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Indian Markets Poised for Negative Start

22 Jul 2024 , 08:49 AM

On July 22, the Indian equity market is anticipated to open on a negative note. Nifty futures were trading at 24,412 as of 07:00 am IST. The trading session on July 19 experienced widespread profit booking ahead of the Union Budget scheduled for July 23, which led to a decline in major indices.

At the close of the session, the Sensex fell by 738.81 points, or 0.91%, to 80,604.65. Similarly, the Nifty dropped 269.90 points, or 1.09%, to 24,530.90.

Asian Markets and US Influence

Asian markets were trading lower, primarily due to the decline in chip-related stocks. This drop was influenced by reports of more stringent export restrictions from the U.S. and comments from former U.S. President Donald Trump concerning Taiwan’s semiconductor business.

US Market Slump

In the U.S., stocks continued their downward trend on Friday. The market was further destabilized by lingering chaos from a global technical outage caused by a software glitch, adding to the existing market anxiety.

  • Dow Jones Industrial Average: Decreased by 377.49 points, or 0.93%, closing at 40,287.53.
  • S&P 500: Fell by 39.59 points, or 0.71%, to end at 5,505.
  • Nasdaq Composite: Dropped by 144.28 points, or 0.81%, finishing at 17,726.94.

Institutional Activity

On July 19, foreign institutional investors (FIIs) were net buyers, purchasing equities worth ₹1,506 Crore. In contrast, domestic institutional investors (DIIs) were net sellers, offloading equities worth ₹461 Crore.

Related Tags

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