Pre Session

GIFT Nifty:

The GIFT Nifty October futures contract is down 1.50 points, suggesting a flat start for the Nifty 50.

Shares of Hyundai Motor India will debut on the stock exchanges today. The IPO was priced at Rs 1960 per share. The issue opened for bidding on 15 October 2024 and closed on 17 October 2024. The price band of the IPO was fixed between Rs 1865 and 1960 per share.

Institutional Flows:

Foreign portfolio investors (FPIs) sold shares worth Rs 2,261.83 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 3,225.91 crore in the Indian equity market on 21 October 2024, provisional data showed.

According to NSDL data, FPIs have sold shares worth over Rs 88244.72 crore (so far) in the secondary market during October 2024. This follows their purchase of shares worth Rs 46,552.40 crore in September 2024.

Global Markets:

Asian markets were mixed on Tuesday. While Chinese stocks advanced following a rate cut, most other Asian exchanges declined amid concerns about interest rates and the upcoming U.S. presidential election.

In Japan, investors await general elections and a Bank of Japan (BoJ) meeting at the end of October. Tokyo's inflation data, due later this week, will likely influence expectations for Japanese interest rates.

Wall Street's retreat from record highs also weighed on regional sentiment. Rising Treasury yields and the looming earnings season contributed to the S&P 500's 0.18% decline. The Dow Jones Industrial Average fell 0.8%, while the NASDAQ Composite gained 0.27%.

NVIDIA Corporation's 4% surge to a new all-time high, boosting its market cap above $3.5 trillion, helped mitigate broader market losses as investors anticipated the start of big tech earnings season.

With the U.S. presidential elections less than two weeks away, investors were keenly focused on that event. Additionally, a series of major U.S. corporate earnings reports were expected to shape market sentiment.

In the Middle East, Israel's ongoing offensive against Hamas and Hezbollah continued to garner significant attention. Concerns about a potential Israeli strike on Iran also remained prominent.

Domestic Market:

Domestic equity benchmarks ended marginally lower on Monday, after a volatile session. Despite opening on a positive note, the Nifty 50 index struggled to maintain gains amid selling pressure in several sectors. Auto stocks outperformed, while metals, realty, and IT shares faced selling. The broader market indices also saw declines. The indices have been consolidating amid a confluence of factors, including China's stimulus expectations, ongoing FII selling, geopolitical tensions, and disappointing Q2 earnings. The barometer index, the S&P BSE Sensex declined 73.48 points or 0.09% to 81,151.27. The Nifty 50 index declined 72.95 points or 0.29% to 24,781.10.

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