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Stocks may take a breather

Published on Dec 05, 2023 08:37

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could slide 52 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading lower on Tuesday as investors assessed a slew of economic data from across the region. The Caixin China services purchasing managers� index for November climbed to its highest in three months. This private survey reading came in at 51.5 in November, rising from 50.4 in October and 50.2 in September.

US stocks ended lower on Monday as investors turned cautious ahead of employment data due this week that could alter expectations that the Federal Reserve will cut interest rates early next year.

Domestic markets:

Back home, the domestic equity markets rallied Monday, propelled by the Nifty 50 and Sensex achieving new highs in the wake of BJP`s sweeping victories in three states. The barometer index, the S&P BSE Sensex surged 1,383.93 points or 2.05% to 68,865.12. The Nifty 50 index gained 418.90 points or 2.07% to 20,686.80. Both the indices attained record closing high levels.

Foreign portfolio investors (FPIs) bought shares worth Rs 2,073.21 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 4,797.15 crore in the Indian equity market on 4 December, provisional data showed.

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