Market Commentary - Pre-Session
GIFT Nifty hints at positive opening As on : 13-Oct-23  08:39

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could rise 23 points at the opening bell.

On the macro front, India's retail inflation, as measured by the Consumer Price Index (CPI), declined to a three-month low of 5.02% in September due to easing food prices, according to data released by the National Statistics Office (NSO) on Thursday. In July 2023, India's CPI stood at 7.44%, while in August 2023, it was at 6.83%.

Industrial output as measured by the Index of Industrial Production (IIP) was 10.3% in August 2023. Factory output measured in terms of the IIP had contracted by 0.7% in August 2022.

Global markets:

Overseas, Asian stocks are trading lower as Treasury yields surged after the latest US inflation data bolstered bets on Federal Reserve rate hikes. Latest data on continued weakness in China's economy added to the gloom.

China's Consumer Price Index (CPI) stagnated at 0% YoY in September after accelerating by 0.1% in August. China's Producer Price Index (PPI) dropped 2.5% YoY in September, compared with a 3% decline registered previously.

Singapore's central bank kept its monetary policy unchanged for a second straight meeting, maintaining the rate of appreciation of its Singapore dollar nominal effective exchange rate policy band. Singapore's GDP grew faster than expected and expanded 0.7% year-on-year in the third quarter, advanced estimates from the government showed.

US stocks indices fell on Thursday after a treasury auction sent bond yields higher.

Consumer prices rose 3.7% over last year in September, matching August's increase. On a month-over-month basis, consumer prices rose 0.4%.

Domestic markets:

Back home, the domestic equity market experienced a rangebound session on Thursday. The S&P BSE Sensex declined 64.66 points or 0.10% to 66,408.39. The Nifty 50 index lost 17.35 points or 0.09% to 19,794.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,862.57 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,532.08 crore in the Indian equity market on 12 October, provisional data showed.

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