Indices may slide at opening bell

GIFT Nifty:

The GIFT Nifty January 2025 futures contract is currently down 40 points, indicating a negative start for the Nifty 50.

Institutional Flows:

Foreign portfolio investors (FPIs) sold shares worth Rs 1,893.16 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 2,173.86 crore in the Indian equity market on 30 December 2024, provisional data showed.

According to NSDL data, FPIs have sold shares worth over Rs 895.82 crore (so far) in the secondary market during December 2024. This follows their sale of shares worth Rs 39315.78 crore in November 2024.

Global Markets:

Asian shares retreated on the final trading day of the year, mirroring a third consecutive day of losses on Wall Street, primarily driven by weakness in the technology sector.

China's manufacturing Purchasing Managers' Index (PMI) dipped to 50.1 in December, according to the National Bureau of Statistics, slightly below the 50.3 recorded in November.

US stocks concluded Monday with losses, signaling a subdued end to a year of robust performance on Wall Street. The S&P 500 declined 1.1%, the Dow Jones Industrial Average shed 1%, and the NASDAQ Composite fell 1.2%.

Boeing shares fell more than 2% after a devastating air accident in South Korea claimed the lives of 179 people on Sunday when a passenger plane crash-landed at Muan International Airport.

Later this week, investors will closely examine the Institute for Supply Management's manufacturing activity survey for December and the weekly report on jobless claims. These data points will precede the crucial employment report scheduled for the following week.

Domestic Market:

The domestic equity indices dipped on Monday, with the Nifty index closing below 23,650 after reaching an intraday high of 23,915.35. Healthcare and pharma stocks outperformed, while media, real estate, and automotive stocks declined. Investor sentiment was dampened by sustained foreign investor outflows, mixed global signals, and a weakening rupee. The S&P BSE Sensex declined 450.94 points or 0.57% to 78,248.13. The Nifty 50 index fell 168.50 points or 0.71% to 23,644.90.

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