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Stock Markets Poised for Flat to Negative Open

18 Jul 2024 , 08:55 AM

Benchmark indices Sensex and Nifty 50 are anticipated to open flat to negative on July 18, with Nifty futures trading at 24,671.50 as of 07:00 am IST.

Market Recap: July 16

The Indian stock market extended its winning streak for the third consecutive session on July 16, reaching fresh record highs driven by strong buying in IT, realty, and FMCG stocks.

  • Sensex: Closed up by 51.69 points, or 0.06%, at 80,716.55.
  • Nifty: Closed up by 26.30 points, or 0.11%, at 24,613.

Global Market Performance

Asian markets were trading lower as chip-related stocks dropped following reports of more stringent export restrictions from the U.S. Additionally, comments from former U.S. President Donald Trump raised geopolitical tensions.

In the U.S., both the S&P 500 and the Nasdaq tumbled on Wednesday due to the sharp decline in microchip shares amidst potential escalation of U.S. trade conflicts with China. This exacerbated the ongoing rotation out of megacap tech-related stocks.

  • Dow Jones Industrial Average: Rose by 243.6 points, or 0.59%, to 41,198.08.
  • S&P 500: Fell by 78.93 points, or 1.39%, to 5,588.27.
  • Nasdaq Composite: Dropped by 512.42 points, or 2.77%, to 17,996.93.

Institutional Investment Activity

On July 16, foreign institutional investors (FIIs) continued their support by purchasing equities worth Rs 1,271 crore. Conversely, domestic institutional investors (DIIs) extended their selling activity, offloading equities worth Rs 529 crore.

Related Tags

  • BSE
  • nifty
  • NSE
  • opening bell
  • sensex
  • stock market news
  • Stock Market Updates
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