Market Commentary - Pre-Session
Indices may open slightly lower As on : 23-Jun-23  08:22

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 13 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading mixed Friday as investors look to inflation data out of Japan and Singapore, as well as flash estimates from the au Jibun bank on Japan's manufacturing and services activity. Mainland Chinese markets are closed for a public holiday Friday.

Japan's business activity expanded at a slower rate in June, according to flash estimates by the au Jibun bank. The composite purchasing managers index fell to 52.3 in June, compared to 54.3 in May. Japan's inflation rate slowed in May. Japan's headline inflation rate came in at 3.2% in May, easing from the 3.5% recorded in April. Japan's core inflation rate in May eased slightly to 3.2% year-on-year, lower than April's 3.4% but still above the BOJ's 2% target.

US stocks rose on Thursday as Federal Reserve chairman Jerome Powell wrapped up his congressional testimony.

Federal Reserve Chairman Jerome Powell faced multiple questions Thursday about where interest rates are heading, but he said the focus instead should be on how quickly the Fed is moving. Policymakers, he insisted, are still committed to using rates to bringing down inflation, but are going to move more slowly than they had been during an aggressive run of hikes going back to March 2022.

Domestic markets:

Back home, the frontline indices closed on Thursday with losses, ending a two-day winning streak. Investors were spooked by negative global cues and concerns about potential rate hikes. The barometer index, the S&P BSE Sensex slipped 284.26 points or 0.45% at 63,238.89. The Nifty 50 index lost 85.60 points or 0.45% at 18,771.25.

Foreign portfolio investors (FPIs) sold shares worth Rs 693.28 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 219.42 crore in the Indian equity market on 22 June, provisional data showed.

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