JKB Financial Services Ltd.

As on : 04-Aug-2023

Market Commentary - Pre-Session
04-Aug-2023 08:20

Market may open lower

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could rise 28 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading mixed on Friday as rising bond yields continue to put pressure on equities in the wake of the U.S. credit downgrade.

US stocks fell marginally on Thursday on surge in treasury yields after the release of latest economic data.

In other news, the Bank of England on Thursday hiked interest rates by 25 basis points, in the latest move by a global central bank to tame inflation.

Domestic markets:

Back home, domestic equity indices experienced significant declines on Thursday, marking the third consecutive trading session of losses. The S&P BSE Sensex tumbled 542.10 points or 0.82% to 65,240.68. The Nifty 50 index lost 144.90 points or 0.74% to 19,381.65. In three consecutive sessions, the Sensex slips 1.93% while the Nifty skid 1.88%.

Foreign portfolio investors (FPIs) sold shares worth Rs 317.46 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1729.19 crore in the Indian equity market on 3 August, provisional data showed.

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