Market Commentary - Pre-Session
Indices may see flat to positive opening As on : 07-Mar-24  08:38

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could rise 10 points at the opening bell.

India's GDP growth in the current fiscal year ending in March could be very close to 8%, Reserve Bank of India (RBI) governor Shaktikanta Das reportedly said. Das said rural demand had been improving and was much stronger than a year ago, while urban demand continued to be very strong.

Global markets:

Overseas, Asian stocks are trading higher on Thursday, with several stock indexes hitting record highs. Asia stocks rose helped by Federal Reserve Chair Jerome Powell?s comments that interest rates will likely fall this year.

U.S. stocks ended higher on Wednesday after Federal Reserve Chair Jerome Powell reassured investors that while inflation is not quite tamed rate cuts can be expected this year.

Federal Reserve Chair Jerome Powell reiterated to lawmakers that the US central bank is in no rush to cut interest rates until policymakers are convinced they have won their battle over inflation. In prepared testimony to a House panel Wednesday, the Fed chief said it will likely be appropriate to begin lower borrowing costs ?at some point this year,? but made clear they?re not ready yet.

Domestic markets:

Back home, the key equity benchmarks erased intraday losses and ended with modest gains on Wednesday. The barometer index, the S&P BSE Sensex gained 408.86 points or 0.55% to 74,085.99. The Nifty 50 index added 117.75 points or 0.53% to 22,474.05. Both the indices attained record closing high levels.

Foreign portfolio investors (FPIs) bought shares worth Rs 2,766.75 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,149.88 crore in the Indian equity market on 6 March, provisional data showed.

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