Weak Asia may limit domestic gains

Both BSE and NSE will hold a Muhurat trading session today, November 1st, from 6:00 PM to 7:00 PM. While regular trading was suspended for the day, this special evening session allows investors to make symbolic investments, a tradition associated with the auspicious occasion of Diwali.

Institutional Flows:

Foreign portfolio investors (FPIs) sold shares worth Rs 5,813.30 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 3,514.59 crore in the Indian equity market on 31 October 2024, provisional data showed.

According to NSDL data, FPIs have sold shares worth over Rs 113858.81 crore in the secondary market during October 2024.

 

Global Markets:

The Dow Jones index futures were up 115 points, indicating a negative opening in the US stocks today.

European stock markets traded higher on Friday, with investors remaining cautious ahead of crucial US economic data and the upcoming presidential election.

In Asia, most stock markets declined, led by a 2.8% drop in Japan's Nikkei. The Bank of Japan maintained its benchmark interest rate at 0.25%, as expected. The Japanese yen weakened against the US dollar.

U.S. stocks closed lower on Thursday, with the Dow and S&P 500 cementing their first monthly loss since April as tech stocks sold off sharply and bond yields remained elevated. The S&P 500 climbed roughly 1.89%, while the Dow rose more than 0.9%, with both indexes trading at record highs. The tech-heavy Nasdaq Composite led the gains, up roughly 2.76%.

Microsoft and Meta Platforms highlighted growing artificial intelligence costs that could hit their earnings, curbing enthusiasm for megacaps that have fueled the market rally this year. Shares of Facebook-owner Meta Platforms slipped 4.1% and Microsoft fell 6%, despite both companies beating earnings estimates in results reported after the bell on Wednesday.

Investors are watching Friday for the closely followed employment data due in the morning.

Domestic Market:

The domestic equity benchmarks ended lower for the second straight session on Thursday, with Nifty50 briefly falling below 24,200, intraday. The decline was primarily triggered by selling pressure in key sectors such as IT, FMCG, and banking. Amid mixed global cues, the benchmarks opened marginally higher but turned negative immediately and extended the losses as the day progressed to end near the days low. The Nifty, however, recovered and settled above the 24,200 mark. Trading was volatile due to expiry of monthly F&O contracts.

The S&P BSE Sensex, tumbled 553.12 points or 0.69% to 79,389.06. The Nifty 50 index declined 135.50 points or 0.56% to 24,205.35.

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