Indian markets may start the day on a flat note

8 May 2024 , 08:42 AM

The benchmark Sensex and Nifty indices are expected to open with a flat-to-positive sentiment on May 8, as indicated by trends in the GIFT Nifty, suggesting a modest gain of 10 points.

On Tuesday, both Sensex and Nifty 50 closed lower, reflecting prevailing selling pressure across various sectors, notably influenced by disappointing Q4 earnings. This downturn contributed to a dent in market confidence, particularly near record highs. Sensex concluded 383 points (0.5%) lower at 73,511.85, while Nifty 50 fell 141 points (0.6%) to 22,301.50. Among the total stocks, 840 advanced, 2,441 declined, and 82 remained unchanged.

International markets:

Meanwhile, in Asian markets, uncertainty prevails following a sluggish US session. Some investors harbor doubts about the sustainability of the recent rally amidst lingering economic uncertainties. Japan witnessed a decline in equities, whereas South Korea and Australia observed gains. Hong Kong’s futures indicate a flat opening.

Wall Street experienced trimmed gains on Tuesday as investors deliberated potential Federal Reserve rate cuts. The dollar’s strength further subdued the yen. Globally, stocks, as measured by MSCI, rose by 0.30%, with European shares reaching record highs.

FII & DII Data:

Foreign institutional investors (FIIs) sold shares worth ₹3,668.84 Crore, while domestic institutional investors (DIIs) infused ₹2,304.50 Crore worth of stocks on May 7, reflecting a mixed sentiment among investors.