GIFT Nifty:

The GIFT Nifty October futures contract is up 55 points, suggesting a positive start for the Nifty 50.

Institutional Flows:

Foreign portfolio investors (FPIs) sold shares worth Rs 5,684.63 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 6,039.90 crore in the Indian equity market on 23 October 2024, provisional data showed.

According to NSDL data, FPIs have sold shares worth over Rs 93088.37 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:

The Dow Jones index futures were down 50 points, indicating a negative opening in the US stocks today.

Most Asian shares were down after a selloff on Wednesday as traders scaled back bets on US interest-rate cuts. Crude oil rose after retreating on Wednesday, as traders assessed tensions in the Middle East.

Japanese business activity shrank in October. The au jibun bank flash manufacturing PMI fell to 49.0 in October from 49.7 in September. A reading below 50 indicates contraction, with the sector shrinking for a third consecutive month. The au jibun bank flash services PMI slid to 49.3 in October from 53.1 in the prior month, falling into contraction for the first time since June. The fall in services activity saw the composite PMI for October drop to 49.4 from 52.0 in the prior month.

US stocks fell sharply on Wednesday, with the Dow Jones Industrial Average posting its worst day in more than a month, as higher Treasury yields weighed on market sentiment.

The S&P 500 lost 0.92%. The 30-stock Dow plunged 0.96%, ending the day’s session at 42,514.95. It was the worst day since early September for the blue-chip index. The Nasdaq Composite lost 1.6%. Both the Dow and S&P 500 notched their third straight losing session.

Domestic Market:

The domestic stock benchmarks closed lower for the third day in a row on Wednesday. Despite early gains, selling pressure in the final hour pushed the Nifty below 24,450. IT stocks advanced, but pharma, healthcare, and auto shares faced declines. Mixed global cues and relentless FII selling contributed to the volatility. The S&P BSE Sensex declined 138.74 points or 0.17% to 80,081.98. The Nifty 50 index shed 36.60 points or 0.15% to 24,435.50. The 50-unit index has fallen 1.68% in three consecutive sessions.