INDICES MAY OPEN FLAT AMID MIXED ASIAN CUES

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could see a flat opening.

Foreign portfolio investors (FPIs) sold shares worth Rs 3,033 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 553.88 crore in the Indian equity market on 13 June 2024, provisional data showed.

FPIs have sold shares worth over Rs 13863.45 crore in June 2024 (so far). They offloaded shares worth 42214.28 crore in May 2024.

Global Markets:

Asian markets displayed a cautious approach on Friday as investors awaited a crucial policy decision from the Bank of Japan.

U.S. stocks continued their historic rally on Thursday, with the S&P 500 and Nasdaq closing at new highs for the fourth consecutive day. Tech stocks led the charge, pushing the Nasdaq Composite up 0.34%.

In a sign that the Federal Reserve might lower interest rates soon, new data showed a rise in unemployment claims last week and an unexpected drop in producer prices for May.

Domestic Markets:

Domestic shares notched another win today, closing slightly higher for a two-day winning streak. The Nifty 50 ended near 23,400, buoyed by the US Fed`s decision to maintain interest rates and a slight dip in US inflation. Back home, some relief came from moderating retail inflation and a pick-up in industrial production. Despite the good news, weekly options expiry on the NSE kept things jittery. Investors favored sectors like real estate, consumer durables, and IT, suggesting a cautiously optimistic mood. The S&P BSE Sensex rose 204.33 points or 0.27% to 76,810.90. The Nifty 50 index rose 75.95 points or 0.33% to 23,398.90. The Sensex and Nifty clocked an all-time high of 77,145.46 and 23,481.05, respectively, in early trade.

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