Market Commentary - Pre-Session
Indices headed for soft opening As on : 07-Jul-23  08:35

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could fall 13 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading lower after Wall Street sold off on stronger-than-expected U.S. jobs data, leaving room for more rate hikes ahead by the Federal Reserve.

U.S. Secretary of Treasury Janet Yellen is in Beijing for a four-day trip to meet Chinese officials, marking a deepening thaw in ties between the U.S. and China.

Wall Street's main indexes ended sharply lower on Thursday in a broad sell-off after data showing a strong labor market boosted bond yields and fanned fears the Federal Reserve will be aggressive in raising U.S. interest rates.

Companies created far more jobs than expected in June, payroll processing firm ADP reported Thursday. Private sector jobs surged by 497,000 for the month. May's total was revised lower to 267,000, down 11,000 from the initial estimate.

The number of Americans filing new claims for unemployment benefits increased moderately last week. Initial claims for state unemployment benefits rose 12,000 to a seasonally adjusted 248,000 for the week ended July 1, the Labor Department said on Thursday.

Domestic markets:

Back home, the domestic equity benchmarks advanced on Thursday, bolstered by foreign fund inflows. The barometer index, the S&P BSE Sensex advanced 339.60 points or 0.52% to 65,785.64. The Nifty 50 index added 98.80 points or 0.51% to 19,497.30.

Foreign portfolio investors (FPIs) bought shares worth Rs 2,641.05 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 2,351.66 crore in the Indian equity market on 6 July, provisional data showed.

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