JKB Financial Services Ltd.

As on : 18-Jan-2024

Market Commentary - Pre-Session
18-Jan-2024 08:50

Bourses may open lower on weak global cues

GIFT Nifty:

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

Global markets:

Overseas, Asian stocks are trading lower on Thursday amid a fall in the US stocks, weak China data and a strong rise in global bond yields. Data showed China?s economy expanded by 5.2% in the fourth quarter of 2023, missing estimates.

Wall Street stocks finished lower on Wednesday after upbeat December US retail sales data eroded expectations the Federal Reserve will kick off its rate-cut campaign as early as March.

Domestic markets:

Back home, the key equity benchmarks tanked on Wednesday, declining for the second day in a row. The selloff was mainly due to a significant drop in private banking stocks, especially HDFC Bank, with its share price falling by over 8% after the release of its Q3 earnings. The barometer index, the S&P BSE Sensex tumbled 1,628.01 points or 2.23% to 71,500.76. The Nifty 50 index lost 460.35 points or 2.09% to 21,571.95.

Foreign portfolio investors (FPIs) sold shares worth Rs 10,578.13 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 4,006.44 crore in the Indian equity market on 17 January, provisional data showed.

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