JKB Financial Services Ltd.

As on : 28-May-2024

Market Commentary - Pre-Session
28-May-2024 08:29

Indices may see flat opening

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could fall 7 points at the opening bell.

Global Markets:

Most Asian stocks traded higher on Tuesday, as investors awaited global inflation data expected to impact monetary policy.

The US market was closed on Monday, 27th May, for Memorial Day.

Domestic Markets:

Domestic equity benchmarks surged to new highs Monday, mirroring global optimism, but a late-day sell-off erased all gains. The Nifty 50 settled below the 22,950 mark after hitting the day's high of 22,110.80 in early afternoon trade. Analysts point to profit-taking ahead of next week's election results. Despite the wobble, the market remains near record highs, suggesting underlying strength. Another positive sign is the decline in FII selling. The barometer index, the S&P BSE Sensex declined 19.89 points or 0.03% to 75,390.50. The Nifty 50 index lost 24.65 points or 0.11% to 22,932.45.

Foreign portfolio investors (FPIs) sold shares worth Rs 541.22 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 922.60 crore in the Indian equity market on 27 May 2024, provisional data showed.

FPIs have sold shares worth over Rs 35,001.10 crore in May so far. They offloaded shares worth 35692 crore in April 2024.

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