Indices Expected to Open Muted, IT Shares in Focus

11 Jul 2024 , 07:30 AM

The Indian markets are likely to open on a muted note today, with GIFT Nifty trading 25 points higher at 24,387. On Wednesday, domestic markets experienced selling pressure, largely due to profit booking at elevated levels. In today’s session, IT sector stocks will be in the spotlight as Tata Consultancy Services (TCS) is set to announce its first-quarter earnings.

Market Performance on July 10

On July 10, the Indian benchmark indices gave up the gains from the previous session, closing lower. The Nifty fell below the 24,350 mark, ending the day at 24,324.50, down 108.70 points or 0.44%. The Sensex dropped by 426.87 points or 0.53%, closing at 79,924.77.

The market’s fear gauge, India VIX, increased by 1.07%, settling at 14.43 levels, indicating a rise in market volatility and investor anxiety.

Global Market Trends

Globally, markets showed mixed trends as of early morning Tokyo time. The S&P 500 futures remained relatively unchanged, while Hang Seng futures rose by 0.6%. Japan’s Topix and Australia’s S&P/ASX 200 both saw gains of 1.1%. In Europe, Euro Stoxx 50 futures were up by 1.3%, reflecting a positive outlook.

Foreign Investment

Foreign portfolio investors (FPIs) turned net buyers on Wednesday, purchasing shares worth ₹583 crore. Domestic institutional investors (DIIs) also showed buying interest, acquiring shares worth ₹1,082 crore. However, the net long positions of foreign institutional investors (FIIs) decreased from ₹3.85 lakh crore on Tuesday to ₹3.38 lakh crore on Wednesday.