Nifty, Sensex Set to Open Higher; IT Stocks in Spotlight, NVIDIA Surpasses Microsoft to Become Most Valuable Firm
On Wednesday, June 4, Indian equity benchmarks are likely to open on a positive note. As of 7:28 AM, the GIFT Nifty was trading near the 24,719 mark, up 54 points from its previous close.
Asian markets were seen rallying earlier on Wednesday; U.S. stocks closed higher overnight, led by gains in technology stocks. Nasdaq outperformed the rally at Wall Street as Nvidia led from the front, surging nearly 3% and most importantly, reclaimed its position as the world’s most valuable publicly traded company, overtaking Microsoft.
Talking about the institutional flow, the DIIs in Indian equities have remained net buyers for the last eleven trading sessions. The concerning part for the Indian markets is that the FIIs have emerged as net sellers for the last 3 trading sessions.
The equity shares of stainless-steel tubes and pipes manufacturer Scoda Tubes Ltd will make their debut in the Indian stock market today after the recent conclusion of its initial public offering (IPO).
On Tuesday, June 3, Foreign Institutional Investors (FIIs) were net sellers, having sold equities worth ₹5,907.97 crore. Domestic Institutional Investors (DIIs), on the other hand, bought shares totalling ₹2,853.83 crore during the same session.
DIIs have emerged as net buyers over the past eleven trading sessions.
On Tuesday, the Indian equity markets witnessed a sharp decline as worries over valuations and persistent foreign fund outflows weighed on investor sentiment. The Sensex fell by 636.24 points (0.78%) to finish at 80,737.51, while the Nifty 50 slipped 174.10 points (0.70%) to close at 24,542.50.
Asian markets moved higher on Wednesday, taking cues from a strong rally in U.S. tech stocks overnight.
On Tuesday, U.S. stock markets closed with solid gains, driven by strength in technology shares and growing optimism surrounding trade negotiations between the U.S. and its global partners.
The Dow Jones Industrial Average advanced by 214.16 points, or 0.51%, to settle at 42,519.64. The S&P 500 climbed 34.43 points, marking a 0.58% rise to finish at 5,970.37. Meanwhile, the Nasdaq Composite ended 156.34 points higher, gaining 0.81% to close at 19,398.96.
In April, job openings in the United States saw an increase, even as layoffs also rose. According to the Job Openings and Labor Turnover Survey (JOLTS), the number of available positions climbed by 191,000, reaching 7.391 million by the end of the month. Additionally, March figures were revised slightly upward to 7.200 million openings, compared to the earlier estimate of 7.192 million.
New orders for US-manufactured goods dropped sharply in April. Factory orders fell 3.7% after an unrevised 3.4% jump in March.
On Wednesday, June 4, the US dollar edged slightly lower in the currency markets. The dollar index, which tracks the greenback against a basket of six major currencies, remained nearly unchanged at 99.159.
Crude oil prices edged lower, ending a brief two-day rally. Brent crude slipped by 0.17% to settle at $65.52 per barrel, retreating from its recent three-week high. Meanwhile, US West Texas Intermediate (WTI) futures dipped 0.20%, closing at $63.28 per barrel.
Disclaimer: The article is for informational purposes only and not investment advice.
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