Market Commentary - Pre-Session
Weak opening on the cards As on : 16-Apr-24  08:39

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could slide 69 points at the opening bell.

On the political front, India is gearing up for its election in 2024. The BJP is looking to consolidate its grip on power as it aims for a historic third term while a band of opposition parties, including the Congress, has formed a united front called INDIA to deny PM Modi another victory. The elections will occur in 7 phases, starting on 19 April and ending on 1 June. The Lok Sabha elections 2024 results will declared on 4 June.

Domestic stock markets will remain closed on Wednesday, 17 April 2024 on account of Ram Navami.

Global markets:

Overseas, Asian stocks are trading lower for second session in a row Tuesday, tracking overnight losses on Wall Street. China?s economy grew stronger than expected at the start of this year, partly thanks to robust factory activity. Gross domestic product grew by 5.3% in the first quarter from a year ago, according to the National Bureau of Statistics on Tuesday. It also accelerated from the 5.2% growth in the previous three months. China has set an annual growth target of around 5% for 2024.

US stocks declined on Monday as rising yields and worries over the conflict in the Middle East overshadowed strong Goldman Sachs earnings and hot retail sales data.

Retail sales in the United States grew more than anticipated last month. US retail sales picked up by 0.7% in March to $709.6 billion, after February's increase was revised to 0.9%, said the Commerce Department.

Domestic markets:

Back home, the domestic equity benchmarks ended with deep losses on Monday as tensions flared in the Middle East following Iran's attack on Israel. The barometer index, the S&P BSE Sensex slipped 845.12 points or 1.14% to 73,399.78. The Nifty 50 index lost 246.90 points or 1.10% to 22,272.50.

Foreign portfolio investors (FPIs) sold shares worth Rs 3,268 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 4,762.93 crore in the Indian equity market on 15 April, provisional data showed.

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