Market Commentary - Pre-Session
Market may open near flat line As on : 31-Jul-23  08:04

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could fall 5 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading higher on Monday ahead of business activity data and inflation reports from countries around the region this week.

China's factory activity for July remained in contraction territory for the fourth straight month. The official manufacturing purchasing managers index came in at 49.3, higher than June's figure of 49.0, according to the national bureau of statistics. The PMI for non-manufacturing activity came in at 51.5, a slower rate of expansion compared to the 53.2 in June.

The Reserve Bank of Australia's rate decision is due on Tuesday and economists reportedly expect a 25 basis points hike in its benchmark policy rate to 4.35%.

US stocks rose Friday as a measure of inflation closely watched by the Federal Reserve came in at its lowest in nearly two years.

June data for the personal consumption expenditures price index continued to show easing inflation. The gauge showed core PCE gained 0.2% month-over-month. Core PCE rose 4.1% from the year-ago period.

Domestic markets:

Back home, the major equity indices experienced slight declines on Friday, extending their losses for the second consecutive day. The barometer index, the S&P BSE Sensex declined 106.62 points or 0.16% to 66,160.20. The Nifty 50 index lost 13.85 points or 0.07% to 19,646.05.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,023.91 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,634.37 crore in the Indian equity market on 28 July, provisional data showed.

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