Market Commentary - Pre-Session
Indices may nudge lower in early trade As on : 20-Oct-23  09:03

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could fall 26 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading lower Friday, extending losses from Thursday's broad sell-off. China's central bank kept its benchmark loan rates unchanged for October. The People's Bank of China kept its one-year loan prime rate unchanged at 3.45%. The five-year benchmark loan rate was held at 4.2%.

US stocks ended lower on Thursday as Powell's comments and rising bond yields weighed on markets. U.S. Federal Reserve Chair Jerome Powell said inflation was still too high and would likely require lower economic growth. Powell also added that monetary policy was not yet too tight. The benchmark 10-year Treasury yield traded as high as 4.996% on Thursday, inching closer to the well-followed 5% level that was last crossed in 2007.

Domestic markets:

Back home, the domestic stock market declined on Thursday amid weak global cues and the ongoing earnings season. The barometer index, the S&P BSE Sensex declined 247.78 points or 0.38% to 65,629.24. The Nifty 50 index lost 46.40 points or 0.24% to 19,624.70.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,093.47 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 736.15 crore in the Indian equity market on 19 October, provisional data showed.

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