Market Commentary - Pre-Session
Flat opening on the cards; RBI Monetary Policy in focus As on : 08-Dec-23  08:26

GIFT Nifty:

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

The six-member Monetary Policy Committee of the Reserve Bank of India (RBI) commenced its meeting on 6 December 2023. RBI Governor Shaktikanta Das is scheduled to announce the MPC decision on the final day of the meeting. The Reserve Bank of India's (RBI's) MPC is likely to opt for another rate pause on Friday, 8 December 2023, as per reports.

Global markets:

Overseas, Asian stocks are trading mixed as Japan?s third-quarter GDP was revised downward in a surprise move, while investors also awaited India?s central bank rate decision. Japan?s third-quarter GDP was revised downward to a 0.7% fall quarter-on-quarter, a sharper slide compared with the 0.5% decline estimated earlier.

US stocks ended higher on Thursday ahead of Friday?s all-important jobs report. The Nasdaq ended sharply higher after Alphabet and Advanced Micro Devices sparked a megacap rally on fresh optimism about artificial intelligence.

Domestic markets:

Back home, the benchmark indices took a breather on Thursday, after a seven-day winning streak. The barometer index, the S&P BSE Sensex declined 132.04 points or 0.19% to 69,521.69. The Nifty 50 index lost 36.55 points or 0.17% to 20,901.15.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,564.03 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 9.66 crore in the Indian equity market on 7 December, provisional data showed.

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