Market Overview
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The trends on Gift Nifty also indicate a mildly positive start for the Indian benchmark index. The Gift Nifty was trading around 20,073 level as compared to the Nifty futures’ previous close of 20,037. Nifty formed a long bear candle on the daily chart at the all-time high of 20,110 levels. The Indian stock market is expected to open flat with a positive bias tracking mixed cues from global peers. The trends on Gift Nifty also indicate a mildly positive start for the Indian benchmark index. The Gift Nifty was trading around 20,073 level as compared to the Nifty futures’ previous close of 20,037. The level of pessimism has risen in the stock market leading to a precautionary approach to book profits on a notion that the valuation has extended beyond the rationale. The correction is happening on midcaps while large caps are maintaining their strength,” said Vinod Nair, Head of Research at Geojit Financial Services. Nair believes this cautious trend can prevail in the short-term, but the end-game is on the rise of the domestic economy, surprising upside in corporate earnings, and change in domestic investment patterns, which is expected to continue on a long-term basis.
Asian Markets
Asian markets traded mixed on Wednesday following overnight losses on Wall Street and amid release of key economic data in the region. Japan’s Nikkei 225 gained 0.23% and the Topix rose 0.26%. South Korea’s Kospi added 0.14%, while the Kosdaq declined 0.67%. Hong Kong’s Hang Seng index futures were trading higher at 18,156 as compared to the HSI’s close of 18,025.89. In Australia, the S&P/ASX 200 fell 0.5%. Meanwhile, the Gift Nifty was trading at around 20,073 as against Nifty futures’ previous close of 20,037, indicating a positive start for the Indian benchmark indices. Wall Street US stocks ended lower on Tuesday dragged by selloff in tech stocks and cautiousness ahead of crucial inflation data this week. The Dow Jones Industrial Average eased 0.05% to 34,645.99 points, while the S&P 500 fell 0.57% to end at 4,461.91 points. The Nasdaq ended 1.04% lower at 13,773.62 points.
FII offload ₹1,047 crore in Indian equities after markets decline over profit booking; DIIs invest ₹259 crore.
Foreign institutional investors (FIIs) continued selling on Tuesday, September 12, after domestic benchmark indices Sensex and Nifty snapped its seven-day winning streak weighed by profit booking. The domestic institutional investors (DIIs) were net buyers again and invest ₹259 crore in stocks today. As per the NSE data, FIIs cumulatively bought ₹13,653.37 crore of Indian equities, while they sold ₹14,700.56 crore — resulting in an outflow of ₹1,047.19 crore. Meanwhile, DIIs infused ₹10,341 crore and offloaded ₹10,081.51 crore, registering an inflow of ₹259.48 crore. In the cash market, FIIs invested ₹1,437 crore after five days of consistent selling.