Market Commentary - Pre-Session
GIFT Nifty hints at positive opening As on : 17-Nov-23  08:54

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could rise 22 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading lower on Friday as a batch of softer U.S. economic data took some of the steam out of Wall Street, but also boosted bonds in a big way while slugging oil prices in a boon for the inflation outlook. Both Brent and U.S. crude slid almost 5% on Thursday to four-month lows in a move that was blamed on economic and supply concerns.

In US, the S&P 500 and the Nasdaq managed to eke out tiny gains on Thursday while the Dow Industrial Average ended slightly lower with pressure from tech and retail bellwethers Cisco and Walmart after disappointing forecasts. Shares of Cisco Systems tumbled as the communications and networking technology company cut its full-year revenue and profit forecasts on slowing demand for its networking equipment.

U.S. President Joe Biden and Chinese President Xi Jinping have agreed to resume high-level military communication, according to both countries. The two leaders met in person for the first time in a year Wednesday in San Francisco on the sidelines of the Asia-Pacific Economic Cooperation conference. ?We?re back to direct, open, clear communications,? Biden said at a press conference after the talks

Domestic markets:

Back home, domestic stock market displayed resilience on Thursday, achieving its second consecutive day of gains despite significant volatility. The barometer index, the S&P BSE Sensex jumped 306.55 points or 0.47% to 65,982.48. The Nifty 50 index added 89.75 points or 0.46% to 19,765.20.

Foreign portfolio investors (FPIs) bought shares worth Rs 957.25 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 705.65 crore in the Indian equity market on 16 November, provisional data showed.

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