Market Commentary - Pre-Session
Market may drift lower in early trade As on : 17-Apr-23  08:40

Domestic equity markets are likely to open lower as trading resumes after long weekend, tracking weak cues from global peers.

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 93 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading mixed on Monday, as U.S. earnings season gets into full swing, while a raft of Chinese data will offer insight into how the world's second-largest economy is recovering. Chinese data on retail sales, industrial output and gross domestic product are due on Tuesday.

Wall Street ended lower on Friday as a barrage of mixed economic data appeared to affirm another Federal Reserve interest rate hike, dampening investor enthusiasm after a series of big US bank earnings launched first-quarter reporting season.

Domestic markets:

Back home, the domestic stock market continued its upward trend on Thursday, marking its ninth consecutive day of gains. The BSE Sensex, the benchmark index, rose by a mere 0.06% or 38.23 points to close at 60,431.00. Meanwhile, the broader Nifty 50 index rose by 0.09% or 15.60 points to close at 17,828. The market was closed on Friday, 14 April 2023, in observance of Ambedkar Jayanti.

Foreign portfolio investors (FPIs) bought shares worth Rs 221.85 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 273.68 crore in the Indian equity market on 13 April, provisional data showed.

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