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Market Commentary - Pre-Session
Market may open with small gains As on : 03-Jul-23  08:26

SGX Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could rise 22 points at the opening bell.

India's gross GST revenue collection in June reached Rs 1,61,497 crore, marking a 12% increase compared to the previous year. Of the total gross GST revenue collected in June, CGST is Rs 31,013 crore, SGST is Rs 38,292 crore, IGST is Rs 80,292 crore (including Rs 39,035 crore collected on import of goods) and cess is Rs 11,900 crore (including Rs 1,028 crore collected on import of goods).

Global markets:

Overseas, Asian stocks are trading higher as investors digest a slew of manufacturing activity reports from the region.

China's factory activity grew at a slower rate in June, according a private survey by Caixin/S&P Global. The country's manufacturing purchasing managers' index fell to 50.5 in June, down from 50.9 in May.

Sentiment among Japan's businesses improved in the second quarter, according to the Bank of Japan's quarterly Tankan survey. The headline index, measuring big manufacturers' mood stood at +5 in June, rebounding from a +1 reading in the first quarter.

US stocks logged strong gains on Friday as inflation showed signs of cooling while Apple closed with a $3 trillion market valuation for the first time.

Domestic markets:

Back home, domestic equity barometers surged to record high levels on Friday. This was fueled by positive global cues and the progression of the southwest monsoon, both of which positively influenced investor sentiment. The barometer index, the S&P BSE Sensex soared 803.14 points or 1.26% to 64,718.56. The Nifty 50 index climbed 216.95 points or 1.14% to 19,189.05. Both the indices attained record closing levels.

Foreign portfolio investors (FPIs) bought shares worth Rs 6,397.13 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,197.64 crore in the Indian equity market on 30 June, provisional data showed.

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