Markets Set for Negative Start Amid Global Declines on Oct 16, 2024

16 Oct 2024 , 07:31 AM

Indian benchmark indices, the Sensex and Nifty 50, are anticipated to open lower on October 16. As of 07:00 AM IST, Nifty futures were trading at 25,042, indicating a cautious sentiment in the market.

On October 15, the market struggled to maintain its initial gains, ultimately closing in the red. The Nifty finished below the 25,100 mark, weighed down by losses in the auto, metal, and pharmaceutical sectors.

At the end of the trading session, the Sensex declined by 152.93 points, or 0.19%, settling at 81,820.12. Meanwhile, the Nifty dropped 70.70 points, or 0.28%, closing at 25,057.30.

Asian markets also opened lower on Wednesday, with Japan’s Nikkei index leading the downward trend following negative cues from Wall Street. The three major U.S. indexes closed the previous session in the red, with the S&P 500 and Dow retreating from their recent record highs.

The Dow Jones Industrial Average fell by 324.60 points, or 0.75%, to 42,740.62. The S&P 500 lost 44.54 points, or 0.76%, finishing at 5,815.31, while the Nasdaq Composite dropped 187.10 points, or 1.01%, to close at 18,315.59.

Foreign Institutional Investors (FIIs) sold equities worth ₹1,748 crore on October 15, while Domestic Institutional Investors (DIIs) bought equities worth ₹1,654 crore on the same day