Mumbai: Sharp action can be seen in the stock market today on 2 September. The reason for the market movement is mixed global signals. GIFT Nifty is trading with a strength of about 40 points.
The index is trading at the level of 25400. Mixed trade is being recorded in Asian markets. At the same time, greenery was recorded in the US stock markets. Friday’s closing was strong. However, selling is being seen from the upper levels in the futures market. Strong buying was recorded in the Indian stock market on Friday. The Sensex jumped 231 points to close at 82,365.
Changes in the MSCI index
Nifty registered a rise for the 12th consecutive day on Friday. Earlier, such a rise was last recorded in Nifty in 1993. The index has now shown a rise of about 4,000 points from the low of 21,281 on July 23. MSCI rebalancing was implemented after the market closed on Friday. However, instead of a rise, profit booking was recorded in the related stocks. On August 30, HDFC Bank closed down by about 1%, Vodafone Idea by 5%, Dixon Tech by about 2%.
Keep an eye on these figures
On Monday, the Indian stock market will keep an eye on economic data. Auto companies will release their August sales figures. Along with this, business updates of government companies and manufacturing and services PMI figures are going to be released at the macro level.
Mood of institutional investors
The mood of foreign institutional investors and domestic institutional investors in the Indian stock market is action-oriented. FIIs bought shares worth Rs 5,318 crore in the cash market on Friday. Whereas, DIIs sold shares worth Rs 3,198 crore in the cash market. Let us tell you that FIIs have bought shares worth Rs 9,217 crore in the last one week. Whereas, DIIs have bought shares worth Rs 1,197.42 crore in the cash market last week.
Action in US stock markets
There is a holiday in the US stock markets today. Before that, strong action was recorded in the US on Friday. The Dow jumped 230 points and set a new record. Nasdaq recorded a jump of more than 1%. The S&P 500 is just 20 points away from its lifetime high. There is an atmosphere of buying all around in the markets.
Personal consumption expenditure in July was in line with expectations. It grew by 2.5% year-on-year and 0.2% monthly. Goldman Sachs raised its Q3 GDP forecast from 2.5% to 2.7%. The 10-year bond yield is trading higher at 3.9%.