Pre Session

GIFT Nifty:

The GIFT Nifty October futures contract is up 5 points, suggesting a flat-to-positive start for the Nifty 50.

Ratan Tata, the Chairman Emeritus of Tata Sons and a recipient of India's second-highest civilian honor, the Padma Vibhushan, passed away on Wednesday at Mumbai's Breach Candy Hospital. He was 86 years old. Tata had been in critical condition and under intensive care. On Monday, he had disclosed that he was undergoing routine medical examinations due to his age and associated health conditions.

Institutional Flows:

Foreign portfolio investors (FPIs) sold shares worth Rs 4,562.71 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 3,508.61 crore in the Indian equity market on 9 October 2024, provisional data showed.

FPIs have sold shares worth over Rs 49305.29 crore in October 2024 (so far). They bought shares worth 15,423.32 crore in September 2024.

Global Markets:

Asian stocks climbed on Thursday, buoyed by Wall Street's gains and anticipation for Beijing's additional fiscal stimulus measures. The region's markets were positively influenced by the Dow Jones Industrial Average hitting a new record closing high after the Federal Reserve's September meeting minutes indicated a preference for a 50-basis-point interest rate cut. However, the minutes also clarified that the Fed has not committed to a specific pace of rate reductions.

In the U.S., the S&P 500 rose 0.7% on Wednesday, while the Dow Jones Industrial Average surged 1% to a record closing high of 42,512.0. The NASDAQ Composite gained 0.6%. Investors are now closely watching the third-quarter earnings season, with several major banks scheduled to report on Friday. Additionally, concerns about potential damage from Hurricane Milton are being monitored.

The key focus has shifted to the consumer price index data due on Thursday, which will provide valuable insights into inflation trends and their implications for interest rates. Persistent inflation could limit the Fed's ability to rapidly cut rates.

Domestic Market:

The domestic equity benchmarks snapped early gains to close slightly lower on Wednesday, as the Reserve Bank of India (RBI) maintained its key policy rates. The Nifty50 struggled to break above the 25,200 resistance level, with a late sell-off in heavyweight stocks dragging the index lower. The broader market outperformed, with mid and small-cap stocks advancing. Pharma and realty shares led the way, while FMCG and energy stocks corrected.

In the barometer index, the S&P BSE Sensex was down 167.71 points or 0.21% to 81,467.10. The Nifty 50 index shed 31.20 points or 0.12% to 24,981.95.

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