GIFT Nifty:

The GIFT Nifty September futures contract is up 57 points, suggesting a positive start for the Nifty 50.

Foreign portfolio investors (FPIs) bought shares worth Rs 3,259.56 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,690.85 crore in the Indian equity market on 29 August 2024, provisional data showed.

FPIs have sold shares worth over Rs 26686.65 crore in August 2024 (so far). They bought shares worth 5407.83 crore in July 2024.

Global Markets:

The Dow Jones index futures were up 28 points, indicating a positive opening in the US stocks today.

Asian stocks rallied on Friday, buoyed by the expectation that the Federal Reserve will soon lower interest rates.

The upcoming release of the U.S. core personal consumption expenditures (PCE) price index, the Fed's preferred inflation gauge, and a reading on euro zone inflation are eagerly awaited. These data points will likely provide further insights into the rate outlook for major economies.

U.S. stocks closed higher on Thursday, despite a late-afternoon sell-off. The Dow Jones Industrial Average reached another record high as investors anticipated the release of the PCE inflation data. The Dow Jones Industrial Average rose 0.59%, the S&P 500 remained relatively unchanged at 5,591.96, and the Nasdaq Composite declined by 0.23%.

The U.S. economy saw stronger growth in Q2 than initially reported, driven by robust consumer spending and corporate profit rebounds. GDP increased by 3.0% in the last quarter, an upward revision from 2.8%. Consumer spending rose 2.9% annual rate last quarter, and corporate profits surged by $57.6 billion, supporting economic expansion.

Additionally, the number of Americans filing for unemployment benefits declined by 2,000 to 231,000 for the week of Aug. 24, the Labor Department reported Thursday (August 29).

Domestic Market:

The domestic equity indices ended a volatile session with decent gains on Thursday, rising for the eleventh session in a row. The Nifty50 closed above the 25,150 mark after hitting the day's low of 24,998.50 in late trade. Trading was volatile due to expiry of August F&O series today. Oil & gas, FMCG and auto shares advanced, while pharma, metal and media shares declined. The S&P BSE Sensex jumped 349.05 points or 0.43% to 82,134.61. The Nifty 50 index added 99.60 points or 0.40% to 25,151.95. Both the indices attained record closing highs. The 50-unit index has risen 4.20% in eleven sessions.

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