Market Commentary - Pre-Session
Indian indices may open in positive zone As on : 21-Nov-23  08:23

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could rise 5 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading higher on Tuesday, with Hong Kong and Taiwan stocks in the lead and mirroring similar moves on Wall Street after a tech-fueled rally. Investors in Asia will assess South Korean producer prices for October, as well as New Zealand?s October trade figures.

US stocks jumped Monday to start a holiday shortened week, boosted by strong tech gains led by Microsoft and Nvidia. Microsoft Corp. hit a new all-time high after CEO Satya Nadella said former OpenAI chief Sam Altman will be joining the tech giant to lead a new AI research team.

Investors will keep an eye out for the minutes from the Federal Reserve?s October 31 to November 1 policy meeting. US markets will be closed Thursday due to the Thanksgiving holiday. Friday will also be a shortened trading day.

Oil prices rose more than 2% on Monday amid anticipation that the Organization of Petroleum Exporting Countries could implement another production cut this weekend.

Domestic markets:

Back home, the domestic stock market witnessed a decline for the second consecutive session today as it grappled with mixed global cues. The barometer index, the S&P BSE Sensex declined 139.58 points or 0.21% to 65,655.15. The Nifty 50 index lost 37.80 points or 0.19% to 19,694.

Foreign portfolio investors (FPIs) sold shares worth Rs 645.72 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 77.77 crore in the Indian equity market on 20 November, provisional data showed.

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