GIFT NIFTY HINTS AT NEGATIVE OPENING, POSITIVE GLOBAL CUES MAY SUPPORT

GIFT Nifty:

The GIFT Nifty December futures contract is currently trading 36.50 points lower, suggesting a negative opening for the Nifty 50.

Institutional Flows:

Foreign portfolio investors (FPIs) sold shares worth Rs 1,012.24 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 2,007.85 crore in the Indian equity market on 11 December 2024, provisional data showed.

According to NSDL data, FPIs have bought shares worth over Rs 18170.49 crore (so far) in the secondary market during December 2024. This follows their sale of shares worth Rs 39315.78 crore in November 2024.

Global Markets:

Most Asian stocks rose Thursday after US equities rallied on Wednesday following benign inflation data. This fueled expectations of a potential Federal Reserve interest rate cut this month.

In Asia, key economic reports are due today: Australia`s labor market data and India`s inflation and industrial production figures. China`s Central Economic Work Conference is also underway, where policymakers are expected to outline next year`s economic policies, likely including stimulus measures.

US markets surged on Wednesday, with the Nasdaq Composite hitting a record high. Tech stocks, particularly Tesla and NVIDIA, rallied sharply on the prospect of lower interest rates and potential easing of regulatory scrutiny. Artificial intelligence optimism also contributed to the gains.

The NASDAQ Composite surged 1.8% to a record high of 20,033.61 points, while the S&P 500 rose 0.8% to 6,084.19 points. The Dow Jones Industrial Average lagged, falling 0.2% to 44,148.56 points.

The US consumer price index (CPI) rose by 2.7% last month, accelerating slightly from 2.6% in October, while stripping out more volatile items like food and fuel, the "core" number climbed by 3.3% in the twelve months to July, also in line with expectations.

Domestic Market:

The domestic equity benchmarks concluded Wednesday`s trading session with marginal gains, as investors adopted a cautious stance ahead of key economic data releases. The Nifty 50 index managed to hold above the 24,600 level. While consumer durables and FMCG stocks witnessed buying interest, bank stocks faced selling pressure. The S&P BSE Sensex rose 16.09 points or 0.02% to 81,526.14. The Nifty 50 index added 31.75 points or 0.13% to 24,641.80.

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