Market Commentary - Pre-Session
Stocks may open with small decline As on : 31-Oct-23  08:29

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could fall 15 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading lower ahead of a key monetary policy decision by the Bank of Japan, and as investors assessed manufacturing data from China. The Bank of Japan will conclude its two-day policy meeting later in the day, with investors watching for any signs of the central bank raising its inflation forecasts. The U.S. Federal Reserve and Bank of England are also meeting this week. The U.S. monthly jobs report is due on Friday.

China purchasing manager?s index data for October came in at 49.5. A PMI reading below 50 signifies a contraction.

US stocks rallied on Monday as traders started a big week filled with a Federal Reserve rate decision, employment report and Apple?s earnings.

Domestic markets:

Back home, the domestic stock market displayed resilience on Monday by recording its second consecutive day of gains. The barometer index, the S&P BSE Sensex jumped 329.85 points or 0.52% to 64,112.65. The Nifty 50 index added 93.65 points or 0.49% to 19,140.90.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,761.86 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,328.47 crore in the Indian equity market on 30 October, provisional data showed.

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