Market Commentary - Pre-Session
Indices may open higher As on : 07-Aug-23  08:00

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could rise 29 points at the opening bell.

Global markets:

Overseas, Asian stocks are mostly trading lower as investors look ahead to China's inflation figures and trade balance later this week. China will release its trade balance for Tuesday and inflation data on Wednesday, which will give clues to the country's recovery trajectory.

Wall Street stocks notched their longest daily losing streak in three months, sliding on Friday as investors weighed weaker-than-expected US jobs growth and earnings from Big Tech ?megacaps?.

The U.S. economy added 187,000 jobs in July, up from 185,000 in June. The unemployment rate ticked lower to 3.5% from 3.6% in June.

Domestic markets:

Back home, the key equity benchmarks rebounded with vigor on Friday, ending a three-day losing streak. The barometer index, the S&P BSE Sensex advanced 480.57 points or 0.74% to 65,721.25. The Nifty 50 index added 135.35 points or 0.70% to 19,517.

Foreign portfolio investors (FPIs) sold shares worth Rs 556.32 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 366.61 crore in the Indian equity market on 4 August, provisional data showed.

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