Market Commentary - Pre-Session
GIFT Nifty suggests lower start As on : 29-Sep-23  08:33

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could fall 11 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading mixed as worries over elevated interest rates dragged on sentiment. The Chinese markets were closed for a holiday and are on a break next week.

US stocks rallied on Thursday, with investors closely monitoring developments in Washington regarding a potential government shutdown. Lawmaker negotiations on a U.S. spending bill continue before a October 1 shutdown deadline for the government. Investors will now switch their attention to U.S. personal consumption expenditures price index later on Friday for the latest view on inflation.

The real gross domestic product (GDP) of the United States expanded at an annual rate of 2.1% in the second quarter, the US Bureau of Economic Analysis' (BEA) final estimate showed on Thursday, 28 September 2023. The update primarily reflected a downward revision to consumer spending that was partly offset by upward revisions to nonresidential fixed investment, exports, and inventory investment, the BEA said.

Domestic markets:

Back home, the domestic equity market experienced significant declines on Thursday due to various factors, including the monthly F&O expiry and the semi-annual rejig of Nifty 50 stocks. The barometer index, the S&P BSE Sensex declined 610.37 points or 0.92% to 65,508.32. The Nifty 50 index lost 192.90 points or 0.98% to 19,523.55.

Foreign portfolio investors (FPIs) sold shares worth Rs 3,364.22 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,711.48 crore in the Indian equity market on 28 September, provisional data showed.

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