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HomeStock MarketStock Market Live Updates 10 June 2024: US Fed rate, domestic inflation to drive stock markets this week
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Stock Market Live Updates 10 June 2024: US Fed rate, domestic inflation to drive stock markets this week

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Updated – June 10, 2024 at 08:09 AM.

Sensex, Nifty, Share Prices LIVE: On Monday, the domestic market is expected to open flat-to-positive following the formation of the new government. Analysts anticipate continuity in government programs with known faces in the Union Council of Ministers. The Nifty at 23,250 indicates a downward bias, and Nifty’s June futures closed at 23,325 last week. The government’s focus on economic reforms, infrastructure development, and digital transformation is expected to create a favourable environment for growth. However, high valuations of Indian stocks, particularly in the broader market, may attract further selling by Foreign Portfolio Investors (FPIs). Recent announcements by SEBI allowing non-resident investors to invest up to 100% in FPIs based out of IFSC and the upcoming US Federal Reserve meeting are also under focus. Foreign Portfolio Investors continued to sell Indian equities in early June despite a market rebound after a 5.9% crash on June 4. FPIs offloaded ₹14,794 crore in the week ending June 7, following net sales of ₹25,586 crore in May and ₹8,671 crore in April. Overall, FPIs have sold ₹38,158 crore in 2024. V K Vijayakumar of Geojit Financial Services predicts large caps may underperform due to FPI selling but expects this trend to reverse eventually. Market stability is expected following the volatility witnessed in response to the election results.

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