Indices primed for positive start

GIFT Nifty:

Early indications from GIFT Nifty futures point towards a 11 points rise for the Nifty 50 index.

Foreign portfolio investors (FPIs) sold shares worth Rs 3,535.43 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 5,103.67 crore in the Indian equity market on 25 June 2024, provisional data showed.

Global Markets:

Dow Jones futures are trading down 111 points, indicating a weak opening in the US stocks later today.

Most Asian stocks fell on Thursday as technology shares tracked weakness in their U.S. peers following underwhelming guidance from chipmaking major Micron.

Chinese markets extended losses as lackluster industrial profit data and ongoing trade war anxieties dampened investor confidence. China`s industrial profits rose a meager 0.7% year-over-year in May, down from 4.0% growth in April.

US stocks ended a smidge higher in choppy trade. Middling revenue outlook triggered a selloff in chip stocks. Investor sentiment remained cautious ahead of key U.S. data releases, including the PCE price index and the much-anticipated Presidential debate.

Micron plunged nearly 8% in extended trading. Despite exceeding quarterly earnings expectations, the company`s revenue guidance for the current quarter fell short of investor hopes, raising concerns about the sustainability of the AI-fueled demand boom. This disappointment also spurred some profit-taking in the previously hot tech sector.

Domestic Markets:

Domestic equity benchmarks continued their upward trajectory Wednesday, marking their third consecutive day of gains. The Nifty50 crossed a significant milestone, settling above the 23,850 mark for the first time. The surge was driven by buying in banking, oil & gas, and telecom heavyweights. The barometer index, the S&P BSE Sensex, was up 620.73 points or 0.80% to 78,674.25. The Nifty 50 index gained 147.50 points or 0.62% to 23,868.80. Both the indices hit record closing high levels. The 50 unit index has risen 1.56% in three straight sessions.

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