GIFT Nifty:
The GIFT Nifty September futures contract is down 21 points, suggesting a negative start for the Nifty 50.
Foreign portfolio investors (FPIs) bought shares worth Rs 7,695 crore, while domestic institutional investors (DIIs) were net sellers to the tune of Rs 1,800.54 crore in the Indian equity market on 12 September 2024, provisional data showed.
FPIs have bought shares worth over Rs 15265.31 crore in September 2024 (so far). They sold shares worth 21368.51 crore in August 2024.
Economy:
Indias retail inflation rose to 3.65% in August, slightly higher than 3.6% reported in July. The inflation was within the Reserve Bank of Indias (RBI) medium-term target of 2-6%.
Separately, the Index of Industrial Production (IIP) rose slightly to 4.83% in July from 4.72% in June.
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Global Markets:
Asian stocks were mixed on Friday as investors took profits following the previous session's rally. The market remains optimistic about the possibility of a US Federal Reserve interest rate cut.
US stock markets closed higher on Thursday after the latest inflation data solidified expectations for a 25-basis point rate decrease by the Federal Reserve. The Dow Jones Industrial Average gained 0.58%, the S&P 500 rose 0.75%, and the Nasdaq Composite ended 1.00% higher.
Warner Bros Discovery shares surged 10.4%, while Charter's stock price increased by 3.6%. Moderna experienced a decline of 12.4%, and Kroger shares rallied 7.2%.
The producer price index (PPI) for final demand rose 0.2% in August, slightly exceeding estimates of 0.1% growth. The core PPI, excluding volatile food and energy prices, increased by 0.3%, surpassing the forecasted 0.2%.
The number of Americans filing initial claims for unemployment benefits rose marginally last week. Initial claims increased by 2,000 to a seasonally adjusted 230,000 for the week ending September 7.
The European Central Bank (ECB) implemented a second interest rate cut this year. The key deposit rate was lowered by 25 basis points to 3.5%, aligning with expectations. While the ECB reduced its 2024 economic growth projection, it remains confident that inflation will broadly align with its 2% target by the end of 2025.
Domestic Market:
The domestic stock market concluded Thursday's trading session with significant gains. The benchmark Nifty50 index surged above 25,433, marking a new high. While market volatility was observed due to the expiry of weekly index options, a broad-based rally lifted the overall market. Key sectors contributing to the gains included metals, auto, and public sector banks. The positive sentiment in the Indian market was likely influenced by the upbeat global market mood, fueled by expectations of interest rate cuts by major central banks. This global optimism provided a supportive backdrop for the domestic market.
In the barometer index, the S&P BSE Sensex surged 1,439.55 points or 1.77% to 82,962.71. The Nifty 50 index zoomed 470.45 points or 1.89% to 25,388.90. Both the indices attained record closing high levels. The Sensex and Nifty clocked an all-time high of 83,116.19 and 25,433.35, respectively, in late trade.
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