Market Commentary - Pre-Session
Stocks set for subdued opening As on : 10-Jul-23  08:34

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could fall 33 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading mixed on Monday ahead of key inflation reports this week, including the U.S. consumer price index report due Wednesday and the producer price index on Thursday.

U.S. Treasury Secretary Janet Yellen concluded her visit to Beijing, and said that the talks were ?direct? and ?productive,? putting bilateral ties on ?surer footing.?

Wall Street's main indices ended lower on Friday in a seesaw session, as investors digested a US jobs report that showed weaker-than-expected growth and awaited more economic data and corporate earnings in the weeks ahead.

The Labor Department's June jobs report showed payrolls increased less than expected, cooling down from May. Nonfarm payrolls rose by 209,000, while the unemployment rate came in at 3.6%.

Domestic markets:

Back home, Friday was a rough day for domestic shares as investors decided to cash in their gains, influenced by weak global cues. The barometer index, the S&P BSE Sensex, declined 505.19 points or 0.77% to 65,280.45. The Nifty 50 index lost 165.50 points or 0.85% to 19,331.80.

Foreign portfolio investors (FPIs) bought shares worth Rs 790.40 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 2,964.23 crore in the Indian equity market on 7 July, provisional data showed.

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