Market Commentary - Pre-Session
GIFT Nifty signals firm opening As on : 16-Oct-23  08:38

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could rise 25 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading lower as investors look ahead to key economic data from China and Japan this week. Most notably, China will release its third-quarter gross domestic product numbers on Wednesday. Japan's September inflation data is expected on Friday. South Korea's central bank will also announce its rate decision on Thursday.

US stocks ended the day mixed on Friday, pressured by a spike in oil prices and rising inflation expectations. Deteriorating consumer sentiment data and the Middle East conflict soured investors on riskier bets and overshadowed upbeat quarterly earnings from some of the largest U.S. banks.

Domestic markets:

Back home, domestic shares settled lower on Friday, mainly due to weaknesses in IT and banking stocks. The barometer index, the S&P BSE Sensex declined 125.65 points or 0.19% to 66,282.74. The Nifty 50 index shed 42.95 points or 0.22% to 19,751.05.

Foreign portfolio investors (FPIs) bought shares worth Rs 317.01 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 102.88 crore in the Indian equity market on 13 October, provisional data showed.

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