Sensex and Nifty 50 Expected to Open Higher

3 Jul 2024 , 08:59 AM

Benchmark indices Sensex and Nifty 50 are likely to open higher on July 3, 2024. Nifty futures were trading at 24,340 at 07:00 AM IST, indicating a positive start to the trading day. This optimism follows the strong gains posted in the previous session, with Nifty crossing the 24,200 mark for the first time ever.

Market Performance on July 2

Despite the initial gains, the market traded within a narrow range throughout the session on July 2. At the close of the day, the Sensex was marginally down by 34.74 points or 0.04%, settling at 79,441.45. Similarly, the Nifty 50 index declined by 18.2 points or 0.08%, ending at 24,123.80.

Global Market Sentiments

Asian markets were trading higher on Wednesday, buoyed by positive remarks from US Federal Reserve Chair Jerome Powell. Powell’s comments on the progress in controlling inflation provided a boost to investor sentiment. Additionally, market participants were keenly awaiting a series of economic data releases from the region, which could further influence market dynamics.

On the global front, stocks edged higher, and U.S. Treasury yields dipped on Tuesday. This movement was influenced by data highlighting a persistently tight labor market and the potential for interest rate cuts, as suggested by Jerome Powell.

Institutional Investor Activity

In terms of institutional activity, foreign institutional investors (FIIs) extended their selling streak for the second consecutive day, offloading equities worth ₹2,000 Crore on July 2. In contrast, domestic institutional investors (DIIs) continued to support the market, buying equities worth ₹648 Crore.