Traders may cash in on record index run

GIFT Nifty:

The GIFT Nifty October futures contract is down 26.50 points, suggesting a negative start for the Nifty 50.

Institutional Flows:

Foreign portfolio investors (FPIs) bought shares worth Rs 629.96 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 2,405.12 crore in the Indian equity market on 26 September 2024, provisional data showed.

FPIs have bought shares worth over Rs 26424.35 crore in September 2024 (so far). They sold shares worth 21,368.51 crore in August 2024.

Global Markets:

Asian shares were mixed on Friday as investors took profits following a recent rally triggered by China's stimulus measures.

The People's Bank of China unveiled one of its most aggressive policy packages in years on Tuesday, aimed at boosting the slowing economy and restoring investor confidence.

US stocks surged on Thursday, with the S&P 500 reaching a new all-time high. Investors welcomed positive economic data and Micron's strong earnings report.

The Dow Jones Industrial Average gained 0.62%, the S&P 500 rose 0.4%, and the tech-heavy Nasdaq Composite increased 0.6%. Micron's shares soared, driving gains in the broader chip sector.

The US economy grew at a 3% annual rate in the second quarter, driven by consumer spending, inventory investment, and business investment. Additionally, weekly jobless claims fell to the lowest level since mid-May, indicating a strong labor market.

Micron Technology's shares jumped 17.3% after the company forecast higher-than-expected revenue for the upcoming quarter due to strong demand for memory chips.

Domestic Market:

Domestic equity barometers continued their upward trend on Thursday. The benchmark indices, Nifty 50 and Sensex, hit record highs, buoyed by positive global cues and strong domestic liquidity. The day started on a relatively flat note, but buying across various sectors propelled the indices to new milestones. The Nifty 50 crossed the 26,200 mark, forming a bullish Marubozu candlestick pattern on the daily chart, indicating strong bullish sentiment. Auto and metal shares were among the top performers, while consumer durables and healthcare shares faced some selling pressure. While domestic factors were largely supportive, global markets also played a role in driving the rally.

In the barometer index, the S&P BSE Sensex gained 666.25 points or 0.78% to 85,836.12. The Nifty 50 index advanced 211.90 points or 0.81% to 26,216.05, rising for sixth consecutive session. Both the indices attained record closing high levels.

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