Pre Session

GIFT Nifty:

The GIFT Nifty October futures contract is up 0.50 points, suggesting a flat-to-positive start for the Nifty 50.

Investors are eagerly awaiting the outcome of the Reserve Bank of India's monetary policy meeting later today. While the central bank is expected to maintain interest rates at their current levels, any comments on future policy or the economic outlook could significantly impact market sentiment.

Institutional Flows:

Foreign portfolio investors (FPIs) sold shares worth Rs 5,729.60 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 7,000.68 crore in the Indian equity market on 8 October 2024, provisional data showed.

FPIs have sold shares worth over Rs 44742.58 crore in October 2024 (so far). They bought shares worth 15,423.32 crore in September 2024.

Global Markets:

Asian stocks were mixed on Wednesday, as investors remained cautious amid ongoing geopolitical tensions and a lack of concrete stimulus details from China.

Chinese shares experienced a sharp decline as investors were disappointed by the absence of specific measures to boost the economy. Despite repeated calls from investors, Beijing has been hesitant to implement targeted fiscal stimulus.

US stocks rebounded on Tuesday, following a decline the previous day, as oil prices eased and investors assessed the situation in the Middle East. The S&P 500 gained 0.97%, the Nasdaq Composite rose 1.45%, and the Dow Jones Industrial Average added 0.3%.

Markets are now closely watching for clues about future US interest rate policy, as doubts persist regarding the Federal Reserve's plans for further rate cuts. The minutes of the Fed's September meeting are scheduled for release later on Wednesday, and several Fed officials are also set to speak.

Consumer price index inflation data, due on Thursday, is expected to play a significant role in shaping the Fed's outlook.

Domestic Market:

The domestic equity market bounced back sharply on Tuesday, ending a six-day losing streak. The positive sentiment was driven by the BJP's strong performance in Haryana's state elections, defying exit poll predictions. The Nifty50 surged past the 25,000 mark, with media, auto, and pharma stocks leading the rally. However, metal stocks struggled, weighed down by China's roadmap lacking significant stimulus measures, alongside falling iron ore prices pressuring steelmakers. Despite the election boost, markets remain focused on global economic challenges and the Q2 earnings season for longer-term direction.

The S&P BSE Sensex rose 584.81 points or 0.72% to 81,634.81. The Nifty 50 index added 217.40 points or 0.88% to 25,013.15.

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