INDICES MAY START LOWER ON NEGATIVE GLOBAL SIGNALS

GIFT Nifty:

GIFT Nifty futures is trading 4.50 points lower, indicating a flat-to-negative start for the Nifty 50.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,457.96 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,252.10 crore in the Indian equity market on 20 August 2024, provisional data showed.

FPIs have sold shares worth over Rs 33102.33 crore in August 2024 (so far). They bought shares worth 5407.83 crore in July 2024.

Global Markets:

Most Asian stocks edged lower on Wednesday, tracking a pullback on Wall Street and reflecting investor caution ahead of a key speech by Federal Reserve Chair Jerome Powell later this week.

The weakness in the U.S. market, where the Dow Jones Industrial Average closed down 0.15%, the S&P 500 fell 0.2%, and the Nasdaq Composite dropped 0.33%, spilled over into Asia.

Japan`s Nikkei index likely mirrored this cautiousness, as data revealed a smaller-than-expected export growth and a surge in imports, resulting in a trade deficit for July.

Hong Kong`s Hang Seng index was further pressured by a significant decline in e-commerce giant JD.com`s stock price. News reports suggesting Walmart`s planned sale of its stake in JD.com for $3.74 billion contributed to the 11% drop in JD stock.

Domestic Market:

Domestic stocks settled higher Tuesday, with the Nifty closing near 24,700. Positive global sentiment boosted investor confidence. Banks and financials led the charge, while media and FMCG stocks lagged. However, late profit-booking trimmed some gains. The market`s focus now shifts to Japan`s inflation data and the Fed`s minutes for clues on interest rates. The S&P BSE Sensex jumped 378.18 points or 0.47% to 80,802.86. The Nifty 50 index gained 126.20 points or 0.51% to 24,698.85.

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