GIFT Nifty indicates to flat start to domestic markets

GIFT Nifty:

The GIFT Nifty January 2025 futures contract is currently down 9 points, indicating a muted to negative start for the Nifty 50.

Institutional Flows:

Foreign portfolio investors (FPIs) sold shares worth Rs 2,454.21 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 2,819.25 crore in the Indian equity market on 23 December 2024, provisional data showed.

According to the latest available data, FPIs have sold shares worth over Rs 6,744.14 crore (so far) in the secondary market during December 2024. This follows their sale of shares worth Rs 45,974.12 crore in November 2024.

 

Global Markets:

Asia-Pacific stocks mostly rose Thursday, with several markets remaining closed for Boxing Day.

Investors closely tracked the developments in the Japanese economy after media reports stated that the country was preparing a record $735 billion budget for its fiscal year starting in April. The budget will account for increased social security and debt-servicing expenses, the report said.

On Wednesday, Bank of Japans Governor Kazuo Ueda reportedly said: Japans economy will move closer to sustainable and stable 2 percent inflation [in 2025], accompanied by wage increases.

Traders in Asia will be looking at November manufacturing output data coming out of Singapore later in the day.

The Chinese government on Wednesday said that efforts to stabilize and stem the declines of the countrys real estate market will persist in 2025. The measures will include controlling the supply of commercial housing to optimize supply.

European markets closed higher on Tuesday, in a shortened trading day for Christmas Eve.

In the US, stocks jumped Tuesday on Christmas Eve as the market pulled off back-to-back gains in the holiday week.

The S&P 500 added 1.1% to 6,040.04, and the Dow Jones Industrial Average gained 390.08 points, or 0.91%, to 43,297.03. The Nasdaq Composite climbed 1.35% to 20,031.13.

Tuesday marked the start of the seasonal Santa Claus rally, which happens in the last five trading days of the year and the first two in January.

With two straight winning days, the S&P 500 is up 1.8% this week, while the Dow has gained about 1%. The strong rally in megacap tech lifted the Nasdaq up 2.3% week to date.

Domestic Market:

The key equity indices closed marginally lower on Tuesday, with the Nifty settling below the 23,750 mark. After a brief surge to an intraday high of 23,867.65, the index succumbed to selling pressure. The day witnessed a decline in key sectors, including metals, public sector banks, and IT stocks.

Trading activity was subdued as investors reduced their positions ahead of the festive season. Market analysts anticipate a period of subdued market activity in the near term. The absence of major market-moving events, with most key events either concluded or scheduled for January, is likely to keep investor participation muted.

The S&P BSE Sensex was down 67.30 points or 0.09% to 78,472.87. The Nifty 50 index shed 25.80 points or 0.11% to 23,727.65. In the broader market, the S&P BSE Mid-Cap index rose 0.09% and the S&P BSE Small-Cap index added 0.37%.

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