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Market may open on a flat note

Published on Jun 20, 2024 08:36

GIFT Nifty:

Early indications from GIFT Nifty futures point towards a neutral open for the Nifty 50 index.

Foreign portfolio investors (FPIs) bought shares worth Rs 7,908.36 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 7,107.80 crore in the Indian equity market on 19 June 2024, provisional data showed.

FPIs have sold shares worth over Rs 1209.83 crore in June 2024 (so far). They offloaded shares worth 42214.28 crore in May 2024.

Economy:

The government announced an increase in Minimum Support Prices (MSP) for all 14 kharif crops for the 2024-25 season (July-June). This hike is expected to put an additional Rs 35,000 crore in the hands of farmers, bringing the total MSP payout to around Rs 2 lakh crore.

Meanwhile, the Reserve Bank of India (RBI) projects continued economic momentum in the April-June quarter, driven by rising private consumption and strengthening manufacturing and services sectors.

Global Markets:

Asian markets showed mixed performance on Thursday, awaiting further U.S. policy signals. Sterling held steady ahead of a Bank of England meeting, where interest rates are likely to remain unchanged.

Central bank decisions from Switzerland and Norway are also on investors` watchlist, shaping the global rate outlook. China, as expected, kept benchmark lending rates steady despite a sluggish economy.

US equities were shut on Wednesday.

Domestic Markets:

Domestic stock markets took a breather Wednesday after a four-day record breaking streak. The Nifty 50 hit an all-time high but gave up its gains to close marginally lower. Bucking the broader weakness, private banks and financial stocks found strength. Despite the wobble, there are positive signs, with renewed foreign investor inflows and robust economic data fostering optimism for a continued rally. In the barometer index, the barometer index, the S&P BSE Sensex was up 36.45 points or 0.05% to 77,337.59. The Nifty 50 index lost 41.90 points or 0.18% to 23,516.

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