NEGATIVE ASIAN CUES MAY CAP GAINS

GIFT Nifty:

The GIFT Nifty September futures contract is up 19.50 points, suggesting a positive start for the Nifty 50.

Reliance Industries` AGM today is a highly anticipated event. Investors are eagerly awaiting updates on the potential IPOs for Jio and the retail businesses, as well as announcements related to the new energy sector. Key areas of focus include the company`s earnings growth, operational efficiencies, and financial strategies that reflect Reliance`s significant transition phase.

Moreover, the monthly derivatives expiry for the August F&O series will likely influence market sentiment and volatility.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,347.53 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 439.35 crore in the Indian equity market on 28 August 2024, provisional data showed.

FPIs have sold shares worth over Rs 29946.21 crore in August 2024 (so far). They bought shares worth 5407.83 crore in July 2024.

Global Markets:

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

Asian stocks retreated on Thursday, mirroring the overnight slump in Nvidia. The AI darling`s tepid guidance on revenue and margins fueled concerns about the broader AI sector.

Investors are now keenly awaiting U.S. weekly jobless claims and inflation readings from Germany and Spain. These economic indicators will offer insights into the Federal Reserve`s potential rate-cut trajectory beyond September, given its emphasis on the labor market`s health.

U.S. stocks experienced a pullback on Wednesday. The Nasdaq Composite shed 1.12%, while the S&P 500 (-0.6%) and Dow Jones Industrial Average (-0.4%) saw more modest losses.

Nvidia`s shares plunged as much as 8.5% in after-hours trading following its earnings report. While the company delivered a profit beat and announced a $50 billion buyback, investors were disappointed by the weaker-than-expected outlook for the current quarter`s revenue and gross margin.

Domestic Market:

The key equity indices closed with modest gains on Wednesday, buoyed by strong demand for IT, pharma, and healthcare stocks. Meanwhile, media and public sector banks faced selling pressure. The Nifty 50 index extended its winning streak to tenth consecutive sessions to surpass the 25,050 mark.

The S&P BSE Sensex rose 73.80 points or 0.09% to 81,785.56. The Nifty 50 index added 34.60 points or 0.14% to 25,052.35, its record closing high level. The 50 unit index has climbed 3.78% in ten sessions.

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