Indian Markets to open gap up on positive global trends

31 May 2024 , 08:14 AM

Indian benchmark indices are expected to open on a strong note on May 31, with indications of a significant gap-up. The GIFT Nifty trends suggest a gain of around 210 points for the broader Nifty index, setting a positive tone for the day’s trading.

On May 30, the bearish sentiment dominated Dalal Street for the fifth consecutive session, coinciding with the May F&O expiry. The Sensex closed down by 617.30 points, or 0.83%, at 73,885.60, while the Nifty declined by 216 points, or 0.95%, ending at 22,488.70.

International Markets:

In contrast, Asian markets were trading higher as investors digested economic data from the region. Japan’s industrial output unexpectedly fell by 0.1% in April compared to the previous month, defying expectations of a 0.9% rise according to a Reuters poll.

Meanwhile, US markets closed lower on Thursday, driven by a more than 1% drop in the Nasdaq. Technology shares led the declines following a disappointing earnings forecast from Salesforce.

FII and DII Activity

Foreign institutional investors (FIIs) continued their selling spree for the second consecutive day, offloading Indian equities worth Rs 3,050.15 crore on May 30. Conversely, domestic institutional investors (DIIs) stepped in to support the market, purchasing equities worth Rs 3,432.92 crore on the same day.