Markets likely to make subdued start

26 Jun 2024 , 08:35 AM

On June 26, the benchmark indices Sensex and Nifty are expected to open flat to negative. The GIFT Nifty is slightly in the red. As of 07:00 am IST, Nifty futures were trading at 23,706.50.

On June 25, India’s Sensex and Nifty indices closed at new record highs, driven by gains in the banking and IT sectors. This market rally occurred following the Reserve Bank of India’s data release, which showed a current account surplus of $5.7 billion, or 0.6% of GDP, for the fourth quarter of the fiscal year 2023-24.

At the market close, the Sensex had risen by 712 points, or 0.92%, to 78,053.52, while the Nifty increased by 183.45 points, or 0.78%, to 23,721.30.

In the broader Asian markets, most indices saw gains on Wednesday as investors awaited Australia’s inflation data for May and Singapore’s manufacturing output figures for the same month. Globally, stock indexes mostly advanced on Tuesday. Notably, shares of AI chipmaker Nvidia rebounded after a three-day decline, and the US dollar gained slightly against the Japanese yen.

Foreign institutional investors (FIIs) were net buyers on June 25, purchasing equities worth ₹1,175 Crore. In contrast, domestic institutional investors (DIIs) were net sellers, offloading equities worth ₹149 Crore.