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Benchmarks likely to open with small decline

Published on Jan 08, 2024 08:46

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could fall 12 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading higher as investors look ahead to key economic data and events in the following days. Australia and Japan will release inflation figures on Tuesday and Thursday, while China will announce its trade balance and inflation numbers for December on Friday. Bank of Korea will be holding the first central bank meeting of the year among major Asia economies on Thursday. Japan�s markets are closed for a public holiday, and will return to trade on Tuesday.

U.S.indices gained on Friday after a stronger-than-expected jobs report. The U.S. economy added many more jobs than anticipated in December, with nonfarm payrolls growing by 216,000. The unemployment rate held steady at 3.7%.

On Sunday, congressional leaders announced a deal establishing a $1.59 trillion in top-line spending, in order to avoid a potential government shutdown.

Domestic markets:

Back home, the domestic stock market settled with modest gains on Friday, with the Nifty closing above 21,700 after initial volatility. The barometer index, the S&P BSE Sensex advanced 178.58 points or 0.25% to 72,026.15. The Nifty 50 index added 52.20 points or 0.24% to 21,710.80.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,696.86 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 3,497.62 crore in the Indian equity market on 5 January, provisional data showed.

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