JKB Financial Services Ltd.

As on : 07-Sep-2023

Market Commentary - Pre-Session
07-Sep-2023 08:24

Stocks may open with small gains

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could rise 9 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading mixed on Thursday, following a sell off on Wall Street and ahead of trade data from China and Australia.

US stocks saw a sell off on Wednesday as concerns mounted that the Federal Reserve may not be done hiking interest rates.

The Institute for Supply Management's U.S. services index climbed to a six-month high in August, while the price segment ticked up to 58.9%, a report Wednesday showed. The ISM index's price barometer hit a four-month high.

Domestic markets:

Back home, local shares experienced choppy trading Wednesday, but late selective buying helped indices gain for the 4th consecutive session. The barometer index, the S&P BSE Sensex advanced 100.26 points or 0.15% to 65,880.52. The Nifty 50 index added 36.15 points or 0.18% to 19,611.05.

Foreign portfolio investors (FPIs) sold shares worth Rs 3,245.86 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 247.46 crore in the Indian equity market on 6 September, provisional data showed.

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