Market Expected to Open Lower, Nifty Futures Down

8 Aug 2024 , 07:42 AM

Indian benchmark indices, Sensex and Nifty 50, are expected to open in the red today. As of 07:00 am IST, Nifty futures were trading at 24,181.50, indicating a negative start for the day.

On August 7, the Indian markets broke a three-day losing streak, closing higher with significant gains. The Nifty closed near the crucial 24,300 level, buoyed by broad-based buying across sectors and in anticipation of the RBI policy outcome scheduled for tomorrow.

At the close of trading on August 7, the Sensex had risen by 874.94 points or 1.11 percent to finish at 79,468.01, while the Nifty climbed 305 points or 1.27 percent to settle at 24,297.50.

Asian markets were trading lower on Thursday, following a decline on Wall Street overnight. Investors were reacting to trade data from Japan and awaiting India’s impending rate decision. US stocks ended lower on Wednesday, with the Nasdaq falling by 1% due to a drop in technology shares and weak demand in a 10-year Treasury auction, which added to investor jitters in a volatile trading session.

The Dow Jones Industrial Average fell by 234.21 points, or 0.6%, to 38,763.45. The S&P 500 lost 40.53 points, or 0.77%, to 5,199.50, and the Nasdaq Composite dropped by 171.05 points, or 1.05%, to 16,195.81.

On the domestic front, foreign institutional investors (FIIs) continued their selling spree on August 7, offloading equities worth ₹3,314 crore. In contrast, domestic institutional investors (DIIs) showed confidence in the market by purchasing equities worth ₹3,901 crore on the same day.