Market Commentary - Pre-Session
Subdued opening on the cards As on : 03-Oct-23  08:33

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could slide 45 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading lower on Tuesday after Federal Reserve officials cemented the view that U.S. interest rates are likely to remain elevated for some time, while the yen slid to near a one-year low, putting traders on watch for intervention from Japanese authorities. Chinese markets are closed for the week because of the Golden Week Holiday.

US stocks ended on a mixed note on Tuesday. U.S. Federal Reserve officials said that monetary policy will need to stay restrictive for some time to bring inflation back down to the Fed's 2% target.

The World Bank forecasts growth in in the developing East Asia and Pacific region to remain strong at 5% in 2023. However, its expects growth to ease in the second half of 2023 and fall to 4.5% in 2024, according to its regional update published on Sunday.

Domestic markets:

Back home, the market was shut on 2 October 2023 on account of Mahatma Gandhi Jayanti. The domestic market closed higher on Friday, with a healthy uptick in metals and pharma names, although losses in information technology stocks capped the gains. The barometer index, the S&P BSE Sensex advanced 320.09 points or 0.49% to 65,828.41. The Nifty 50 index added 114.75 points or 0.59% to 19,638.30.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,685.70 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,751.49 crore in the Indian equity market on 29 September, provisional data showed.

Powered by Capital Market - Live News