Shares may slide at opening bell

GIFT Nifty:

Early indications from GIFT Nifty futures point towards a 75 points decline for the Nifty 50 index.

Securities and Exchange Board of India (Sebi) is reportedly investigating Quant Mutual Fund for possible front-running, a practice where someone uses insider knowledge of upcoming trades to profit for themselves. As per the media reports, Sebi conducted searches at Quant's offices in Mumbai and Hyderabad.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,790.19 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,237.21 crore in the Indian equity market on 21 June 2024, provisional data showed.

FPIs have sold shares worth over Rs 2584.72 crore in June 2024 (so far). They offloaded shares worth 42214.28 crore in May 2024.

On the political front, the first session of the 18th Lok Sabha starts today. The main focus is on the election of the Lok Sabha Speaker. The BJP may face opposition from Congress, which is set to secure the Leader of Opposition post.

Global Markets:

Asian stocks traded lower on Monday, with Chinese markets leading the decline. This drop was fueled by concerns of a potential trade war with the European Union.

The European Union's decision earlier in June to impose hefty tariffs on Chinese electric vehicles sparked tensions. Beijing reacted strongly, raising the possibility of a retaliatory trade war. Reports also suggested that China might impose tariffs on European automobiles in response.

In the US, the S&P 500 closed slightly lower on Friday, extending a two-day decline for tech giant Nvidia. The broad market index fell 0.16% to finish at 5,464.62, while the Nasdaq Composite dipped 0.18% to settle at 17,689.36. The Dow Jones Industrial Average edged up 15.57 points, or 0.04% to close at 39,150.33.

Domestic Markets:

Domestic shares settled on a slightly sour note Friday. The Nifty 50 held the 23,500 mark, giving up some of its morning gains. Investors seem to be taking a breather with no major economic data or events on the horizon. In the barometer index, the S&P BSE Sensex was down 269.03 points or 0.35% to 77,209.90. The Nifty 50 index lost 65.90 points or 0.28% to 23,501.10. The Nifty clocked an all-time high of 23,667.10 in early trade.

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