INDICES POISED TO OPEN LOWER

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could fall 29 points at the opening bell. The arrival of the monsoon in India and steady cues from Asian peers may buoy the benchmarks.

Global Markets:

Dow Jones index futures were down 40 points, indicating a weak opening in the US stocks today.

Asian stocks rose on Friday as investors awaited inflation readings from Europe and the U.S., which will likely dictate the path of interest rates globally. China stocks rose, even though the nation`s manufacturing activity unexpectedly fell in May. This weak economic data fueled calls for additional government stimulus to counteract the ongoing property crisis, which is still impacting businesses, consumers, and investor confidence.

U.S. stocks fell further on Friday on concerns about a delayed interest rate cut. The Dow Jones Industrial Average dropped 0.86%, the Nasdaq Composite fell 1.0%, and the S&P 500 closed down 0.6%.

Domestic Markets:

Domestic shares plunged Thursday, dropping for the fifth consecutive session. The Nifty 50 closed below 22,500, battered by a brutal expiry of monthly F&O contracts. Metals, IT, and healthcare stocks led the bloodbath. Jittery investors, taking their cues from rising US interest rates, are also worried about the upcoming election results. With exit polls looming on Saturday, traders fear a steep correction if the results don`t favor the current government. The S&P BSE Sensex, was down 617.30 points or 0.83% to 73,885.60. The Nifty 50 index lost 216.05 points or 0.95% to 22,488.65.

Foreign portfolio investors (FPIs) sold shares worth Rs 3,050.15 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 3,432.92 crore in the Indian equity market on 30 May 2024, provisional data showed.

FPIs have sold shares worth over Rs 43827.52 crore in May so far. They offloaded shares worth 35692 crore in April 2024.

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