Market Set for Negative Open, Nifty Futures Fall

5 Aug 2024 , 07:41 AM

The Indian stock market is poised for a negative start today, with Nifty futures on the Gift Nifty trading 333 points lower at 24,380. This comes after the benchmark Nifty achieved a significant milestone of 25,000 on Friday but subsequently slipped due to weak global cues, marking the end of its eight-week winning streak.

Recent Market Performance

On August 2, the trading session closed with notable declines. The Sensex dropped by 885.60 points, or 1.08%, ending at 80,981.95. Similarly, the Nifty experienced a significant drop, losing 293.20 points, or 1.17%, to settle at 24,717.70. The India VIX, a measure of market volatility and investor fear, rose by 10.75% to settle at 14.32 levels.

Global Market Impact

Negative trends may influence the Indian market’s downturn:

• S&P 500 futures fell by 1.4% as of 9:19 a.m. Tokyo time.
• Hang Seng futures declined by 0.4%.
• Japan’s Topix dropped by 7.6%.
• Australia’s S&P/ASX 200 decreased by 2.5%.
• Euro Stoxx 50 futures fell by 2.8%.

Foreign Institutional Investors (FIIs)

The net long positions of Foreign Institutional Investors (FIIs) reduced from ₹1.66 Lakh Crore on Friday to ₹1.45 Lakh Crore on Monday.

Corporate Earnings

On Monday, several major companies, including Airtel, ONGC, and Marico, along with 109 others, are set to announce their first-quarter results.