Market Commentary - Pre-Session
GIFT Nifty indicates positive opening As on : 08-Sep-23  08:18

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could rise 24 points at the opening bell.

Meanwhile, US President Joe Biden and Prime Minister Narendra Modi will meet in New Delhi today, 8 September 2023 to give a further push to their relations that are growing into a robust partnership. Biden will also participate in the two-day G20 summit in New Delhi from September 9.

Global markets:

Overseas, Asian stocks are trading lower on Friday as Japan released revised second quarter gross domestic product figures. Hong Kong cancelled the morning trading session due to a storm warning. Japan's economy grew 4.8% in the second quarter on a quarter-on-quarter annualized basis, a smaller growth than the 6% seen in the preliminary estimates.

Overnight in the U.S., the Nasdaq Composite fell for a fourth session Thursday as concerns resurfaced over the Federal Reserve's interest rate policy path, and whether policymakers will enact another hike this year.

The likelihood that inflation numbers are going to remain stubbornly high for a while could mean more interest rate increases, former St. Louis Federal Reserve President James Bullard reportedly said.

Domestic markets:

Back home, domestic stock market closed higher for the fifth consecutive session on Thursday, defying weak Asian markets. The barometer index, the S&P BSE Sensex advanced 385.04 points or 0.58% to 66,265.56. The Nifty 50 index added 116 points or 0.59% to 19,727.05.

Foreign portfolio investors (FPIs) sold shares worth Rs 758.55 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 28.11 crore in the Indian equity market on 7 September, provisional data showed.

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