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Market may slide at opening bell

Published on Jun 21, 2024 08:26

GIFT Nifty:

Early indications from GIFT Nifty futures point towards a 29.50 points decline for the Nifty 50 index.

Foreign portfolio investors (FPIs) bought shares worth Rs 415.30 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 325.81 crore in the Indian equity market on 20 June 2024, provisional data showed.

FPIs have sold shares worth over Rs 794.53 crore in June 2024 (so far). They offloaded shares worth 42214.28 crore in May 2024.

Global Markets:

Asian markets exhibited a mixed performance today, mirroring a decline in US shares overnight.

In Japan, core inflation, which excludes volatile fresh food prices, rose for the first time in three months in May. The increase was driven by higher prices for nonperishable goods and came in at 2.5% year-over-year, exceeding the central bank`s 2% target.

Across the Pacific, the US stock market experienced some volatility Thursday. The S&P 500 briefly surpassed the 5,500 mark before retreating. The technology sector faced pressure, leading the Nasdaq 100 lower after a week-long winning streak. Declines in Nvidia Corp. and Apple Inc. were key contributors to the tech sector`s weakness. However, the Dow Jones Industrial Average bucked the trend and gained around 300 points.

Domestic Markets:

The domestic stocks clawed their way back on Thursday, ending slightly higher after a volatile session. Despite weekly options expiry shaking things up, the Nifty 50 managed to stay above 23,550. The action was sector-specific, with investors favoring realty, metals and private banks while taking profits in pharmaceuticals, autos and state-owned lenders. In the barometer index, the S&P BSE Sensex was up 141.34 points or 0.18% to 77,478.93. The Nifty 50 index rose 51 points or 0.22% to 23,567.

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