Market Commentary - Pre-Session
Market may open on subdued note As on : 24-Jul-23  08:34

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could fall 28 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading mixed on Monday ahead of key economic data and a busy week of earnings and central bank meetings. Japan's manufacturing activity extended declines in July, as the au Jibun Bank flash Japan manufacturing purchasing managers' index (PMI) fell to 49.4 in July from 49.8 in June.

Markets reportedly anticipate a 25 basis points interest rate hike from the US Federal Reserve and European Central Bank later this week and possibly the end of the tightening cycle in both. Meanwhile, the Bank of Japan on Friday will likely keep its super-loose policy intact.

U.S. stocks ended mixed on Friday, with the Dow Jones Industrial Average rising marginally to notch its 10th straight day of advances, its longest rally in almost six years.

Domestic markets:

Back home, the domestic equity barometers tanked on Friday, ending a six-day rising streak, as investors took profits. The barometer index, the S&P BSE Sensex slumped 887.64 points or 1.31% to 66,684.26. The Nifty 50 index declined 234.15 points or 1.17% to 19,745.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,998.77 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,290.73 crore in the Indian equity market on 21 July, provisional data showed.

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