JKB Financial Services Ltd.

As on : 16-Aug-2023

Market Commentary - Pre-Session
16-Aug-2023 08:21

GIFT Nifty indicates weak opening

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could slide 79 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading lower on Wednesday mirroring moves on Wall Street after a decline in US banks.

US stocks slid on Tuesday as investors fretted over the banking sector and took in data showing another weak month for China's economy.

A Fitch Ratings analyst warned that the U.S. banking industry has inched closer to another source of turbulence ? the risk of sweeping rating downgrades on dozens of U.S. banks that could even include the likes of JPMorgan Chase.

Domestic markets:

Back home, domestic equity benchmarks ended with tiny gains on Monday, snapping a two-day losing streak. The barometer index, the S&P BSE Sensex gained 79.27 points or 0.12% to 65,401.92. The Nifty 50 index added 6.25 points or 0.03% to 19,434.55. The domestic stock market remained shut on Tuesday, 15 August 2023, on account of Independence Day.

Foreign portfolio investors (FPIs) sold shares worth Rs 2,324.23 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,460.90 crore in the Indian equity market on 14 August, provisional data showed.

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