Market may open with small gains

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could fall 28 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading mixed. Investors are also assessing economic data out of Japan, as well as factory activity data from Australia.

US stock ended on a mixed note on Tuesday. The S&P 500 climbed to a record high close as investors digested a mixed bag of early quarterly results and awaited a slew of additional reports from Tesla and other companies later this week.

Domestic markets:

Back home, the domestic equity benchmarks encountered notable downward pressure on Tuesday as key sectors, including banks, FMCG, and metal, contributed to the market decline. The barometer index, the S&P BSE Sensex slumped 1,053.10 points or 1.47% to 70,370.55. The Nifty 50 index tumbled 333 points or 1.54% to 21,238.80.

Foreign portfolio investors (FPIs) sold shares worth Rs 3,115.39 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 214.40 crore in the Indian equity market on 23 January, provisional data showed.

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