Market Commentary - Pre-Session
Market may open lower As on : 12-Apr-24  08:32

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could fall 43 points at the opening bell.

The Asian Development Bank (ADB) on Thursday raised India?s GDP growth forecast for the current fiscal to 7% from 6.7% earlier, saying the robust growth will be driven by public and private sector investment demand and gradual improvement in consumer demand.

Global markets:

Overseas, Asian stocks are trading mixed Friday with investor assessing economic data from Singapore and South Korea while awaiting China trade numbers. Singapore?s first-quarter gross domestic product climbed 2.7% year on year, advance estimates showed, faster than the 2.2% growth recorded in the last quarter of 2023. The Bank of Korea bank left its key policy rate unchanged for the 10th consecutive time at 3.50%.

US stocks closed higher on Thursday, with tech-related momentum stocks leading the charge, as fresh economic data rekindled hopes that inflation remains in a cooling trend.

The European Central Bank held interest rates steady again Thursday but said slowing inflation could open the door to easing monetary policy.

Domestic markets:

Back home, domestic equity benchmarks ended with modest gains on Wednesday, with the Nifty 50 breaching the 22,750 mark. In the barometer index, the S&P BSE Sensex, gained 354.45 points or 0.47% to 75,038.15. The Nifty 50 index added 111.05 points or 0.49% to 22,753.80.

Foreign portfolio investors (FPIs) bought shares worth Rs 2,778.17 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 163.36 crore in the Indian equity market on 10 April, provisional data showed.

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