Clever GIFT:
Early indications from GIFT Nifty futures point to a decline of 5.50 points for the Nifty 50 index.
Foreign portfolio investors (FPIs) sold shares worth Rs 23.09 crore while domestic institutional investors (DIIs) were net buyers to the tune of Rs 6,658.31 crore in the Indian stock market on June 28, 2024, as per provisional data.
FPIs have purchased stocks worth over Rs 2,037.47 crore in June 2024 (so far). They disposed of shares worth 42,214.28 crores in May 2024.
Global markets:
Asian stocks traded higher on Monday as traders considered the outlook for U.S. rates.
Japan’s economy contracted more than expected in the first quarter of 2024, down 2.9% from a year earlier. The decline was mainly due to lower consumer spending amid stagnant wages and persistent inflation.
In China, the picture is mixed. According to a private survey (Caixin PMI), Chinese manufacturing activity grew more than expected in June, reaching 51.8, from 51.7 the previous month. This contrasts with the government’s official PMI survey released on Sunday, which indicated that the manufacturing sector contracted for the second consecutive month in June. China’s manufacturing PMI index came in at 49.5 in June 2024, unchanged from May.
It is important to note that these surveys cover different segments of the Chinese economy. The Caixin survey focuses on small private companies in southern China, while the official survey focuses on large state-owned companies in the north. This difference in focus may contribute to the contrasting results.
In Europe, the far right won a slightly lower share of the vote than some polls had predicted in the early stages of France’s snap elections. Marine Le Pen’s eurosceptic National Rally party came out on top in the first round of the French election, but won fewer votes than many analysts had expected, according to exit polls. The surprising election result has sent markets into disarray, especially as both the far right and the second-placed left-wing coalition have pledged significant spending increases. It comes as France faces a high budget deficit, leading the EU to suggest disciplinary measures.
US stocks closed slightly lower on Friday after initial gains as investors factored in mixed economic signals. The S&P 500 fell 0.41% and the Nasdaq Composite fell 0.71%. Both indexes reached new intraday highs earlier today but later pulled back. The Dow Jones Industrial Average lost a modest 0.12%.
Positive economic data paints a mixed picture. The Commerce Department reported that U.S. inflation in May slowed to its lowest annual rate in more than three years. The core price index for personal consumption expenditures, excluding volatile food and energy prices, rose only 0.1% in June and 2.6% year-on-year. However, consumer sentiment remained strong. The University of Michigan Consumer Sentiment Index for June beat expectations, rising to 68.2 from 65.6. Additionally, the one-year inflation outlook has fallen to 3% from 3.3% expected in May.
Domestic markets:
Domestic stock benchmarks gave up some gains Friday, ending with slight losses after a four-day winning streak. Profit-taking in private and financial stocks weighed on the market, while oil and gas, healthcare and PSU banks bucked the trend. High valuations remain a concern for some traders. The barometric index, the S&P BSE Sensex, fell 210.45 points or 0.27 per cent to 79,032.73. The Nifty 50 index fell 39.90 points or 0.14 per cent to 24,010.60. The 50-unit index has increased by 2.31% in the last four sessions.
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