Indian equity markets may start the day on a positive note

13 Jun 2024 , 08:49 AM

The Sensex and Nifty indices are expected to open on a positive note today. The GIFT Nifty is trading 92 points (0.39%) higher compared to the Nifty 50 close, with Nifty futures at 23,461 at 07:00 am IST.

On June 12, the Nifty 50 ended higher after hitting a fresh intraday high of 23,441. The Sensex came within 30 points of its all-time high of 77,079, showing strong market performance.

Global Market Influences

Asian markets are trading firm on June 13. This follows the US Federal Reserve’s decision to hold the Federal Funds rate steady and shift its “dot plot” to project only one rate cut this year. The S&P 500 and Nasdaq posted record closes for the third straight day on Wednesday. Although inflation data came in softer than expected, the indices ended off the day’s highs due to the Federal Reserve’s rate cut projection.

Institutional Investors’ Activity

Foreign institutional investors (FIIs) turned net buyers on June 12, purchasing Indian equities worth ₹426 Crore. Domestic institutional investors (DIIs) also showed confidence, buying equities worth ₹233 Crore on the same day.