GIFT NIFTY SIGNALS A NEGATIVE START

GIFT Nifty:

The GIFT Nifty September futures contract is down 37.50 points, suggesting a negative start for the Nifty 50.

Foreign portfolio investors (FPIs) bought shares worth Rs 5,318.14 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 3,198.07 crore in the Indian equity market on 30 August 2024, provisional data showed.

FPIs sold shares worth 21368.51 crore in August 2024.

Global Markets:

Asian share markets were mildly higher on Monday as investors awaited a data-packed week, culminating in the crucial U.S. jobs report. This report could determine whether the anticipated rate cut this month will be a standard or more aggressive reduction.

A Labor Day holiday in the United States and Canada contributed to thin trading conditions. Meanwhile, gains by far-right parties in German state elections added a layer of political uncertainty.

Traders will be closely watching the Caixin China manufacturing PMI, due out on Monday. This follows the official gauge, which showed a fourth consecutive month of contraction in August, indicating potential challenges in meeting China`s annual growth target. The country`s residential property market also continued to decline last month.

U.S. stocks rallied on Friday, buoyed by a report of improved consumer sentiment. This was attributed to easing inflation and expectations of Federal Reserve rate cuts, leading to optimism about personal finances. The Fed`s preferred measure of underlying U.S. inflation, the core personal consumption expenditures price index, rose 0.2% month-over-month in July and 2.5% year-over-year.

The Dow Jones Industrial Average closed at a new all-time high, up 0.55%. The S&P 500 gained 1.01%, reaching 5,648.40, and the tech-heavy Nasdaq Composite rose 1.13% to 17,713.62.

Domestic Market:

Domestic equity barometers ended with moderate gains on Friday. The Nifty settled above the 25,200 level. Realty, pharma and healthcare shares advanced while media and FMCG stocks declined. The barometer index, the S&P BSE Sensex gained 231.16 points or 0.28% to 82,365.77. The Nifty 50 index added 83.95 points or 0.33% to 25,235.90.

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