Shares may extend gains

GIFT Nifty:

The GIFT Nifty January 2025 futures contract is currently up 37 points, indicating a positive start for the Nifty 50.

Institutional Flows:

Foreign portfolio investors (FPIs) bought shares worth Rs 1,506.75 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 22.14 crore in the Indian equity market on 2 January 2025, provisional data showed.

According to NSDL data, FPIs have sold shares worth Rs 5965.31 crore (so far) in the secondary market during January 2025. This follows their sale of shares worth Rs 2589.63 crore in December 2024.

Global Markets:

The Dow Jones index futures were up 55 points, signaling a strong opening for U.S. stocks today.

 

Asian equities defied the gloomy sentiment on Wall Street on Friday, where US stocks extended their losing streak to a fifth consecutive day. Equity trading in Japan is closed for a holiday. Chinese stocks are under scrutiny after their worst start to the year since 2016.

US stocks declined on Thursday, erasing early gains following a series of security incidents across the United States in recent days. The Dow Jones Industrial Average shed 156 points, or 0.4%, while the S&P 500 index lost 10 points, or 0.2%, and the NASDAQ Composite dipped by 30 points, or 0.2%.

Investors are closely monitoring the US House Speaker vote on Friday to determine if Mike Johnson will retain his position. Internal disagreements within the Republican party regarding his reelection could potentially hinder the agenda of the President-elect.

Tesla shares plummeted over 6% after the EV manufacturer reported a record number of vehicle deliveries in the fourth quarter, as announced on Thursday. However, these deliveries fell short of consensus expectations.

Apple is offering discounts on its latest iPhone models in China, an unusual move that signifies escalating competition from domestic rivals in the world's largest smartphone market. As a result, the company's shares declined by nearly 3% on Thursday.

Domestic Market:

Domestic equity indices surged on Thursday, driven by strong auto sales figures. The Nifty closed above the 24,150 mark, with auto, IT, and consumer durables sectors leading the rally. The S&P BSE Sensex soared 1,436.30 points or 1.83% to 79,943.71. The Nifty 50 index jumped 445.75 points or 1.88% to 24,188.65.

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