GIFT Nifty suggests modest rise for Indian indices

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could rise 15.50 points at the opening bell.

Global Markets:

Most Asian stocks rose as an easing in US consumer inflation expectations bolstered the case for the Federal Reserve to cut rates this year.

US stocks rebounded on Friday, buoyed by news of an improving consumer outlook on inflation. The Nasdaq rose for a fifth straight week, closing at a record high. The Dow Jones Industrial Average edged up slightly, while the S&P 500 gained modestly.

University of Michigan data showed that consumers expect prices to climb at a 3.3% annual rate over the next year, down from the 3.5% expected earlier in the month. This suggests that inflation pressures may be easing, which could lead the Federal Reserve to cut interest rates later this year.

Domestic Markets:

The domestic equity benchmarks ended flat Friday after a volatile session. The Nifty reached a new high of 23,026.40 during the day but gave up all its gains to close almost unchanged. Oil & gas and financial sectors did well, while FMCG and realty stocks witnessed profit booking. The broader markets also mirrored the flat performance of the benchmark indices. Overall, it was a quiet day after yesterday`s strong move. The S&P BSE Sensex was, down 7.65 points or 0.01% to 75,410.39. The Nifty 50 index shed 10.55 points or 0.05% to 22,957.10.

Foreign portfolio investors (FPIs) sold shares worth Rs 944.83 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,320.32 crore in the Indian equity market on 24 May 2024, provisional data showed.

FPIs have sold shares worth over Rs 34459.88 crore in May so far. They offloaded shares worth 35692 crore in April 2024.

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