Wednesday, June 19, 2024

Market may rise at opening bell

Must read

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could rise 46.50 points at the opening bell.

Consumer prices in India, as measured by the Consumer Price Index (CPI), dipped to a low of 4.83% in April 2024. This is the lowest inflation rate seen in 11 months. It follows a trend of declining inflation, which was 5.10% in January, 5.09% in February and 4.85% in March of 2024.

Global markets:

Asian markets showed no clear direction as investors analyzed inflation data from India and Japan. Japan’s wholesale inflation (corporate goods price index) rose slightly by 0.9% year-on-year in April.

US markets ended with mixed results. The Dow Jones snapped its winning streak with a 0.21% dip, while the S&P 500 barely budged. The Nasdaq managed a small gain of 0.29%. Apple and Alphabet (Google’s parent company) rose despite early weakness.

Meme stocks like GameStop, AMC, and Koss soared due to speculation surrounding a potential return to social media by Keith Gill, the “Roaring Kitty” figure who ignited the meme-stock frenzy of 2021.

Domestic Markets:

Indian stock markets recovered from a morning dip on Monday, with pharmaceutical and healthcare stocks leading the gains. The Nifty index closed above 22,100 after falling to a low of 21,821. Experts believe the sell-off by foreign investors is due to a global shift towards cheaper Chinese markets, rather than concerns about India’s upcoming elections. Analysts are positive on India’s long-term economic outlook. The barometer index, the S&P BSE Sensex gained 111.66 points or 0.15% to 72,776.13. The Nifty 50 index added 48.85 points or 0.22% to 22,104.05.

Foreign portfolio investors (FPIs) sold shares worth Rs 4,498.92 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 3,562.75 crore in the Indian equity market on 13 May 2024, provisional data showed.

FPIs have sold shares worth over Rs 29474.42 crore in May so far. They offloaded shares worth 35692 crore in April 2024.

Powered by Capital Market – Live News

Disclaimer: No Business Standard Journalist was involved in creation of this content

First Published: May 14 2024 | 8:18 AM IST

Latest article