JKB Financial Services Ltd.

As on : 08-Apr-2024

Market Commentary - Pre-Session
08-Apr-2024 08:29

Market may open on soft note

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could fall 20 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading mixed ahead of central bank decisions this week, with investors also awaiting inflation numbers from the U.S. and China. The Bank of Korea, the Reserve Bank of New Zealand, the Bank of Thailand and the central bank of the Philippines have their monetary policy meetings scheduled this week. All four banks are likely to hold their rates steady, as per reports.

US stocks regained ground after a stronger than expected jobs report. Nonfarm payrolls increased by 303,000 jobs last month, the Labor Department's Bureau of Labor Statistics said in its closely watched employment report on Friday. Data for February was revised slightly lower to show 270,000 jobs added instead of 275,000 as previously reported.

Domestic markets:

Back home, domestic equity indices closed nearly flat on Friday. The Nifty 50 index managed to hold above the 22,500 level. The S&P BSE Sensex added 20.59 points or 0.03% to 74,248.22. The Nifty 50 index shed 0.95 points to 22,513.70.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,659.27 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 3,370.42 crore in the Indian equity market on 5 April, provisional data showed.

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