Shares may climb on positive Asian cues

GIFT Nifty:

GIFT Nifty futures point towards a potential 30 point rise for the Nifty 50 at the open.

Foreign portfolio investors (FPIs) sold shares worth Rs 2,605.49 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,431.69 crore in the Indian equity market on 25 July 2024, provisional data showed.

FPIs have bought shares worth over Rs 14,396.99 crore in July 2024 (so far). They bought shares worth 2037.47 crore in June 2024.

Global Markets:

Dow Jones Futures were up 137 points, indicating a positive opening in the US stocks today.

Asian stocks rose on Friday as investors digested Tokyo`s latest inflation data and awaited key U.S. economic figures. Japan�s headline inflation eased slightly to 2.2% in July, while core inflation held steady at 2.2%.

The market`s focus now shifts to the U.S., where the release of the personal consumption expenditure (PCE) index � the Federal Reserve`s preferred inflation gauge � is expected to influence interest rate expectations.

Meanwhile, U.S. stocks experienced a rotation away from technology shares on Thursday, with the Nasdaq Composite and S&P 500 declining. The Dow Jones Industrial Average bucked the trend with a modest gain. This shift is a common occurrence during bull markets as market leadership evolves.

Domestic Market:

The domestic equity benchmarks slipped for a fifth straight day, mirroring a global tech sell-off. The Nifty ended flattish after an early slump, with oil & gas and auto sectors shining while metals and banks lagged. Concerns over heightened valuations in certain segments are weighing on sentiment. The barometer index, the S&P BSE Sensex, was down 109.98 points or 0.14% to 80,039.80. The Nifty 50 index shed 7.40 points or 0.03% to 24,406.10. The 50-unit index has fallen 1.59% in five straight sessions.

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