MARKET MAY OPEN ON FLAT NOTE

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could rise 2 points at the opening bell.

Traders are watching triggers such as inflation data, bank loan growth, and the Q3 earnings season commencing on 11 January 2024.

Global markets:

Overseas, Asian stocks rose across the board Tuesday, rebounding from a sell-off in the previous session. Asian stocks advanced after a tech rally fueled gains on Wall Street at the start of a week that brings key inflation data and bank earnings.

U.S. stocks ended higher on Monday boosted by tech shares. Global investors will be looking ahead to US inflation data and big bank earnings in the week ahead for further clues on the state of the economy and the path of rate cuts from the Federal Reserve.

Domestic markets:

Back home, the domestic stock market witnessed significant losses on Monday, influenced by stronger-than-expected U.S. labor data causing a reassessment of expectations for early interest rate cuts. The barometer index, the S&P BSE Sensex, was down 670.93 points or 0.93% to 71,355.22. The Nifty 50 index declined 197.80 points or 0.91% to 21,513.

Foreign portfolio investors (FPIs) bought shares worth Rs 16.03 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 155.96 crore in the Indian equity market on 8 January, provisional data showed.

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