Indian Benchmark Indices Likely to Open Flat

31 Jul 2024 , 09:05 AM

The Indian stock markets, represented by the Sensex and Nifty 50, are expected to open flat on July 31. As of 07:00 AM IST, Nifty futures were trading at 24,927.5. The markets experienced a mixed session, erasing most gains and closing relatively flat as global equities showed varied performances. This comes ahead of key rate decisions from the Bank of Japan and the United States Federal Reserve, which have kept investors cautious.

Market Performance

At the close of the previous trading session, India’s benchmark Sensex rose by 0.12%, gaining 99.56 points to settle at 24,857.30. Meanwhile, the Nifty 50 ended with a modest gain of 0.09%, up 21.2 points, closing at 24,857.30. During the intraday session, the Sensex saw a peak gain of 459 points, while the Nifty surged by 136 points.

Global Market Overview

Asian markets were mostly in the red on Wednesday as investors awaited key economic data and decisions. The Bank of Japan’s rate decision and the latest data on China’s business activity are crucial for market sentiment. The global markets are also reacting to the mixed cues from the United States, where major indices had a mixed performance.

On Tuesday, the S&P 500 and Nasdaq closed lower, affected by weaker performances in chip and megacap shares. This decline came ahead of significant earnings reports from major technology companies. However, the Dow Jones Industrial Average managed to post modest gains, rising by 203.40 points, or 0.5%, to close at 40,743.33. In contrast, the S&P 500 lost 27.10 points, or 0.5%, closing at 5,436.44, while the Nasdaq Composite dropped by 222.78 points, or 1.28%, to end at 17,147.42.

Institutional Investor Activity

The activity of foreign institutional investors (FIIs) and domestic institutional investors (DIIs) also played a significant role in the market’s performance. On July 30, FIIs continued their selling spree, offloading equities worth ₹5,598 Crore.