Indian Markets to Open Lower on May 24 Amid Global Cues

24 May 2024 , 08:44 AM

The Indian benchmark indices, Sensex and Nifty, are expected to open on a negative note on May 24. This follows the GIFT Nifty trends, which indicate a loss of 53.50 points for the broader index. As of 07:10 AM IST, Nifty futures were trading at 22,961.

Market Performance on May 23

On May 23, the benchmark indices touched fresh record highs. The Nifty closed just shy of the 23,000 mark, bolstered by broad-based buying across sectors, excluding metal and pharma. This rally occurred despite hawkish Federal Reserve minutes.

• Sensex Performance: The Sensex closed up by 1,196.98 points or 1.61% at 75,418.04.
• Nifty Performance: The Nifty increased by 369.90 points or 1.64% to close at 22,967.70.

Global Market Trends

Asian markets opened lower on Friday, reflecting the extended losses from Wall Street. This decline came despite a post-earnings rally from tech giant Nvidia.

In the US, stocks ended sharply lower as the initial enthusiasm over Nvidia’s quarterly results waned. Robust economic data heightened concerns about a prolonged period of tight monetary policy, causing U.S. Treasury yields to rise.

US Market Recap

All three major U.S. stock indexes lost momentum in afternoon trading, ending the session significantly down.

Institutional Investment Flows

• Foreign Institutional Investors (FII): FIIs turned buyers on May 23, purchasing Indian equities worth ₹4,670.95 Crore.
• Domestic Institutional Investors (DII): DIIs also turned buyers, acquiring equities worth ₹146.51 Crore on the same day.