GIFT Nifty signals a flat start

GIFT Nifty:

The GIFT Nifty October futures contract is up 0.50 points, suggesting a flat start for the Nifty 50.

Institutional Flows:

Foreign portfolio investors (FPIs) sold shares worth Rs 15,243.27 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 12,913.96 crore in the Indian equity market on 3 October 2024, provisional data showed.

FPIs have sold shares worth over Rs 20822.62 crore in October 2024 (so far). They bought shares worth 15,423.32 crore in September 2024.

Global Markets:

Most Asian stocks advanced on Friday, driven by value buying, while oil prices surged to their highest level in over a year. Escalating tensions in the Middle East kept markets on edge as the U.S. prepared to release its monthly jobs report.

 

U.S. President Joe Biden warned that the U.S. was considering strikes on Iranian oil facilities in response to Tehran's missile attack on Israel. Meanwhile, Israel continued its military campaign against the Lebanese armed group Hezbollah, with new air strikes targeting Beirut.

Investors were also closely watching the U.S. nonfarm payrolls report, which could provide further insights into the Federal Reserve's interest rate policy.

U.S. stocks closed lower on Thursday, though they recovered from intraday losses. Traders remained cautious amid the ongoing Middle East conflict and the anticipation of the jobs report. The Dow Jones Industrial Average declined by 0.44%, the S&P 500 fell by 0.17%, and the Nasdaq Composite dropped by 0.04%.

Domestic Market:

The domestic equity benchmarks suffered a significant downturn on Thursday, with the Nifty50 plunging over 2% in its worst single-day performance in two months. This sharp decline was primarily driven by a confluence of global and domestic factors. All sectoral indices on the NSE closed in the red, with realty, auto, and energy stocks leading the decline.

In the barometer index, the S&P BSE Sensex slumped 1,769.19 points or 2.10% to 82,497.10. The Nifty 50 index tumbled 546.80 points or 2.12% to 25,250.10.

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