Nifty market updates:
GIFT Nifty suggested that the Indian equity indices, BSE Sensex and NSE Nifty 50, might experience a subdued start on Wednesday. Here’s what you need to know before the market commences.
GIFT Nifty registered a marginal increase of 12.50 points or 0.06% to reach 22,406, signaling a lackluster beginning for the domestic indices NSE Nifty 50 and BSE Sensex on Wednesday. Previously, on Tuesday, the NSE Nifty 50 closed with a decline of 140.20 points or 0.62% at 22,302.50, while the BSE dropped by 383.69 points or 0.52% to settle at 73,511.85.
“Continuing the ongoing trend, markets slightly declined by over half a percent. Despite a neutral beginning, the Nifty gradually descended throughout the day, ultimately closing at the 22,302 mark. Throughout the session, traders were occupied with a mixed performance across sectors: FMCG and IT observed gains, whereas realty, metal, and energy sectors experienced losses ranging from 2% to 3.5%. Additionally, broader indices faced selling pressure, each losing over 2%,” stated Ajit Mishra, Senior Vice President of Research at Religare Broking.
Here are the key updates to consider before the stock market opens on May 8, 2024:
Wall Street: According to Bloomberg, US stocks hovered near their highest levels in approximately a month, leaving investors uncertain about the sustainability of the market’s rebound from April’s sell-off. The tech-heavy Nasdaq Composite closed up by 45.22 points or 0.28% at 16,394.47. The S&P 500 rose by 12.18 points or 0.25% to 5,193.92, while the Dow Jones Industrial Average closed higher by 40.14 points or 0.10% at 38,892.41.
US Dollar: The US Dollar Index (DXY), gauging the dollar against a basket of six foreign currencies, rose by 0.22% to 105.42.
Crude Oil: WTI crude prices are currently trading at $78.23, down by 0.79%, whereas Brent crude prices stand at $82.97, down by 0.67%, as of Wednesday morning.
Asian Markets: In the Asia-Pacific region, shares are trading with mixed outcomes on Wednesday morning. The Asia Dow is down by 0.28%, with Japan’s Nikkei 225 in the red, declining by 1.06%. Hong Kong’s Hang Seng index ended lower by 0.53%, while the benchmark Chinese index Shanghai Composite is up by 0.22%.
FII, DII Data: Foreign institutional investors (FII) reportedly sold shares worth net Rs 3,668.8 crore, while domestic institutional investors (DII) purchased shares worth net Rs 2,304.50 crore on May 7, 2024, as per provisional data available on the NSE.
F&O Ban: On May 8, 2024, the NSE included Aditya Birla Fashion, Balarampur Chini Mills, Biocon, GMR Infra, Vodafone Idea, PNB, Sail, and Zee Entertainment Enterprise in the Futures & Options segment.
