Market Commentary - Pre-Session
Sensex, Nifty may nudge lower at opening bell As on : 08-Aug-23  07:59

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could fall 44 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading mixed on Tuesday as investors focus on China's trade data for July.

Overnight in the U.S., all three major indexes gained as investors continue to digest better-than-expected earnings results.

On the economic data front, traders are looking ahead to July's consumer price index report, out Thursday.

New York Federal Reserve President John Williams said rate cuts could happen as soon as next year if the data complies. Williams also hinted that the Fed could be done hiking rates as policy is ?pretty close to what a peak rate would be.?

Federal Reserve Governor Michelle Bowman said Monday she expects more interest rate increases will be needed to bring down inflation. The central bank official said ?additional increases will likely be needed to lower inflation to the? 2% inflation goal.

Domestic markets:

Back home, continuing its upward trend for the second consecutive trading session, domestic equity barometers closed with significant gains on Monday. The barometer index, the S&P BSE Sensex advanced 232.23 points or 0.35% to 65,953.48. The Nifty 50 index added 80.30 points or 0.41% to 19,597.30.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,892.77 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,080.80 crore in the Indian equity market on 7 August, provisional data showed.

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