Market Commentary - Pre-Session
Indices may open higher on positive global cues As on : 10-Oct-23  07:53

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 Union Finance Ministry will kick off consultations for the Union Budget 2024-25 from today, 10 October 2023. In meetings with individual ministries, the finance ministry will finalise the Revised Estimates for 2023-24 and the Budget Estimates for 2024-25. Pre-Budget consultations with ministries will continue till November 14, The Budget circular lays the groundwork and spell out the timelines for the next Budget and seeks details on actuals and projected expenditure and outlays as well as revenue by government ministries.

Global markets:

Overseas, Asian stocks climbed across the board, as markets rally despite pressures from the attack on Israel by Palestinian militant group Hamas.

Wall Street's major indexes closed higher on Monday while energy stocks rallied as investors digested the latest news about the conflict between Israel and the Palestinian Islamist group Hamas.

Domestic markets:

Back home, domestic stock market tumbled today, following increased tensions in the Middle East, leading to a negative sentiment in global markets. The barometer index, the S&P BSE Sensex tumbled 483.24 points or 0.73% to 65,512.39. The Nifty 50 index lost 141.15 points or 0.72% to 19,512.35.

Foreign portfolio investors (FPIs) sold shares worth Rs 997.76 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,661.27 crore in the Indian equity market on 9 October, provisional data showed.

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