Market Commentary - Pre-Session
GIFT Nifty hints at upbeat start As on : 06-Dec-23  08:46

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could rise 33 points at the opening bell.

Global markets:

Overseas, Asian stocks opened on Wednesday on a positive note, bolstered by the uptick in US high-tech shares amidst evaluations of US labour market data indicating a slowdown.

Meanwhile, Moody?s Investors Service downgraded its outlook for Chinese sovereign bonds to ?negative,? highlighting global worries over the country?s soaring debt. While maintaining an A1 long-term rating, Moody?s expressed concerns about China?s heavy reliance on fiscal stimulus for local entities and state-owned firms, posing economic risks.

Wall Street finished mixed on Tuesday after fresh employment data bolstered bets that the U.S. Federal Reserve will cut interest rates as soon as March.

Domestic markets:

Back home, the stock market has achieved its sixth consecutive session of gains, with the Nifty comfortably closing above the 20,800 mark. The S&P BSE Sensex, the barometer index, surged by 431.02 points or 0.63% to reach 69,296.14, while the Nifty 50 index rose by 168.30 points or 0.81% to settle at 20,855.10.

Foreign portfolio investors (FPIs) bought shares worth Rs 5,223.51 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,399.18 crore in the Indian equity market on 5 December, provisional data showed.

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