Market Commentary - Pre-Session
Flat opening on the cards As on : 26-Jun-23  08:20

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 5 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading mixed as the drama that unfolded in Russia over the last two days raised concerns over crude supply.

A failed mutiny by Russian mercenaries over the weekend raised concerns about political instability in Russia and the potential impact on oil supply from one of the world's largest producers.

US stocks closed lower on Friday, capping a week dominated by Federal Reserve Chairman Jerome Powell's testimony in which he signaled more interest rate hikes ahead but vowed the central bank would proceed with caution.

Domestic markets:

Back home, domestic equity benchmarks ended with modest losses on Friday, sliding for the second trading session. Global stocks dropped as investors expressed concerns that measures taken by central banks to control persistent inflation could result in economic downturns and bolster the US dollar. The barometer index, the S&P BSE Sensex slipped 259.52 points or 0.41% at 62,979.37. The Nifty 50 index lost 105.775 points or 0.56% at 18,665.50.

Foreign portfolio investors (FPIs) sold shares worth Rs 344.81 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 684.01 crore in the Indian equity market on 23 June, provisional data showed.

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