INDICES MAY SEE A FLAT OPENING

GIFT Nifty:

Early indications from GIFT Nifty futures point towards a flat opening for the Nifty 50 index.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,137.01 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,676.47 crore in the Indian equity market on 11 July 2024, provisional data showed.

FPIs have bought shares worth over Rs 6697.05 crore in July 2024 (so far). They bought shares worth 2037.47 crore in June 2024.

Global Markets:

Asian stocks traded mixed on Friday, with technology-heavy indexes plunging as investors cashed in on recent gains.

Regional markets largely mirrored the previous day`s sell-off on Wall Street, where heavyweight technology stocks, especially chipmakers and AI-related companies, faced significant profit-taking pressure. The Nasdaq Composite index plummeted nearly 2%.

The decline in equities coincided with softer-than-expected US consumer price index data for June, which fueled expectations of potential Federal Reserve interest rate cuts as early as September. Investors shifted their focus to economically sensitive sectors poised to benefit from lower borrowing costs.

While the Dow Jones Industrial Average edged up 0.1%, the broad-based S&P 500 fell 0.9%. The tech-heavy Nasdaq Composite Index ended a seven-day winning streak with a 2% drop.

US Consumer Price Index (CPI) rose 3% year-over-year, down from 3.3% in May. The annual core CPI, excluding volatile food and energy prices, increased by 3.3%, slowing from the previous month`s 3.4%. On a monthly basis, overall CPI dipped 0.1%, while core CPI edged up 0.1%.

Domestic Market:

The key equity benchmarks ended flat Thursday after a volatile session marked by F&O expiry. The index opened positive, mirroring global gains, but quickly reversed course amid selling pressure. However, a late rally helped it recover lost ground. Realty, healthcare, and pharma dragged, while oil & gas and consumer durables led the gainers. The barometer index, the S&P BSE Sensex, was down 27.43 points or 0.03% to 79,897.34. The Nifty 50 index lost 8.50 points or 0.03% to 24,315.95.

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