GIFT Nifty:
Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could fall 44.50 points at the opening bell.
The Lok Sabha elections 2024 concluded with the Election Commission of India declaring all results. Prime Minister Narendra Modi is set to form the government for a third consecutive term. The BJP emerged as the largest party, winning 240 out of 543 seats, while the Congress secured 99 seats. The BJP-led National Democratic Alliance (NDA) won 293 seats, and the Opposition INDIA alliance obtained 232 seats. Despite significant losses in three Hindi heartland states, the NDA secured a majority in the Lok Sabha after a fiercely contested election.
Foreign portfolio investors (FPIs) sold shares worth Rs 12,436.22 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 3,318.98 crore in the Indian equity market on 4 June 2024, provisional data showed.
FPIs have sold shares worth over Rs 5585.46 crore in June 2024 (so far). They offloaded shares worth 42214.28 crore in May 2024.
Global Markets:
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Asian markets were trading mixed on Wednesday. Oil slipped for sixth consecutive day. Brent crude futures fell 14 cents, or 0.2%, to $77.38 a barrel.
US stocks rose slightly on Tuesday after data showed a weaker-than-expected labor market, which investors believe will lead the Federal Reserve to cut interest rates. The Dow Jones Industrial Average rose 0.36%, the S&P 500 gained 0.15%, and the Nasdaq Composite gained 0.17%.
According to the Bureau of Labor Statistics, US job openings decreased by 296,000, reaching 8.059 million on the last day of April. This marks the lowest level since February 2021 and signifies a decrease in labor market tightness.
Domestic Markets:
The domestic equity market crashed Tuesday, as both the Nifty and the Sensex experienced their sharpest single-day decline since March 2020. Concerns over a potential weaker mandate for the BJP instilled a sense of unease, casting a shadow on India's growth prospects. The Nifty closed below the 21,900 mark, with almost all sectoral indices ending in negative territory. The Nifty PSU Bank index tumbled by 15.14%, while the Nifty Oil & Gas index saw a substantial drop of 11.80%. The S&P BSE Sensex was tumbled 4,389.73 points or 5.74% to 72,079.05. The Nifty 50 index tanked 1,379.40 points or 5.93% to 21,884.50.
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