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The market is expected to open flat with a positive bias tracking mixed cues from global peers. Stocks in Asia extended gains as risk appetite across financial markets got a further boost from China’s latest stimulus measures and as US benchmarks hit fresh records. Major U.S. indexes rose Thursday after a strong earnings report from Micron sent chip stocks sharply higher, while shares of companies with exposure to the Chinese economy jumped on reports of additional government stimulus. Oil prices fell for a third day on Friday, on course to end the week lower, as investors focused on expectations of higher supplies from Libya and the broader OPEC+ group of oil exporters.

As per provisional figures, Foreign Institutional Investors (FIIs)/ Foreign Portfolio Investors (FPIs) bought shares worth net Rs.629.96 crore and Domestic institutional investors bought shares worth net Rs.2405.12 crore on 26^th September 2024.

Dow Jones Futures were up 69 points, indicating a positive opening in the US stock market today. Asian markets experienced an uptick on Thursday, driven by continued optimism surrounding China's recent stimulus measures and a robust rally in technology stocks, particularly semiconductor manufacturers. The latter was fueled by strong earnings from U.S. chipmaker Micron.

Chinese markets have been on a roll this week following Beijing's announcement of a series of stimulus measures, including a reduction in bank reserve requirements and lower mortgage rates. These measures have sparked a wave of bargain buying, as Chinese markets had been lagging behind global peers for some time due to concerns about a slowing economy.

U.S. stocks experienced a pullback on Wednesday, with the three major indices closing mixed as investors weighed the health of the economy and the likelihood of further interest rate cuts. The Dow Jones Industrial Average declined by around 0.7%, while the S&P 500 fell 0.19% and Nasdaq Composite (+0.04%) saw more modest gains.

On the economic data front, new home sales in the United States decreased in August compared to the previous month, primarily due to high mortgage rates and elevated prices deterring potential buyers. However, mortgage applications rose to their highest level since 2022, driven by homeowners seeking to refinance their loans as interest rates decline.

This week's market focus is on Federal Reserve Chair Jerome Powell's upcoming speech and the release of the PCE price index, the Fed's preferred inflation gauge.

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