GIFT NIFTY SIGNALS DOWNWARD TREND DESPITE POSITIVE GLOBAL CUES

GIFT Nifty:

The GIFT Nifty October futures contract is down 30 points, suggesting a negative start for the Nifty 50.

Institutional Flows:

Foreign portfolio investors (FPIs) sold shares worth Rs 3,731.59 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 2,278.09 crore in the Indian equity market on 14 October 2024, provisional data showed.

According to NSDL data, FPIs have sold shares worth over Rs 66647.58 crore (so far) in the secondary market during October 2024. This follows their purchase of shares worth Rs 46,552.40 crore in September 2024.

Global Markets:

US Dow Jones index futures were up 66 points in Asian trade, with focus turning to a string of key Q3 earnings due this week.

Most Asian stocks were up on Tuesday tracking record highs on Wall Street as the third-quarter earnings season approached, while Chinese stocks fell amid waning optimism over new fiscal stimulus.

Japanese shares climbed as sentiment was buoyed by reports that Tokyo Metro raised $2.3 billion in the country�s biggest initial public offering in six years.

A rally in technology shares spurred record highs on Wall Street on Monday, with focus turning to a string of key upcoming earnings and economic readings. The S&P 500 rose 0.77% to a record high of 5,859.85 points, while the Dow Jones Industrial Average rose 0.47% to a record high of 43,065.22 points on Monday. The NASDAQ Composite rose 0.87% to 18,502.64, and was back in sight of peaks hit earlier this year.

Investors will watch for crucial economic data this week, notably the September retail sales figures, for clues on the financial health of U.S. consumers.

Domestic Market:

The key domestic benchmarks ended with strong gains on Monday. The Nifty50 settled above the 25,100 level led by IT and banks shares. However, metal and energy stocks declined. The market`s upward trajectory, however, could be challenged by the upcoming US presidential elections and geopolitical tensions in the Middle East. The S&P BSE Sensex jumped 591.69 points or 0.73% to 81,973.05. The Nifty 50 index added 163.70 points or 0.66% to 25,127.95.

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