GIFT Nifty:
The GIFT Nifty September futures contract is down 34 points, suggesting a negative start for the Nifty 50.
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Institutional Flows:
Foreign portfolio investors (FPIs) bought shares worth Rs 404.42 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 1,022.64 crore in the Indian equity market on 23 September 2024, provisional data showed.
FPIs have bought shares worth Rs 29552.47 crore in September 2024 (so far). They sold shares worth 21,368.51 crore in August 2024.
Global Markets:
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Dow Jones Futures were down 81 points, indicating a negative opening in the US stock market today.
Asian markets followed Wall Street higher on Tuesday, buoyed by hints from Federal Reserve policymakers suggesting further interest rate cuts and growing optimism about China's impending stimulus measures.
Investors are now eagerly awaiting the release of the Federal Reserve's preferred inflation gauge and US personal spending data on Friday.
In Asia, speculation has intensified that Beijing is preparing to ramp up efforts to revive its economy. On Monday, Chinese authorities announced that central bank chief Pan Gongsheng would hold a press conference on Tuesday to discuss financial support for economic development. Shortly after, the People's Bank of China lowered the 14-day reverse repurchase rate, aligning with reductions implemented in July.
Meanwhile, Japan's manufacturing activity contracted more than expected in September due to ongoing production disruptions faced by major automakers. However, the services sector saw growth driven by strong consumer demand. The au Jibun Bank manufacturing purchasing managers index fell to 49.6 in early-September, indicating contraction for the third consecutive month.
In the United States, equities managed a slight gain Monday as traders analyzed comments from Federal Reserve policymakers and perceived room for further easing following the recent half-point interest rate cut. The S&P 500 rose by 0.28%, the Dow Jones Industrial Average (+0.15%) closed at a record high, and the Nasdaq 100 increased by 0.14%.
Domestic Market:
The domestic equity benchmarks continued their winning streak on Monday, closing with decent gains for the third consecutive day. The benchmark Nifty index settled above the 25,900 level, buoyed by a combination of factors including the recent Federal Reserve rate cut, and expectations of a change in stance by the Reserve Bank of India. Several sectors contributed to the market's rise, with PSU banks, realty, and energy shares witnessing strong demand. However, IT, private banks, and healthcare stocks faced some pressure. While the India PMI data showed some signs of moderation, investors remain optimistic about the potential for stability in market sentiment due to the influx of FII funds.
In the barometer index, the S&P BSE Sensex advanced 384.30 points or 0.45% to 84,928.61. The Nifty 50 index rose 148.10 points or 0.57% to 25,939.05. Both the indices attained record closing high levels.
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