Indices may open positively today

10 May 2024 , 08:47 AM

The benchmark Sensex and Nifty indices are poised to open strongly on May 10, as indicated by trends in the GIFT Nifty, signaling a positive start for the broader index with a gain of 70 points.

Trends in the GIFT Nifty suggest a positive opening for the broader index in India, with a gain of 70 points or 0.32%, with Nifty futures trading around the 22,159 level.

However, on May 10, India’s benchmark indices faced significant losses, with the NSE Nifty 50 dropping below 22,000 and the BSE Sensex plummeting over 1,000 points, marking over a 1% intraday fall. The Sensex closed down 1,062 points at 72,404, while the Nifty 50 declined by 335 points to 21,967. This marked the fifth consecutive day of decline.

Nifty’s drop below the 100-day moving average since November 12 was attributed to election uncertainties and concerns over Prime Minister Narendra Modi’s expected smaller majority, leading to a 3% decline from its record high.

International Markets:

Meanwhile, Asian shares saw a rise on Friday, supported by positive Wall Street performance driven by strong jobs data, reinforcing expectations for US rate cuts. Stocks in Japan, South Korea, and Australia witnessed gains, along with Hong Kong futures.

The S&P 500 reached a one-month high despite an increase in US jobless claims, fueling speculation of Federal Reserve rate cuts.

FII & DII data:

In terms of foreign institutional investor (FII) and domestic institutional investor (DII) flows, FIIs sold shares worth ₹6,994.86 Crore, while DIIs injected ₹5,642.53 Crore worth of stocks on May 9.