MARKET MAY OPEN MILDLY HIGHER

GIFT Nifty:

GIFT Nifty futures point towards a 32 point rise for the Nifty 50 at the open.

Foreign portfolio investors (FPIs) sold shares worth Rs 3,462.36 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 3,366.51 crore in the Indian equity market on 31 July 2024, provisional data showed.

FPIs have bought shares worth over Rs 5407.83 crore in July 2024 (so far). They bought shares worth 2037.47 crore in June 2024.

Global Markets:

Dow Jones Futures were up 73 points, indicating a positive opening in the US stocks today.

Most Asian stocks declined on Thursday, led by a sharp decline in Japan after the Bank of Japan signaled further interest rate hikes. China`s market rebound also faltered as disappointing business activity data dampened investor sentiment.

Caixin purchasing managers index data on Thursday showed an unexpected contraction in China�s manufacturing sector. The reading came just a day after government PMI data showed a similar trend. The Caixin/S&P Global manufacturing purchasing managers� index (PMI) fell to 49.8 in July from 51.8 the previous month, the lowest reading since October.

The region largely ignored a strong rally on Wall Street, where optimism about a potential September interest rate cut from the Federal Reserve and robust tech earnings boosted investor confidence.

The Dow Jones Industrial Average rose 0.24%, the S&P 500 gained 1.58% and the Nasdaq Composite advanced 2.64%. The Federal Reserve held interest rates steady in the 5.25%-5.50% range on Wednesday but hinted at a possible rate cut in September if inflation cools down.

Domestic Market:

Domestic stocks closed higher Wednesday, extending their winning streak to four days. The market was buoyed by global optimism as investors await the US Fed`s interest rate decision later today. At home, metals, pharma, and healthcare stocks climbed, while PSU banks and realty lagged. The S&P BSE Sensex rose 285.94 points or 0.35% to 81,741.34. The Nifty 50 index added 93.85 points or 0.38% to 24,951.15. The 50-unit index is up 2.23% in four straight sessions.

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