Positive opening expected for Sensex and Nifty on May 14th

14 May 2024 , 08:43 AM

The benchmark Sensex and Nifty indices are poised for a positive start on May 14th, buoyed by favourable trends in the GIFT Nifty, signaling a potential gain of 70 points for the broader index.

GIFT Nifty indicators forecast a promising opening for the broader Indian index, with a projected uptick of 0.30% or 70 points, while Nifty futures are currently trading around the 22,235 level.

On the preceding trading day, May 13th, the Sensex concluded at 72,776 points, registering a modest rise of 0.15% after bouncing back from an intraday dip of nearly 700 points. Similarly, the Nifty closed at 22,104 points, up by 0.22%, recovering from an intraday decline of around 180 points.

Sector-wise performance showcased notable gains in Nifty Pharma, surging by 1.8%, followed by Nifty Metal and Realty, both witnessing an uptick of 1.3%. Nifty Bank and Nifty IT also showed resilience, with gains of 0.7% and 0.4%, respectively. Conversely, Nifty Auto experienced a decline of 1.68%, trailed by Nifty PSU Bank and Oil & Gas sectors, which recorded declines of 1.2% and 0.8%, respectively.

International Market:

While Wall Street faced a stumble, Asia-Pacific markets mostly observed upward movements, marking a departure from the Dow Jones Industrial Average’s 8-day winning streak. Meanwhile, Dow Jones, S&P500, and Nasdaq closed steady amidst anticipation of crucial inflation readings and forthcoming earnings reports. Notably, a consumer survey highlighted concerns about rising prices.

FII & DII Data

In terms of investor activity, Foreign Institutional Investors (FIIs) divested shares worth Rs 4,498.92 crore, while Domestic Institutional Investors (DIIs) injected Rs 3,562.75 crore worth of stocks on May 13th.