Market Commentary - Pre-Session
GIFT Nifty indicates firm opening As on : 09-Aug-23  08:21

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could rise 42 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading are mixed as China's consumer price index fell in July, for the first time in 28 months. Data on Wednesday showed China's consumer prices fell 0.3% in July from a year ago. Producer prices dropped for a 10th consecutive month.

Overnight in the U.S., all three major indexes saw a selloff after Moody's downgraded the credit rating on several regional banks, citing deposit risk, a potential recession and struggling commercial real estate portfolios.

Markets are waiting for the U.S. inflation report on Thursday.

Domestic markets:

Back home, benchmark indices ended with small losses on Tuesday, snapping a two-day gaining streak. The barometer index, the S&P BSE Sensex slipped 106.98 points or 0.16% to 65,846.50. The Nifty 50 index shed 26.45 points or 0.13% to 19,570.85.

Foreign portfolio investors (FPIs) sold shares worth Rs 711.34 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 537.31 crore in the Indian equity market on 8 August, provisional data showed.

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