INDICES MAY SEE WEAK OPENING

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could fall 40 points at the opening bell.

Foreign portfolio investors (FPIs) bought shares worth Rs 65.57 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 3,231.67 crore in the Indian equity market on 28 May 2024, provisional data showed.

FPIs have sold shares worth over Rs 34935.53 crore in May so far. They offloaded shares worth 35692 crore in April 2024.

Global Markets:

Most Asian stocks fell on Wednesday, pressured by inflation worries. Chinese markets bucked the trend, edging higher on government support for the property sector.

In the US, the Nasdaq crossed 17,000 for the first time ever on Tuesday, driven by gains in Nvidia. However, the S&P 500 closed barely higher and the Dow ended lower as Treasury yields rose. Investors awaited US inflation data that could impact expectations for Federal Reserve rate cuts.

Domestic Markets:

Domestic equity benchmarks dipped slightly for a third day straight on Tuesday, ending a choppy session with limited losses. The Nifty could not hold onto morning gains and closed below 22,900. Healthcare and pharma stocks were bright spots, while real estate, PSU banks, and energy stocks dragged. This mild pullback likely reflects some profit-taking after a recent strong run. Uncertainty ahead of elections is keeping volatility high, but positive earnings surprises so far this quarter are a tailwind for valuations. The S&P BSE Sensex was down 220.05 points or 0.29% to 75,170.45. The Nifty 50 index lost 44.30 points or 0.19% to 22,888.15.

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