Market Expected to Open Lower, Nifty Futures Down 249 Points

2 Aug 2024 , 07:51 AM

The market is expected to start on a negative note today. Nifty futures on the Gift Nifty were trading 249 points lower at 24,805.

Domestic Market Recap

On Thursday, the benchmark Nifty crossed the 25,000 milestone for the first time, closing slightly in the green.

Additionally, the India VIX, a measure of market volatility and investor fear, fell by 2.42% to settle at 12.93 levels, indicating a reduction in market uncertainty.

Global Market Performance

The global market sentiment appears subdued, contributing to the negative outlook for the Indian markets today. Here’s a snapshot of the global market performance:

• S&P 500 futures fell by 0.4% as of 9:33 a.m. Tokyo time.
• Hang Seng futures dropped 1.5%.
• Nikkei 225 futures (OSE) plummeted by 4.2%.
• Japan’s Topix fell sharply by 4.8%.
• Australia’s S&P/ASX 200 decreased by 1.9%.
• Euro Stoxx 50 futures dipped by 0.6%.

Foreign Institutional Investors (FII) Data

There was a notable change in the FII net long positions, which reduced from ₹1.44 Lakh Crore on Wednesday to ₹1.66 Lakh Crore on Thursday.

Q1 Results Announcement

Key companies reporting include Titan, Hindustan Zinc, and Delhivery, among 98 others. The earnings reports could provide further direction to the market sentiment.