Market Commentary - Pre-Session
Stocks may open higher As on : 01-Dec-23  08:13

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could rise 9 points at the opening bell.

On the macro front, the S&P Global Services PMI for November will be declared today, 1 December 2023.

India's gross domestic product (GDP) for the second quarter of the ongoing financial year accelerated to 7.6% year-on-year, showed data shared by the Ministry of Statistics and Programme Implementation on Thursday. In the same period last year, the GDP growth stood at 6.2%.

Auto stocks will be in focus as auto companies will start announcing monthly sales numbers for November starting from 1 December 2023.

Global markets:

Overseas, Asian stocks are trading lower on Friday, breaking ranks with Wall Street which mostly advanced on Thursday, amid mixed economic data from across the region.

China?s manufacturing sector unexpectedly expanded in November, according to a survey by Caixin. The Caixin purchasing managers? index climbed to 50.7 last month from 49.5 in October, as a rise in new orders helped lift factory production.

US stocks were mixed on Thursday as investors continued to bet on interest rate cuts after a key reading on consumer inflation. Data released early Thursday showed that the personal consumption expenditures price index rose 3.5% on a year-over-year basis, a slowing from a 3.7% annual gain in prior month.

Domestic markets:

Back home, the domestic stock market showed resilience and advanced amid volatility on Thursday. The barometer index, the S&P BSE Sensex advanced 86.53 points or 0.13% to 66,988.44. The Nifty 50 index added 36.55 points or 0.18% to 20,133.15.

Foreign portfolio investors (FPIs) bought shares worth Rs 8,147.85 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 780.32 crore in the Indian equity market on 30 November, provisional data showed.

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