MARKET MAY EXTEND GAINS ON POSITIVE GLOBAL CUES

GIFT Nifty:

The GIFT Nifty October futures contract is up 13.50 points, suggesting a positive start for the Nifty 50.

Institutional Flows:

Foreign portfolio investors (FPIs) sold shares worth Rs 2,784.14 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 3,868.31 crore in the Indian equity market on 24 September 2024, provisional data showed.

FPIs have bought shares worth over Rs 26768.33 crore in September 2024 (so far). They sold shares worth 21,368.51 crore in August 2024.

Global Markets:

Dow Jones Futures were down 99 points, indicating a negative opening in the US stock market today.

Most Asian stocks extended gains on Wednesday, buoyed by China`s expansive stimulus package and a strengthening yuan. The rally, which began the previous day, was fueled by the People`s Bank of China`s announcement of measures aimed at supporting the economy and financial markets.

In the United States, the S&P 500 (+0.25%) reached a new all-time high Tuesday, shrugging off concerns about weak consumer confidence. Nvidia`s shares surged 4% following news that CEO Jensen Huang had completed his stock sales.

The Dow Jones Industrial Average (+0.20%) and Nasdaq Composite (+0.56%) also recorded gains.

US consumer confidence suffered its biggest one-month decline in more than three years, hitting 98.7 for September. The data follows a warning from JPMorgan Chase CEO Jamie Dimon about increasing geopolitical instability cast a shadow over the positive market sentiment. Dimon expressed concerns that these geopolitical tensions could impact the global economy.

Domestic Market:

The domestic equity benchmarks closed nearly flat on Tuesday after a volatile session. The benchmarks Sensex and Nifty indices reversed trend after briefly crossing 85,000 and 26,000, respectively. The Chinese central bank`s rate cut and additional stimulus measures positively impacted global investor sentiment, leading to gains in metal stocks. IT and energy stocks also rose. However, PSU banks and FMCG shares declined.

In the barometer index, the S&P BSE Sensex shed 14.57 points or 0.02% to 84,914.04. The Nifty 50 index rose 1.35 points or 0.01% to 25,940.40. The Sensex and Nifty clocked an all-time high of 85,163.23 and 26,011.55, respectively, in late trade.

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