Nifty and Sensex set to open flat amid profit booking ahead of major economic reports.

Flat Opening Likely for Nifty and Sensex as Traders Eye Profit Booking Before Major Economic Releases.

Written by: Supriya Kadu

Edited by: Omkar Devadkar

Last Updated: August 31, 2024

Summary: At 08:07 a.m., the GIFT Nifty traded at 25,002.5, indicating that the NSE Nifty 50 will open close to its previous close of 25,017.75.

Benchmark indices are expected to open flat on Wednesday, still below their record highs, as investors brace for more profit-taking ahead of significant macroeconomic data due later this week.

At 08:07 a.m., the GIFT Nifty traded at 25,002.5, indicating that the NSE Nifty 50 will open close to its previous close of 25,017.75.

For the longest winning streak in sixteen months, the Nifty 50 index increased by almost 3.6% throughout nine consecutive sessions. Because of the abundant market liquidity on Tuesday, it also reached an all-time high within five points.

For the fourth session in a row, foreign institutional investors have continued to be net buyers of Indian shares; on Tuesday, they acquired stocks valued at Rs 1,504 crore net. Additionally, DIIs kept up their buying binge, and as of Monday, they had been net buyers for 15 consecutive sessions.

According to market experts, profit-taking is expected to continue as caution increases in the run-up to record highs, especially in the booming industries. This comes ahead of important US inflation indicators and domestic economic figures that are expected to be released later this week.

On the other hand, Asian markets began the morning with a drop. The MSCI Asia ex-Japan index dropped 0.4%, although Wall Street stocks finished the trading day marginally higher due to good developments from Nvidia's quarterly report and the upcoming publication of US economic data from the overnight session.

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