(03-Dec-2024)Indices may climb at opening bell

GIFT Nifty:

The GIFT Nifty December futures contract is trading 4.50 points higher, indicating a flat-to-positive opening for the Nifty 50.

Institutional Flows:

Foreign portfolio investors (FPIs) sold shares worth Rs 238.28 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 3,588.66 crore in the Indian equity market on 2 December 2024, provisional data showed.

According to NSDL data, FPIs have sold shares worth over Rs 2999.02 crore (so far) in the secondary market during December 2024. This follows their sale of shares worth Rs 39315.78 crore in November 2024.

Global Markets:

Asian equities rose on Tuesday, buoyed by positive sentiment from the US stock market. Investors are gearing up for a flurry of economic data and commentary from Federal Reserve officials, which will shape expectations for future interest rate decisions.

The US dollar rebounded from a three-day decline following a stern warning from the incoming administration to BRICS nations.

In the US, the S&P 500 extended its record-breaking streak, climbing 0.24%. The Nasdaq 100 gained 1%, while Tesla shares retreated in after-hours trading after a Delaware judge rejected a generous compensation package for CEO Elon Musk. The Dow Jones Industrial Average dipped 0.29%.

Tesla shares surged over 3%, building on recent gains. This followed Roth MTM's upgrade to buy from neutral, which cited the potential benefits of the EV maker's CEO's close ties with the incoming administration.

Domestic Market:

The key equity benchmarks ended a volatile session on a positive note on Monday, rising for the second day in a row. The Nifty settled above the 24,250 mark after hitting the day's low of 24,008.65 in early trade. The market opened on a cautious note but gained momentum in the second half of the trading session. Key sectors driving the rally included realty, consumer durables and healthcare. Positive Asian cues supported buying sentiment.

The S&P BSE Sensex advanced 445.29 points or 0.56% to 80,248.08. The Nifty 50 index gained 144.95 points or 0.60% to 24,276.05.