Stock Market Today: Indian benchmark indices are expected to open on a positive note on July 29, with GIFT Nifty trading higher at around 24,249 during early trading hours.
Market benchmark indices Sensex and Nifty climbed in early trade on Tuesday on lower crude oil prices amid easing geopolitical worries in West Asia. However, the market closed in red.
Factors to watch on Wednesday
GIFT Nifty: GIFT Nifty was trading in positive territory at around 24,249 during early trade, signalling a firm start for the domestic equity benchmarks.
Asian Equities: Asian markets traded mixed on Wednesday, with technology stocks staging a modest recovery following Tuesday’s selloff. South Korea’s Kospi Index rose about 1.2 per cent, while the broader MSCI Asia Pacific Index gained 0.6 per cent, rebounding after posting its steepest decline in over a month in the previous session.
US Equities: US markets ended on a mixed note on Tuesday, as strong gains in Boeing and Coca-Cola helped the S&P 500 overcome weakness in semiconductor stocks ahead of key earnings announcements from Apple and other technology giants later this week. The S&P 500 advanced 0.21 per cent to close at 7,428.78, while the Nasdaq Composite slipped 0.22 per cent to 24,876.91. The Dow Jones Industrial Average outperformed, rising 1.03 per cent to settle at 52,747.32.
Dollar Index: The US dollar hovered close to a one-month high on Wednesday, supported by safe-haven demand amid renewed tensions in the Middle East. Market participants also remained focused on the Federal Reserve’s interest rate decision scheduled later in the day.
Asian Currencies: Asian currencies traded mixed against the US dollar on Wednesday. The Indonesian rupiah led losses, while the Japanese yen and Philippine peso emerged as the top gainers. Other regional currencies witnessed marginal movements.
Crude: Oil prices gained more than $2 per barrel in early trading on Wednesday, supported by a decline in US crude inventories. The rebound helped recover part of the losses recorded in the previous session following a temporary pause in hostilities between Washington and Tehran.
Fund Flow: Foreign institutional investors (FIIs) turned net buyers of Indian equities on July 28 after four consecutive sessions of selling, purchasing shares worth Rs 755 crore. Domestic institutional investors (DIIs) remained net buyers, investing Rs 1,664 crore and continuing to lend support to the domestic equity market.
(Disclaimer: The above article is meant for informational purposes only and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money-related decisions.)
Akshat Mittal is the Chief Copy Editor at ET NOW with over 6 years of experience, specialising in Markets, Personal Finance, and General News. Before joining ET NOW, he worked with prominent media organisations and has reported on numerous major events firsthand.
He has also conducted several high-profile interviews on topics such as the 8th Pay Commission and the IMF’s loan to Pakistan amid Operation Sindoor.
Akshat has been involved in numerous key business launches, covering these events on the ground. His articles are widely published in national magazines and newspapers, where he has conducted several interviews with prominent political figures.
He was the first to bring out the IMF spokesperson’s statement on the voting pattern of the Executive Directors, following reports claiming that ‘no is not an option’ in the IMF voting procedure.
Akshat is passionate about public speaking and has delivered numerous lectures at colleges and schools. He also served as a member of a Youth Parliament in Delhi.
