GIFT Nifty signals strong start as global sentiment turns risk-on
GIFT Nifty:
GIFT Nifty June 2025 futures were trading 82.50 points higher in early trade, suggesting a strong opening for the Nifty 50.
Institutional Flows:
Foreign portfolio investors (FPIs) bought shares worth 4,662.92 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 7,911.99 crore in the Indian equity market on 28 May 2025, provisional data showed.
According to NSDL data, FPIs have bought shares worth Rs 15216.12 crore in the secondary market during May 2025 (so far). This follows their purchase of shares worth Rs 3243.03 crore in April 2024.
Global Markets:
US Dow Jones futures surged 561 points early Thursday, setting the stage for a buoyant open on Wall Street.
Asian shares mostly followed suit, climbing higher after a US federal court delivered a significant blow to President Donald Trump's sweeping "reciprocal" tariffs. The court ruled that Trump had overstepped his authority by imposing tariffs on over 180 countries and territories back in April.
The decision came from a three-judge panel at the US Court of International Trade. They found that the 1977 International Emergency Economic Powers Act (IEEPA), the legal crutch Trump leaned on, didn't give the president free rein to roll out such broad trade measures. The court issued a permanent halt to the tariffs named in the case and blocked any future tweaks. The Trump administration now has 10 days to make the necessary changes but has already appealed the decision to the US Court of Appeals for the Federal Circuit.
Meanwhile, South Korea's central bank, the Bank of Korea, cut its benchmark interest rate from 2.75% to 2.5%, marking its lowest level since August 2022.
Investors in Asia are also keeping a close watch on chipmakers after Nvidias strong earnings. The GPU giant beat expectations on both top and bottom lines, driven by a 73% year-over-year surge in its data center business.
Back in the US, stock markets closed lower on Wednesday. The S&P 500 dipped 0.56%, the Nasdaq fell 0.51%, and the Dow Jones lost 0.58% as investors digested earnings and the latest Fed minutes.
Speaking of which, the Feds May 6-7 meeting minutes hinted at a looming policy dilemma. Officials acknowledged that they may soon face some tough calls if inflation and unemployment start rising together. The Fed might be forced to choose between fighting inflation with higher rates or supporting growth and jobs by cutting them.
Domestic Market:
Domestic equity benchmarks ended slightly lower Wednesday, weighed down by rising US Treasury yields and escalating trade tensions between the United States and the European Union. Foreign Institutional Investors (FIIs) remained largely inactive, while elevated market valuations continued to limit the scope for fresh buying. The Nifty 50 closed below the 24,800 level, with the broader market displaying a range-bound trend, slightly skewed to the downside. FMCG, auto and pharma shares dragged. The S&P BSE Sensex slipped 239.31 points or 0.29% to 81,312.32. The Nifty 50 index fell 73.75 points or 0.30% to 24,752.45.
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