GREEN LIGHTS FLASH FOR MARKETS ON UPBEAT GLOBAL CUES

GIFT Nifty:

Early indications from GIFT Nifty futures point towards a 16 points rise for the Nifty 50 index.

Foreign portfolio investors (FPIs) bought shares worth Rs 7,658.77 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 3,605.93 crore in the Indian equity market on 27 June 2024, provisional data showed.

FPIs have bought shares worth over Rs 2060.56 crore in June 2024 (so far). They offloaded shares worth 42214.28 crore in May 2024.

Global Markets:

Asian stocks are headed for gains on Friday. All eyes on U.S. core PCE data later today, which could solidify expectations of a Fed rate cut.

Tokyo consumer prices rose in June. While headline Consumer Price Index (CPI) inflation rose to 2.3% year-on-year in June, compared to 2.2% in May, core inflation print that excludes both fresh food and energy prices, grew to 1.8% in June from 1.7% in May.

US stock market ended with minor gains on Thursday as treasury yields eased ahead of the fresh inflation data. The Dow Jones Industrial Average gained 0.09%, while the S&P 500 rose 0.09%. The Nasdaq Composite ended 0.30%.

Alphabet shares rose 0.83% and Meta Platforms stock price gained 1.25%. Amazon shares rallied 2.19%, while Nvidia shares declined 1.90%.

Domestic Markets:

Domestic equity barometers stocks notched gains for a fourth day on Thursday, capping a volatile session fueled by monthly derivatives expiry. The Nifty50 index climbed above 24,000, shrugging off early weakness. IT, oil & gas, and auto stocks led the advance, reflecting optimism around specific sectors. However, broader market participation remained subdued due to valuation worries and foreign investor selling amid rising US yields. The global market picture offered little direction, with caution prevailing ahead of crucial US economic data releases that could influence future interest rate decisions.

The barometer index, the S&P BSE Sensex, was up 568.93 points or 0.72% to 79,243.18. The Nifty 50 index gained 175.70 points or 0.74% to 24,044.50. Both the indices hit record closing high levels. The 50 unit index has risen 2.31% in four straight sessions.

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