Market Commentary - Pre-Session
Market may open with small losses As on : 21-Aug-23  08:01

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could fall 19 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading mixed as China slashed its one-year loan prime rate, but kept its five-year rate unchanged on Monday.

The People's Bank of China cut its one-year loan prime rate by 10 basis points to 3.45%, but held the five-year LPR at 4.2%.

U.S. stocks mostly fell Friday as the recent rise in bond yields and China's economic woes left major benchmarks with another losing week.

Federal Reserve Chairman Jerome Powell will be delivering an address at the central bank's symposium in Jackson Hole, Wyo., next week. The Fed announced that Powell will speak Friday, 25 August 2023. He will deliver a speech, but there will be no question-and-answer session afterwards.

Domestic markets:

Back home, the domestic stock market saw a second consecutive decline on Friday mainly due to profit-taking in IT and PSU stocks.. The barometer index, the S&P BSE Sensex declined 202.36 points or 0.31% to 64,948.66. The Nifty 50 index lost 55.10 points or 0.28% to 19,310.15.

Foreign portfolio investors (FPIs) sold shares worth Rs 266.98 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 339.18 crore in the Indian equity market on 18 August, provisional data showed.

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