JKB Financial Services Ltd.

As on : 08-Nov-2023

Market Commentary - Pre-Session
08-Nov-2023 08:43

GIFT Nifty hints at higher opening

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could rise 25 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading lower on Wednesday, extending declines from the previous session, while Japanese blue-chip stocks stayed afloat after a positive business sentiment survey.

U.S. stocks rose on Tuesday, with the S&P 500 and Nasdaq notching their longest streak of gains in two years, as a retreat in U.S. Treasury yields buoyed megacap growth stocks while investors sought more clarity on interest rates from the Federal Reserve. Fed Chair Jerome Powell is set to speak on Wednesday and Thursday.

Domestic markets:

Back home, in a volatile trading session on Tuesday, equity indices initially showed a downward trend but managed to recover most of their losses by the end of the day, displaying remarkable resilience. The barometer index, the S&P BSE Sensex declined 16.29 points or 0.03% to 64,942.40. The Nifty 50 index lost 5.05 points or 0.03% to 19,406.70.

Foreign portfolio investors (FPIs) sold shares worth Rs 497.21 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 700.28 crore in the Indian equity market on 7 November, provisional data showed.

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