Nifty Expected to Rise Amid Global Optimism
GIFT Nifty trading suggests a 15.50-point rise for Nifty 50 at the opening bell.
Global Markets:
Most Asian stocks advanced as easing US consumer inflation expectations increased the likelihood of a Federal Reserve rate cut this year. US stocks rebounded on Friday, driven by an improved consumer inflation outlook. The Nasdaq marked its fifth consecutive weekly gain, closing at a record high. The Dow Jones Industrial Average rose slightly, and the S&P 500 saw modest gains. University of Michigan data indicated that consumers expect prices to rise at a 3.3% annual rate over the next year, down from 3.5%, hinting at easing inflation pressures.
Domestic Markets:
Indian equity benchmarks ended flat after a volatile session. The Nifty reached a new high of 23,026.40 but closed almost unchanged at 22,957.10, down 10.55 points or 0.05%. The S&P BSE Sensex dipped 7.65 points or 0.01% to 75,410.39. Oil & gas and financial sectors performed well, while FMCG and realty stocks saw profit booking. The broader markets mirrored the benchmark indices’ flat performance.
Investor Activity:
Foreign portfolio investors (FPIs) sold shares worth Rs 944.83 crore, while domestic institutional investors (DIIs) were net buyers, purchasing shares worth Rs 2,320.32 crore on 22 May 2024. FPIs have sold shares worth over Rs 34,459.88 crore in May, following Rs 35,692 crore in April 2024.
