Shares may surge at opening bell

GIFT Nifty:

GIFT Nifty futures is trading 174 points higher, indicating a strong start for the Nifty 50.

Foreign portfolio investors (FPIs) sold shares worth Rs 2,595.27 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,236.21 crore in the Indian equity market on 14 August 2024, provisional data showed.

FPIs have sold shares worth over Rs 29,743.43 crore in August 2024 (so far). They bought shares worth 5407.83 crore in June 2024.

Global Markets:

Asian stocks surged on Friday, buoyed by upbeat US economic data that tempered recession fears.

Robust US retail sales and a decline in jobless claims fueled a rally in global equities and sent bond yields higher. These positive economic indicators, following the benign inflation report earlier in the week, have strengthened expectations for interest rate cuts by the Federal Reserve. However, market sentiment suggests these cuts will be gradual.

 

US stocks closed sharply higher on Thursday, with the Dow Jones Industrial Average gaining 1.4%, the S&P 500 rising 1.6%, and the Nasdaq Composite jumping 2.3%.

Retail sales increased 1.0% after a downwardly revised 0.2% drop in June, easing fears of a sharp economic slowdown fanned by a jump in the unemployment rate last week.

Initial claims for state unemployment benefits dropped 7,000 to a seasonally adjusted 227,000 for the week ended Aug. 10, the Labor Department said.

Domestic Market:

The Indian equity market was shut on Thursday for Independence Day. Domestic equity benchmarks ended almost flat Wednesday, a breather after a two-day slump. IT stocks led the charge, while metals took a beating post the Supreme Court's tax royalty verdict. Investors are now eyeing US CPI data for inflation clues, which could influence the Fed's rate decision and, in turn, global markets. The S&P BSE Sensex rose 149.85 points or 0.19% to 79,105.88. The Nifty 50 index added 4.75 points or 0.02% to 24,143.75.

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