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Flat to Negative Start Anticipated for D-Street

8 Jul 2024 , 09:01 AM

The benchmark indices, Sensex and Nifty 50, are expected to open on a flat to negative note. The GIFT Nifty, an early indicator of Indian market performance, was trading quietly at 24,381 at 07:00 am IST.

Market Performance on July 5

On July 5, Indian shares recovered from early losses to close the session flat. Gains in major companies such as Reliance Industries, State Bank of India, and Hindustan Unilever helped offset declines in HDFC Bank Ltd. Analysts voiced concerns over a weaker-than-expected Q1 business update from HDFC Bank, which contributed to the stock’s performance.

Global Market Sentiment

Asian markets were down on Monday as investors awaited significant economic data from the U.S. and China expected later in the week. Additionally, the recent election results in France, indicating a hung parliament, added to the cautious sentiment.

In contrast, Wall Street closed on a positive note on Friday. The tech-heavy Nasdaq and the benchmark S&P 500 reached record highs, bolstered by new data highlighting weaknesses in the U.S. labor market. This raised expectations for potential interest rate cuts as early as September. The Dow Jones Industrial Average increased by 67.87 points (0.17%) to close at 39,375.87. The S&P 500 rose by 30.17 points (0.54%) to 5,567.19, while the Nasdaq Composite advanced by 164.46 points (0.90%) to 18,352.76.

Institutional Activity

On July 5, foreign institutional investors (FIIs) were net buyers of Indian equities, purchasing stocks worth ₹1,241 Crore. Conversely, domestic institutional investors (DIIs) were net sellers, offloading equities worth ₹1,651 Crore.

Related Tags

  • BSE
  • nifty
  • NSE
  • opening bell
  • sensex
  • stock market news
  • Stock Market Updates
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