Market Commentary - Pre-Session
Market may open on dull note As on : 07-Nov-23  08:00

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could fall 16 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading lower ahead of trade data coming out of China, as well as a rate decision by the Reserve Bank of Australia. As per reports, the RBA is likely to raise its key policy rate by 25 basis points to 4.35%.

US stocks eked out small gains on Monday as hopes continued to prevail that the Federal Reserve is ready to call an end to tightening.

Office-sharing company WeWork filed for Chapter 11 bankruptcy protection in New Jersey federal court Monday. The company reported liabilities ranging from $10 billion to $50 billion, according to a bankruptcy filing.

Domestic markets:

Back home, domestic equity benchmarks clocked solid gains on Monday, rising for the third straight day. The barometer index, the S&P BSE Sensex, was up 594.91 points or 0.92% to 64,958.69. The Nifty 50 index added 181.15 points or 0.94% to 19,411.75.

Foreign portfolio investors (FPIs) sold shares worth Rs 549.37 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 595.70 crore in the Indian equity market on 6 November, provisional data showed.

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