Market Commentary - Pre-Session
Stocks poised for tepid start As on : 04-Mar-24  08:36

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could fall 10 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading higher on Monday, tracking US shares higher into a week that includes Federal Reserve boss Jerome Powell?s congressional testimony and China?s National People?s Congress.

Japan?s Nikkei-225 Stock Average surpassed 40,000 for the first time as the government discusses officially stating that the country?s economy has overcome deflation, as per reports. Chinese equities will be in focus ahead of the 14th National People?s Congress, an annual parliamentary gathering in Beijing, that will begin Tuesday as markets await more stimulus measures to aid a soft economy.

U.S. stocks rose on Friday, with the S&P 500 and Nasdaq closing at record highs, as technology stocks rallied on continued enthusiasm for artificial intelligence, with further support from declining Treasury yields. All eyes will be on Federal Reserve Chair Jerome Powell when he testifies before lawmakers on Wednesday and Thursday,

Domestic markets:

Back home, the domestic stock market hit new high during a special trading session on Saturday. Both Sensex and Nifty reached record levels. In the barometer index, the barometer index, the S&P BSE Sensex up 60.80 points or 0.08% to 73,806.15. The Nifty 50 index added 39.65 points or 0.18% to 22,378.40.

Foreign portfolio investors (FPIs) sold shares worth Rs 81.87 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 44.71 crore in the Indian equity market on 02 March, provisional data showed.

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