MARKET MAY EXTEND GAINS

GIFT Nifty:

GIFT Nifty futures is trading 37 points higher, indicating a strong start for the Nifty 50.

Foreign portfolio investors (FPIs) bought shares worth Rs 766.52 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,606.18 crore in the Indian equity market on 16 August 2024, provisional data showed.

FPIs have sold shares worth over Rs 28,976.91 crore in August 2024 (so far). They bought shares worth 5407.83 crore in July 2024.

Global Markets:

Asian stocks traded mixed on Monday as investors weighed optimism about a US economic soft landing against concerns over the global growth outlook.

Expectations of cooling inflation and a potential easing cycle by the Federal Reserve buoyed sentiment. However, investors remained cautious ahead of key US economic data this week and Federal Reserve Chair Jerome Powell`s speech on Friday.

In Asia, market participants will closely monitor central bank meetings in Indonesia and South Korea for potential rate adjustments. Thailand`s policy decision is particularly awaited given uncertainties surrounding the new government`s economic plans.

US stocks rebounded from earlier losses to close higher on Friday, as a report showing improved consumer sentiment boosted investor confidence. The Dow Jones Industrial Average rose 0.24%, the S&P 500 climbed 0.20% and the Nasdaq Composite gained 0.21%.

The University of Michigan�s gauge of consumer sentiment rose to 67.8 in a preliminary August reading, up from 66.4 in the prior month. It is the first gain after four months of declines.

Domestic Market:

Key equity indices surged Friday, driven by optimism over a potential soft landing in the US. Positive economic data and easing inflation concerns boosted global sentiment, lifting domestic markets. IT, realty, and auto sectors led the broad-based rally. Domestically, lower CPI inflation added to the cheer, though lukewarm Q1 earnings and persistent FII selling capped gains. The S&P BSE Sensex surged 1,330.96 points or 1.68% to 80,436.84. The Nifty 50 index soared 397.40 points or 1.65% to 24,541.15.

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