run from July 22 to August 12.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,506.12 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 461.56 crore in the Indian equity market on 19 July 2024, provisional data showed.

FPIs have bought shares worth over Rs 21,664.63 crore in July 2024 (so far). They bought shares worth 2037.47 crore in June 2024.

Global Markets:

Most Asian markets fell on Monday following Joe Biden's decision to withdraw from the US presidential race, which added fresh uncertainty to the situation. Despite China's attempt to stimulate its struggling economy by reducing interest rates, traders seemed unaffected.

On Sunday, Biden endorsed Vice President Kamala Harris as his successor.

In the meantime, China implemented a reduction in benchmark lending rates during the monthly fixing on Monday. The one-year loan prime rate (LPR) was decreased by 10 basis points to 3.35% from 3.45%, while the five-year LPR was also lowered by the same margin to 3.85% from 3.95%.

US stocks experienced a decline on Friday due to a chaos caused by a global technical outage resulting from a software glitch, amplifying the existing market unease. The S&P 500 dropped 0.71%, closing at 5,505.00. Nasdaq Composite slid 0.81% to end at 17,726.94. The Dow Jones Industrial Average fell 377.49 points, or 0.93%, to 40,287.53.

Domestic Market:

Profit-taking gripped Dalal Street Friday as investors hit the brakes ahead of next week's union budget. The Nifty shed its four-day winning streak, closing below 24,550 despite a strong start. All sectors finished lower, with metals and oil & gas taking the biggest hits. Broader market indices extended selloff.

In the barometer index, the S&P BSE Sensex, was dropped 738.81 points or 0.91% to 80,604.65. The Nifty 50 index declined 269.95 points or 1.09% to 24,530.90.

The Sensex and Nifty clocked an all-time high of 81,587.76 and 24,854.80, respectively, in early trade.

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