Market Commentary - Pre-Session
Market may open higher As on : 30-Jun-23  08:42

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 34 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading mixed on Friday after a set of strong U.S. economic data bolstered the view that the Federal Reserve will likely keep interest rates higher for longer.

China's factory activity in June contracted for a third month. The official manufacturing purchasing managers' index (PMI) came in at 49.0 in June ? compared to 48.8 in May and 49.2 in April ? according to data from the National Bureau of Statistics released on Friday.

Banking shares led Wall Street stocks higher on Thursday, following better-than-expected data that raised hopes the US economy could avert a recession. Large US banks passed a Federal Reserve stress test, generating speculation of potential dividend hikes and share buybacks.

Federal Reserve Chair Jerome Powell signaled on Thursday that the U.S. central bank was likely to resume its monetary tightening campaign after a break earlier this month. We expect the moderate pace of interest rate decisions to continue, Powell said during an event held by the Spanish central bank in Madrid.

Domestic markets:

Back home, the Sensex and Nifty scaled new all-time highs on Wednesday, buoyed by strong buying interest in heavyweights. The barometer index, the S&P BSE Sensex, jumped 499.39 points or 0.79% to 63,915.42. The Nifty 50 index added 154.70 points or 0.82% to 18,972.10. Market was closed on Thursday, 29 June 2023 for Bakri Id festival.

Foreign portfolio investors (FPIs) bought shares worth Rs 12,350 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,021.01 crore in the Indian equity market on 28 June, provisional data showed.

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