INDICES POISED FOR THIRD STRAIGHT GAIN

GIFT Nifty:

The Nifty 50 index is expected to open 14.50 points higher based on GIFT Nifty futures.

Foreign portfolio investors (FPIs) bought shares worth Rs 2,684.78 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 331 crore in the Indian equity market on 15 July 2024, provisional data showed.

FPIs have bought shares worth over Rs 13403.43 crore in July 2024 (so far). They bought shares worth 2037.47 crore in June 2024.

Global Markets:

Asian stocks trading lower, dismissing gains on Wall Street due to concerns of a potential second term for Donald Trump, leading to worries about trade and geopolitical issues. China and Hong Kong shares fell amid fears of Trump`s proposed tariffs.

Investor concerns grew as China`s GDP growth unexpectedly slowed, primarily due to weakened consumer spending undermining export growth. The implications have raised pressure on policymakers to boost support measures at an upcoming economic meeting.

In the U.S., the Dow Jones Industrial Average surged to an all-time high after Trump announced JD Vance as his running mate, leading to a 31% increase in Trump Media & Technology Group Corp. Trump`s growing odds of victory have positively influenced various industries.

Meanwhile, Federal Reserve Chair Jerome Powell expressed confidence in the second-quarter economic data, hinting at possible near-term interest-rate cuts but refrained from specifying the timing.

On Monday, the Dow Jones Industrial Average moved up 0.5% and the S&P 500 gained 0.28%. The tech-heavy Nasdaq composite climbed 0.42%.

Domestic Market:

The domestic equity indices extended gains for a second day, with the Nifty50 closing above 24,550. Hopes of a US rate cut in September buoyed sentiment. Barring the Nifty IT index, all the sectoral indices on the NSE ended higher. PSU banks and oil & gas shares rallied. The S&P BSE Sensex gained 145.52 points or 0.18% to 80,664.86. The Nifty 50 index added 84.55 points or 0.35% to 24,586.70. The 50-unit index hit a record high of Rs 24,635.05 today.

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