Market Commentary - Pre-Session
Market may open on soft note As on : 16-Nov-23  08:32

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could fall 17 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading lower Thursday as investors digested high-level discussions between U.S. President Joe Biden and Chinese President Xi Jinping.

Biden and Xi met Wednesday outside of San Francisco in their first face-to-face meeting in a year. The talks were on the sidelines of the Asia-Pacific Economic Cooperation conference and were a part of efforts between the U.S. and China to boost high-level communication amid continued tensions.

US stocks ended higher on Wednesday, building on the strong rally from Tuesday, on the back of more encouraging inflation data. Another reading on U.S. inflation showed October?s producer price index, which measures wholesale prices, fell by 0.5% to mark its biggest monthly drop since April 2020.

Domestic markets:

Back home, domestic equity indices ended with major gains on Wednesday. Cooling inflation in the US, UK and India boosted sentiment. The barometer index, the S&P BSE Sensex jumped 742.06 points or 1.14% to 65,675.93. The Nifty 50 index surged 231.90 points or 1.19% to 19,675.45.

Foreign portfolio investors (FPIs) bought shares worth Rs 550.19 crore, while domestic institutional investors (DIIs), were also net buyers to the tune of Rs 609.82 crore in the Indian equity market on 15 November, provisional data showed.

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