JKB Financial Services Ltd.

As on : 30-Oct-2023

Market Commentary - Pre-Session
30-Oct-2023 08:37

GIFT Nifty hints at firm start

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could rise 65 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading mixed ahead of a week of key economic data from around the region. Monetary policy decisions from Japan and Malaysia, inflation data from South Korea, and gross domestic growth figures from Taiwan and Hong Kong will be in focus this week.

Risk appetite was dulled by Israel's push to surround Gaza's main city in a self-declared second phase of a three-week war against Iranian-backed Hamas militants.

US stocks ended the day mixed on Friday as renewed selling occurred on Wall Street on fears of a recession. The Federal Reserve decision looms on Wednesday, where the central bank is widely expected to hold its benchmark interest rate at the same level. The Bank of England will announce its interest rate decision on Thursday.

Domestic markets:

Back home, the stock market broke its six-day losing streak and bounced on Friday, driven by savvy bargain hunters. The barometer index, the S&P BSE Sensex jumped 634.65 points or 1.01% to 63,782.80. The Nifty 50 index added 190 points or 1.01% to 19,047.25.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,500.13 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 313.69 crore in the Indian equity market on 27 October, provisional data showed.

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