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  • GIFT Nifty signals weak start
  • September 26,2023  08:16
  • The GIFT Nifty futures trading indicates a potential 75-point decline in the Nifty 50 index at the market opening today. The domestic stock market finds itself in a tight spot as the US Federal Reserve hints at future interest rate hikes. Adding to the woes are persistent selling by FIIs, soaring crude prices, and a surge in bond yields, all of which have cast a shadow of doubt over investor confidence.

    Global Markets:

    The US Dow Jones index futures were down 121 points, indicating a weak opening in the US stocks today.

    Asian stocks faced declines on Tuesday due to concerns over higher U.S. interest rates, particularly impacting the technology sector. Investors remained cautious about regional markets due to ongoing worries about a slowdown in the Chinese economy.

    The US Federal Reserve's hawkish signals, indicating potential further rate hikes this year and a prolonged period of higher rates, added to the negative sentiment.

    Despite this, U.S. stocks managed to make modest gains on Monday, supported by a rise in tech stocks driven by Amazon and an increase in energy stocks. The S&P 500, Dow Jones Industrial Average, and Nasdaq all saw slight increases. However, worries about a potential U.S. government shutdown grew as Congress has yet to pass necessary spending bills to fund the government beyond 1st October.

    Domestic Equity Market:

    The domestic benchmark indices ended almost unchanged on Monday after a four-day losing streak. The sluggish performance of European and Asian indices limited overall gains. Investor unease increased due to the rise in US treasury yields, and foreign institutional investors continued to sell shares in local equities. The Nifty 50 displayed a Doji candlestick pattern, indicating uncertainty among market participants. The S&P BSE Sensex rose by 14.54 points or 0.02% to 66,023.69, while the Nifty 50 index added 0.30 points to reach 19,674.55.

    Foreign portfolio investors (FPIs) sold shares worth Rs 2,333.03 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 1,579.28 crore in the Indian equity market on 25 September 2023, provisional data showed.

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