Partner With Us NRI

Stocks poised to start higher

Published on May 13, 2024 08:19

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could rise 51.50 points at the opening bell.

Global markets:

Most Asian equity markets declined on Monday, with Chinese stocks leading the downward trend. The release of China`s April inflation data, which fell within a moderate range, coincided with a shift towards investor caution ahead of key U.S. inflation data scheduled for release this week.

Chinese stocks faced additional downward pressure due to potential new U.S. trade tariffs. Several media outlets reported last week that the Biden administration is considering imposing import tariffs on specific sectors within China, including electric vehicles and solar energy technology.

Regional markets largely followed the muted performance of Wall Street on Friday, with investor focus shifting towards the upcoming U.S. inflation data which could impact future interest rate decisions.

Domestic Markets:

Domestic stocks ended higher on Friday, 10 May 2024, mirroring positive global trends. The Nifty 50 clawed its way back above 22,050, fueled by gains in metals and oil & gas. However, IT and realty stocks remained under pressure. Despite the headline gains, broader market volatility persists as investors remain cautious ahead of Lok Sabha elections outcome. Further uncertainty looms ahead of next week`s US inflation data. The barometer index, the S&P BSE Sensex gained 260.30 points or 0.36% to 72,664.47. The Nifty 50 index added 97.70 points or 0.44% to 22,055.20.

Foreign portfolio investors (FPIs) sold shares worth Rs 2,117.50 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,709.81 crore in the Indian equity market on 10 May 2024, provisional data showed.

FPIs have sold shares worth over Rs 24975.50 crore in May so far. They offloaded shares worth 35692 crore in April 2024.

Powered by Capital Market - Live News