Markets likely to open lower

30 Jul 2024 , 08:49 AM

Indian benchmark indices, Sensex and Nifty 50, are expected to open lower on July 30, with Nifty futures trading at 24,879 at 07:00 am IST. This follows a strong start to the trading week on July 29, when the markets continued their previous session’s momentum, hitting fresh all-time highs led by robust earnings from the banking sector.

On July 29, the BSE Sensex closed with a marginal gain of 23.12 points or 0.03%, ending at 81,355.84. Meanwhile, the Nifty 50 edged up by 0.01 points or 1.25%, finishing at 24,836.10. Both indices reached new peaks during the day, with the Nifty 50 touching 24,999.75 and the Sensex hitting 81,908.43.

However, the positive sentiment may not continue into the next session as Asian markets are trading lower, influenced by the Bank of Japan’s two-day monetary policy meeting, which has begun. This cautious tone is mirrored in global markets, with the S&P 500 closing slightly higher after a volatile session on Monday. Investors are anxiously awaiting a series of key events, including major technology company earnings, a Federal Reserve policy decision on interest rates, and critical US labor data.

In the US, the Dow Jones Industrial Average fell by 49.41 points, or 0.12%, to close at 40,539.93. The S&P 500 posted a modest gain of 4.44 points, or 0.08%, ending at 5,463.54. The Nasdaq Composite also saw a slight increase, rising by 12.32 points, or 0.07%, to 17,370.20.

On the institutional front, foreign institutional investors (FIIs) were net sellers of Indian equities on July 29, offloading shares worth ₹2,474 Crore. In contrast, domestic institutional investors (DIIs) were net buyers, purchasing equities worth ₹5,665 Crore.