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Markets may open on a positive note today

5 Jun 2024 , 08:06 AM

Markets may open on a positive note today, after the crash of yesterday. Formerly known as SGX Nifty, the Gift Nifty futures signalled a promising start, trading 103 points or 0.47% higher at 22,050.

On Tuesday, Indian markets experienced a significant downturn following the NDA’s unexpected performance in the Lok Sabha elections. Both the Sensex and Nifty indices plummeted nearly 6%, reflecting investor concerns.

During the day, the Nifty index dropped by 1,982.45 points, hitting a low of 21,281.45. Similarly, the Sensex fell by 6,234.35 points, reaching a low of 70,234.43. Both indices experienced an 8% decline for the day, marking the largest single-day fall since at least February 2022.

Market volatility spiked significantly, with the India VIX jumping 50% to surpass 31 intraday. This surge marked the most substantial increase in the volatility index in at least nine years.

Global Market Reaction

In contrast, US stocks ended slightly higher on Tuesday, buoyed by softer-than-expected labor market data, which reinforced expectations of a Federal Reserve interest rate cut. However, Asian markets showed mixed results in early trading, with the Nikkei down by 1%.

FII/DII Activity

Foreign portfolio investors were net sellers on Tuesday, offloading shares worth ₹12,436 Crore. Domestic institutional investors also sold shares, amounting to ₹3,318 Crore.

Related Tags

  • BSE
  • closing bell
  • nifty
  • NSE
  • opening bell
  • Pre-Market
  • sensex
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