GIFT Nifty:
Early indications from GIFT Nifty futures point towards a 18.50 points decline for the Nifty 50 index.
Foreign portfolio investors (FPIs) sold shares worth Rs 2,000.12 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 648.25 crore in the Indian equity market on 2 July 2024, provisional data showed.
FPIs have sold shares worth over Rs 2426.15 crore in July 2024 (so far). They bought shares worth 2037.47 crore in June 2024.
Global Markets:
Asian stocks rose today as investors weighed the possibility of interest rate cuts by the Federal Reserve. This follows comments from Jerome Powell, Chair of the Fed, suggesting recent economic data, including a slowdown in China's service sector, points towards disinflation.
China's Caixin Services PMI for June came in at 51.2, down from 54.0 in May. While still indicating expansion, the pace of growth has weakened.
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US stocks continued their upward climb on Tuesday. Investors reacted positively to Powell's comments regarding the "disinflationary path" of the economy, despite data showing a higher-than-expected number of job openings in May (8.14 million). The S&P 500 closed above 5,500 for the first time ever, the Nasdaq Composite achieved a record close, and the Dow Jones Industrial Average also advanced.
While encouraged by cooler inflation, Powell emphasized the need for further evidence before the Fed cuts rates. He noted that recent inflation readings "suggest" a path towards disinflation, but caution is warranted.
Domestic Markets:
The equity benchmarks ended flat Tuesday after early gains fizzled. Profit booking set in after the key indices touched record highs, with banking and FMCG stocks leading the decline. IT stocks provided the lone bright spot. Investors now turn their attention to key US data points, including jobs figures and the Fed Chair's speech, for clues on the future trajectory of interest rates. In the barometer index, the barometer index, the S&P BSE Sensex was down 34.74 points or 0.04% to 79,441.45. The Nifty 50 index lost 18.10 points or 0.07% to 24,123.85.
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