Market Commentary - Pre-Session
Market may open in positive zone; macroeconomic data in focus As on : 12-Oct-23  08:44

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could rise 22 points at the opening bell.

On the macro front, the Industrial Production and Manufacturing Production data for August will be released today, 12 October 2023. Inflation rate for September will also be declared today.

Global markets:

Overseas, Asian stocks are trading higher as investors looked ahead to key U.S. consumer inflation data, which will inform the Federal Reserve's rate decision in its policy meeting beginning October 31.

US stocks ended Wednesday as traders awaited the release of new US consumer inflation numbers and Treasury yields continued to retreat.

Federal Reserve officials at their September meeting differed on the need for more policy tightening, but indicated rates would need to stay elevated until the policymakers are convinced inflation is heading back to 2%. One more hike would be likely, minutes released Wednesday showed.

Domestic markets:

Back home, the equity market extended its winning streak for the second consecutive day on Wednesday, gaining momentum from positive global markets and strength in heavyweights. This buying was supported by moderating US bond yields and stability in crude oil prices. The barometer index, the S&P BSE Sensex jumped 393.69 points or 0.60% to 66,473.05. The Nifty 50 index added 121.50 points or 0.62% to 19,811.35.

Foreign portfolio investors (FPIs) sold shares worth Rs 421.77 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,032.02 crore in the Indian equity market on 11 October, provisional data showed.

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