Markets poised for a positive start

29 Jan 2024 , 08:44 AM

The conclusion of the January F&O series brought disappointment to the Nifty 50, as the index experienced a decline of 420 points during this period.

However, the GIFT Nifty indicates a positive start for the broader index in India, showing a gain of 79.50 points or 0.37%.

On January 25, bears took control of Dalal Street, causing frontline indices Sensex and Nifty to relinquish their gains from the previous session. This downward trend was primarily influenced by the decline in banking, FMCG, and IT stocks.

At the close, the Sensex was down 359.64 points or 0.51% at 70,700.67, while the Nifty recorded a decline of 101.40 points or 0.47%, settling at 21,352.60.

Looking at the broader Asian markets on Monday, there was a predominantly positive trend. Traders were anticipating a series of GDP and inflation announcements scheduled for the week from various countries in the region. Japan’s Nikkei showed an increase of 0.8%, and the Kospi index demonstrated a gain of 1%. This positive momentum reflects the market’s focus on key economic indicators in the upcoming week.