Market Commentary - Pre-Session
GIFT Nifty hints at firm start As on : 04-Jan-24  08:48

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could rise 31 points at the opening bell.

Global markets:

Overseas, Asian markets fell Thursday, led by Japan as the country resumed trading after an extended New Year?s holiday during which it witnessed an earthquake and a collision at Tokyo?s Haneda airport involving Japan Airlines.

The Caixin China General Services Business Activity Index rose to 52.9 in December compared with 51.5 in November, climbing for a 12th straight month. The survey also noted that the rate of growth was the fastest since July.

US stocks lost ground on Wednesday after the Fed minutes revealed officials concluded that interest rate cuts were likely in 2024, though they appeared to provide little in the way of when that might occur.

Domestic markets:

Back home, the domestic equity indices dropped on Wednesday, sliding for the second day in a row. The barometer index, the S&P BSE Sensex, was down 535.88 points or 0.75% to 71,356.60. The Nifty 50 index shed 148.45 points or 0.69% to 21,517.35.

Foreign portfolio investors (FPIs) sold shares worth Rs 666.34 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 862.98 crore in the Indian equity market on 3 January, provisional data showed.

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