Market Commentary - Pre-Session
Indices may open on soft note As on : 04-Oct-23  07:49

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could fall 15 points at the opening bell.

The Reserve Bank Governor-headed six-member Monetary Policy Committee (MPC) meeting is scheduled for 4 to 6 October 2023. The MPC of the Reserve Bank of India (RBI) is likely to maintain a status quo on interest rates, as per reports.

Global markets:

Overseas, Asian stocks are trading lower on Wednesday after the U.S. 10-year Treasury yield hit its highest level in 16 years. China's markets remain closed for a weeklong holiday.

The Reserve Bank of New Zealand left its key interest rate unchanged at 5.5%. The Central bank noted that the country's growth outlook remains subdued even though GDP growth in the June quarter was stronger than forecast.

US stocks tumbled on Tuesday as Treasury yields hit their highest levels since 2007, raising concern higher interest rates would freeze the housing market and tip the economy into a recession. The 10-year Treasury yield touched 4.8%, reaching its highest level in 16 years.

Domestic markets:

Back home, domestic equity benchmarks closed lower on Tuesday due to weak global cues, resulting in widespread selling. The barometer index, the S&P BSE Sensex, was down 316.31 points or 0.48% to 65,512.10. The Nifty 50 index lost 109.55 points or 0.56% to 19,528.75.

Foreign portfolio investors (FPIs) sold shares worth Rs 2,034.14 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,361.02 crore in the Indian equity market on 3 October, provisional data showed.

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