Market Commentary - Pre-Session
GIFT Nifty indicates subdued opening As on : 13-Sep-23  08:30

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could fall 30 points at the opening bell.

On the macro front, India's retail inflation eased to 6.83% in August from 7.44% in July as vegetable prices cooled somewhat compared to the previous month, the National Statistical Office (NSO) data showed on Tuesday. On the other hand, India's industrial output grew by 5.7% in July from 3.8% in June.

Global markets:

Overseas, Asian stocks are trading lower on Wednesday as investors awaited key U.S. inflation data, while Chinese property stocks logged strong gains as embattled developer Country Garden clinched more extensions on its debt payments.

US stocks ended lower on Tuesday as Oracle shares tumbled more than 13% after a weak forecast and surging oil prices deepened worries about persistent price pressures ahead of crucial inflation readings this week. Oracle shares dived to their lowest since June after the cloud-services provider forecast current-quarter revenue below targets and narrowly missed first-quarter expectations.

Investors are awaiting August consumer price index data due on Wednesday and producer prices reading scheduled for Thursday to gauge the outlook for U.S. interest rates. Investors will also monitor the European Central Bank's policy decision on Thursday, when it is seen holding rates after nine consecutive hikes.

Domestic markets:

Back home, despite a positive start, the domestic equity benchmarks failed to sustain their early gains and ended the day with minor losses, putting an end to a seven-day winning streak. The barometer index, the S&P BSE Sensex added 94.05 points or 0.14% to 67,221.13. The Nifty 50 index shed 3.15 points or 0.02% to 19,993.20.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,047.19 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 259.48 crore in the Indian equity market on 12 September, provisional data showed.

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