Market Commentary - Pre-Session
Market may nudge higher in early trade As on : 24-Feb-23  08:25

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 59 points at the opening bell.

Global markets:

Overseas, Asian stocks are mostly trading higher on Friday as the nominee to lead the Bank of Japan spoke at a confirmation hearing. Bank of Japan governor nominee Kazuo Ueda has expressed support for the current monetary policy, as per reports. He added more time is needed to achieve the central bank's inflation target and it aims to achieve price stability in a sustainable and stable manner.

Japan's nationwide consumer price index rose 4.2% compared to a year ago in January, government data showed. The economy's core CPI excluding fresh food and energy prices rose 3.2%, data showed, as overall CPI rose 4.3% year on year.

Wall Street ended higher on Thursday as investors grappled with how interest rate policy might affect the US economy.

US economic growth in the fourth quarter was weaker than previously estimated. Inflation-adjusted gross domestic product, or the total value of all goods and services produced in the US, increased at a 2.7% annualized rate during the period, Commerce Department data showed Thursday. The figure compares with a previously reported 2.9% advance.

Domestic markets:

Back home, the frontline equity barometers ended a volatile session with minor losses on Thursday, sliding for the fifth straight session. Trading was volatile on account of monthly options expiry. The barometer index, the S&P BSE Sensex declined 139.18 points or 0.23% to 59,605.80. The Nifty 50 index lost 43.05 points or 0.25% to 17,511.25.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,417.24 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,586.06 crore in the Indian equity market on 23 February, provisional data showed.

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