INDICES MAY SLIDE AT OPENING BELL

GIFT Nifty:

GIFT Nifty futures point towards a 19.50 point decline for the Nifty 50 at the open.

Foreign portfolio investors (FPIs) sold shares worth Rs 2,474.54 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 5,665.54 crore in the Indian equity market on 29 July 2024, provisional data showed.

FPIs have bought shares worth over Rs 14468.83 crore in July 2024 (so far). They bought shares worth 2037.47 crore in June 2024.

Global Markets:

Asian stocks retreated on Tuesday, erasing the previous session`s gains as investors remained cautious ahead of crucial interest rate decisions from the Bank of Japan and the Federal Reserve. Chinese market continued to underperform, hitting six-month lows amid persistent concerns over a slowing economic recovery.

Japan`s Nikkei 225 index fell amid speculation over whether the Bank of Japan (BoJ) will maintain its ultra-loose monetary policy. The central bank is set to announce its policy decision on Wednesday, July 31. While recent inflation data has shown some slight improvement, analysts remain divided on the likelihood of a rate hike. The BoJ has been one of the few major central banks holding rates at ultra-low levels.

Regional markets took mixed cues from Wall Street, which ended flat on Monday. Caution ahead of the central bank meetings and a batch of quarterly earnings from tech giants prevented large market movements.

The S&P 500 rose marginally, recovering from its first back-to-back weekly losses since April. The Dow Jones Industrial Average slipped slightly while the Nasdaq Composite edged up.

The Federal Reserve`s interest rate decision is also due on Wednesday. The central bank kept rates unchanged at its June meeting.

Domestic Market:

Domestic equity benchmarks ended flat Monday after a rollercoaster ride. The Sensex and the Nifty touched record high but profit-booking in tech and telecom dragged them lower. Banking, media, and real estate stocks rallied. Global cues were positive with hopes of a Fed rate cut, but local investors cashed in gains. All eyes are now on central bank meetings this week. The S&P BSE Sensex gained 23.12 points or 0.03% to 81,355.84. The Nifty 50 index rose 1.25 points or 0.01% to 24,836.10.

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