Indian stock market: 6 things that changed for market over weekend – Gift Nifty, FPI buying to China’s factory activity
The Indian stock market may see a thin trade as Asian markets are closed today. The US and most European markets will also remain closed today.
The domestic benchmark indices ended on Friday, the last trading day of 2023, on a negative note, snapping their five-day winning streak, on profit-booking in select heavyweights. However, the benchmarks Sensex and the Nifty 50 ended the year with healthy gains of 19% and 20%, respectively.
On Friday, the Sensex ended lower 170.12 points, or 0.23%, at 72,240.26, while the Nifty 50 declined 47.30 points, or 0.22%, to settle at 21,731.40.
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“After an ebullient market which touched life-time highs, fostered by strong economic numbers and good inflows from overseas investors, and prospects of lower interest rates, witnessed some amount of correction on the last trading day of the week. Profit booking and the developments around the Middle East, the movements in the Dollar Index etc. are likely to influence the markets at the periphery this week,” said Joseph Thomas, Head of Research, Emkay Wealth Management.
Here are key global market cues for Sensex today:
Asian Markets
Most of the Asian stock markets are closed today, January 1, for New Year’s Day. Asian markets, including China, Japan, Hong Kong and South Korea are shut today.
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Gift Nifty
Gift Nifty was trading around 21,776 level as compared to Nifty futures’ previous close of 21,861, indicating a weak start for the Indian stock market indices.
US Stock Market
The US stock market ended marginally lower on Friday, the last trading day of 2023, dragged by real estate stocks. All the three Wall Street indices, the S&P 500, the Dow and the Nasdaq recorded nine consecutive weekly gains, the longest weekly winning streak for the S&P 500 since January 2004, and posting double-digit growth.
On December 29, the Dow Jones Industrial Average eased 20.56 points, or 0.05%, to 37,689.54, while the S&P 500 fell 13.52 points, or 0.28%, to 4,769.83. The Nasdaq Composite ended 83.78 points, or 0.56%, lower at 15,011.35.
US stock markets will remain closed on Monday, January 1 for New Year’s Day.
China factory activity
China’s factory activity shrank for the third straight month in December as the official manufacturing purchasing managers index declined to 49 during the month, from 49.4 in November.
Oil prices
Crude oil prices declined on Friday, the last trading day of the year 2023, with Brent oil settling down 11 cents or 0.14%, at $77.04 a barrel. US West Texas Intermediate crude ended at $71.65 a barrel, lower by 12 cents or 0.17%. Brent futures lost over 10% in 2023.
FPI buying
The Foreign Portfolio Investors (FPIs) bought ₹66,135 crore worth of Indian equities in December, while taking into account debt, hybrid, debt-VRR, and equities, the total inflow stood at ₹84,537 crore, according to National Securities Depository Ltd (NSDL) data. FPIs heavily bought stocks in financial services, according to analysts. For the entire calendar year 2023, FPIs bought ₹1.71 lakh crore worth of Indian equities.
(With inputs from Agencies)
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
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Published: 01 Jan 2024, 07:28 AM IST
