Market Commentary - Pre-Session
Market may open in positive zone As on : 05-Oct-23  08:42

GIFT Nifty:

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

The Reserve Bank Governor-headed six-member Monetary Policy Committee (MPC) meeting began on 4 October 2023 and will conclude on 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 higher on Thursday following a drop in oil prices and softer US labour data. China's markets remain closed for the weeklong holiday.

US stocks broke a three-day losing streak Wednesday as Treasury yields pulled back from multiyear highs following the release of much weaker-than-expected jobs data. Wednesday's moves follow the release of new jobs data. ADP said 89,000 private payrolls were added last month. That's well below an upwardly revised 180,000 payroll additions from August.

Domestic markets:

Back home, domestic equity indices ended with moderate losses, marking the second consecutive trading session decline. The decrease was driven by apprehension surrounding the unexpected increase in US job openings, triggering worries of a potential Federal Reserve interest rate hike. The barometer index, the S&P BSE Sensex slipped 286.06 points or 0.44% to 65,226.04. The Nifty 50 index shed 92.65 points or 0.47% to 19,436.10.

Foreign portfolio investors (FPIs) sold shares worth Rs 4,424.02 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,769.49 crore in the Indian equity market on 4 October, provisional data showed.

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