Sensex, Nifty likely to open lower; GIFT Nifty futures down 69 points

Share Market Today, November 4, 2024: Domestic equity benchmarks Sensex and Nifty will likely open Monday's session in the red. At around 8:22 am, GIFT Nifty futures, an early indicator of the 50-share index, were down 69.15 points or 0.28 per cent at 24,314.5 ahead of the opening bell on Dalal Street.

Prashanth Tapse, Senior VP (Research), Mehta Equities said, "The US is heading into a pivotal presidential election on November 5th, with polls indicating a tight race between Donald Trump and Kamala Harris. Election results, expected by November 8th, could impact global markets, especially if counting is delayed."

Tapse added investors remain cautious, with concerns about rising inflation and deficits under both candidates. Adding to the market's anxiety, the Federal Reserve's policy meeting on November 7th may bring a rate cut, though some expect the Fed to hold steady. In India, heavy selling by FIIs in October, amounting to over Rs 1.14 lakh crore, further pressures equities.

Global Markets Update | US Stock Markets, Asian Share Market

Here's how the major global indexes performed:

-Nasdaq ended higher at 18,239.92, up 145 points or 0.8 per cent

- S&P 500 up 23.35 points or 0.41 per cent at 5,728.8 

Meanwhile, most Asian stocks rose in early trade today with investors gauzing cues on fiscal stimulus from a meeting of China’s top policymakers later this week. Nevertheless, the gains remained capped amid risk aversion before the U.S. elections.

At the last count at around 8:35 am, Hong Kong's Hang Seng was up 0.11 per cent

South Korea's Kospi was up a significant 1.5 per cent

Trading volume, however, was thin on the back of a market holiday in Japan.

Previous session summary

On Friday, November 1, 2024, to mark the beginning of the new Samvat 2081, Nifty settled 0.41 per cent higher at 24,304.35, while the Sensex gained 0.42 per cent at 79,724.12 amid across-the-board buying sentiment.