Indian Stock Market Likely to Open Lower on May 13th

13 May 2024 , 08:31 AM

On May 13, it’s anticipated that the benchmark Sensex and Nifty indices will begin the day on a negative note, aligning with the GIFT Nifty trends which indicate a potential 35-point decline for the broader index. The GIFT Nifty’s projections hint at a 0.18% decrease or 36 points, suggesting a pessimistic start for the broader Indian index, with Nifty futures hovering around the 22,092 level.

On May 10, India’s benchmark Sensex saw a robust uptick of over 260 points, while the Nifty closed comfortably above the 22,000 milestone, tracking positive movements in global equity markets.

Nifty Metal spearheaded gains, climbing by 1.5%, trailed by FMCG, Auto, and Pharma sectors, each advancing by 1%. Conversely, Nifty IT led the losses, dipping by 0.8%, with Nifty Realty and Nifty PSU Bank experiencing marginal declines of 0.4% and 0.3% respectively.

International Market:

In the broader Asian markets, stocks opened lower, with China showing signs of sluggishness and news circulating about US President Joe Biden contemplating tariff hikes on certain Chinese goods. Australia, Japan, and Hong Kong registered declines, while US contracts mirrored the trend following the S&P 500’s recent struggles.

Friday witnessed a challenging session for the US stock market amid indications of economic deceleration and lingering inflation concerns.

FII & DII Data:

Regarding investor activity, Foreign Institutional Investors (FIIs) divested shares worth ₹2,117.50 Crore, whereas Domestic Institutional Investors (DIIs) injected ₹2,709.81 Crore into the stock market on May 10.