Market Commentary - Pre-Session
Stocks may open on soft note As on : 21-Jun-23  08:16

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 20 points at the opening bell.

Prime Minister Narendra Modi's visit to the US is expected to strengthen ties and deal wins. Modi will meet US President Joe Biden on Thursday during his first state visit to the U.S. Tesla chief executive Elon Musk said on Tuesday that the electric carmaker is looking to invest in India as soon as humanly possible. His comments followed a meeting with the Indian prime minister in New York on Tuesday.

Global markets:

Overseas, Asian stocks are trading mixed on Wednesday following overnight losses in US stocks amid cautiousness ahead of the Federal Reserve chief's congressional testimony. Japan's central bank will release its minutes for its April 27-28 meeting, which was the first chaired by new BOJ Governor Kazuo Ueda.

US stocks ended lower on Tuesday dragged by selling in energy stocks as stocks came back from the Juneteenth holiday.

US Federal Reserve Chair Jerome Powell is scheduled to give his semi-annual report to Congress on Wednesday after the policymakers kept interest rates unchanged at their meeting last week.

Domestic markets:

Back home, domestic equity indices ended a volatile session with decent gains on Tuesday. The barometer index, the S&P BSE Sensex advanced 159.40 points or 0.25% at 63,327.70. The Nifty 50 index gained 61.25 points or 0.33% at 18,816.70.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,942.62 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,972.51 crore in the Indian equity market on 20 June, provisional data showed.

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