Indices may open on a negative note

30 May 2024 , 08:17 AM

The benchmark Sensex and Nifty indices are anticipated to open lower on May 30. The GIFT Nifty is trading 54.50 points lower on May 30 compared to the Nifty 50 close. As of 06:50 AM IST, Nifty futures were trading at 22,667.50.

At the market close on the previous day, the Sensex had dropped by 667.55 points or 0.89%, settling at 74,502.90. Meanwhile, the Nifty index declined by 183.50 points or 0.80%, ending at 22,704.70.

Global Market Trends

Asian markets mirrored Wall Street’s negative sentiment, extending losses into Thursday ahead of crucial economic data releases from the region on Friday. Japan’s Nikkei index fell by over 2%, while the broader Topix index dropped by 1.4% in early trading. South Korea’s Kospi also saw a decline of nearly 1%.

In the US, stocks experienced a downturn on Wednesday due to rising Treasury yields and concerns regarding the Federal Reserve’s potential interest rate cuts. The Dow Jones Industrial Average fell by more than 1%, reaching its lowest level in nearly a month. All sectors of the S&P 500 ended in negative territory, with rate-sensitive utilities suffering the most significant declines.

Institutional Investor Activity

On May 29, Foreign Institutional Investors (FIIs) sold Indian equities worth ₹5,841.84 Crore. In contrast, Domestic Institutional Investors (DIIs) bought equities worth ₹5,233.79 Crore.