Markets may start the day in Green

16 May 2024 , 10:09 AM

The benchmark Sensex and Nifty indices are likely to start the day in Green today. This after inflation rate in US in April slowed down.

Nifty futures also hovering around the 22,383 level.

In the previous session on May 15, Indian markets experienced a slight fall, with the Sensex declining by 118 points, while the Nifty maintained its position around the 22,200 mark. However, the broader markets, including BSE MidCap and Smallcap, saw gains of 0.6% and 1%, respectively.

Sector-wise, the Nifty PSU Bank Index led the gainers with a rise of 1.4%, trailed by Nifty Realty and oil & gas sectors, both showing a 1% increase. However, the Nifty FMCG Index experienced the most significant decline, down by 1%, along with Nifty Auto, which saw a 0.5% decrease. Additionally, both Nifty Bank and Nifty Private Bank indices slipped by 0.3% each.

International markets:

Across Asia, stock markets saw an upward trend, following the gains on Wall Street propelled by  US inflation data, which heightened expectations of Federal Reserve rate adjustments. Australian, Japanese, and South Korean markets also saw gains, with futures for the S&P 500 and Nasdaq 100 indicating positive momentum.

Hong Kong shares are set to resume trading after a holiday break. Wall Street reached record highs as bond yields decreased due to news of slower inflation, hence increasing the likelihood of Fed rate cuts by September. Notably, the S&P 500 marked its 23rd record of 2024 after a cooling off in consumer prices for the first time in six months.

FII & DII Data:

In terms of investment flows, Foreign Institutional Investors (FIIs) sold shares worth ₹2,832.83 Crore, while Domestic Institutional Investors (DIIs) infused ₹3,788.38 Crore into stocks on May 15.

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