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Market may open a tad above flat line

Published on Jan 05, 2024 08:50

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could rise 11 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading mixed on Friday as they steadied after a weak start to the new year, although anticipation of key U.S. payrolls data and persistent concerns over China kept investors on edge.

A survey showed on Friday that the contraction in Japan�s private sector activity was over. The au Jibun Bank Japan composite PMI for December came in at 50, rising from 49.6 in the prior month to signal stabilization in Japan�s private sector output.

Wall Street shares settled mixed on Thursday. The S&P SPX and Nasdaq Composite closed lower on Thursday, extending their losing streak that kicked off 2024, although the Dow Jones Industrial eked out a win on the back of financial stocks and strong jobs data. Markets were now focused on key U.S. nonfarm payrolls data for December, due later in the day.

Domestic markets:

Back home, the domestic stock market advanced on Thursday, ending a two-day losing streak. The barometer index, the S&P BSE Sensex, advanced 490.97 points or 0.69% to 71,847.57. The Nifty 50 index gained 141.25 points or 0.66% to 21,658.60.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,513.41 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,387.36 crore in the Indian equity market on 4 January, provisional data showed.

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