MARKET MAY OPEN SLIGHTLY LOWER; F&O EXPIRY MAY TRIGGER VOLATILITY

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could fall 15 points at the opening bell.

Volatility may zoom as traders roll over positions in the F&O segment from the near month April series to May series. The April 2024 F&O contracts will expire today, 25 April 2024.

On the political front, the second phase of voting will be held on April 26 in 89 constituencies spread across 13 states and Union territories. The BJP is looking to consolidate its grip on power as it aims for a historic third term while a band of opposition parties, including the Congress, has formed a united front called Indian National Developmental Inclusive Alliance (INDIA) bloc to deny PM Modi another victory. The elections will occur in 7 phases, from 19 April to 1 June. The Lok Sabha elections 2024 results will declared on 4 June.

Global markets:

Overseas, Asian stocks are trading mixed after two straight days of rallies, mirroring moves on Wall Street. Markets in Australia and New Zealand are closed for a public holiday.

The Bank of Japan kicks off its monetary policy meeting Thursday. Due to be published on Friday, investors will monitor the outcomes from the Bank of Japan, especially for any action to restrict the yen weakness.

Wall Street ended on a mixed note on Wednesday as traders assessed bleak outlook from Meta Inc., one of the magnificent seven, and as treasury yields rose following sales of 5-year U.S. Treasury notes. The US first-quarter gross domestic product figures are due on April 25.

Domestic markets:

Back home, the domestic equity market continued its rise for the fourth consecutive day, with the Nifty 50 breaching the 22,400 mark. The barometer index, the S&P BSE Sensex, was up 114.49 points or 0.16% to 73,852.94. The Nifty 50 index added 34.40 points or 0.15% to 22,402.40.

Foreign portfolio investors (FPIs) sold shares worth Rs 2,511.74 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 3,809.90 crore in the Indian equity market on 24 April, provisional data showed.

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