Market Commentary - Pre-Session
Stocks may begin on soft note As on : 11-Mar-24  08:35

GIFT Nifty:

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

Global markets:

Overseas, Asian stocks are trading lower on Monday taking cues from the decline on Wall Street as investors assessed Japan's GDP data and awaited the U.S. CPI print.

Japan averted a technical recession, with revised official data showing the economy expanded 0.4% in the October-December period last year. This comes after earlier estimates had shown that Japan?s economy shrank 0.4% in the fourth quarter on an annualized basis, following a revised 3.3% slump in the third quarter.

Separately, China recorded its first month of inflation in four months with the country?s consumer price index climbing 0.7% year on year in February. The figure is a marked reversal from the 0.8% fall in January.

U.S. stocks lost ground on Friday with artificial intelligence major Nvidia finishing down more than 5% in its worst session since late May. Investors also assessed fresh data, with the Labor Department?s Bureau of Labor Statistics reporting that nonfarm payrolls increased by 275,000 for the month while the jobless rate moved higher to 3.9%.

Investors look ahead to US inflation data due Tuesday that is expected to show a further slowing in core prices.

Domestic markets:

Back home, domestic markets edged higher on Thursday, extending their winning streak to two days. The barometer index, the S&P BSE Sensex added 33.40 points or 0.05% to 74,119.39. The Nifty 50 index rose 19.50 points or 0.09% to 22,493.55. The domestic market remained closed on 8 March 2024, on account of Mahashivratri.

Foreign portfolio investors (FPIs) bought shares worth Rs 7,304.11 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,601.81 crore in the Indian equity market on 7 March, provisional data showed.

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