JKB Financial Services Ltd.

As on : 29-Apr-2024

Market Commentary - Pre-Session
29-Apr-2024 08:33

Indices may open higher on positive global cues

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could rise 35 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading higher on Monday as stocks on Wall Street gained after the Federal Reserve's preferred inflation gauge rose in line with expectation.

Traders look toward the Federal Reserve?s meeting this week, following another hotter-than-expected U.S. inflation reading Friday. March?s core personal consumption expenditures, excluding food and energy, rose 2.8% from a year ago.

US stocks closed higher on Friday, buoyed by a rally in megacap growth stocks following robust quarterly results from technology heavyweights Alphabet and Microsoft in addition to moderate inflation data.

Domestic markets:

Back home, domestic stock market took a breather on Friday, ending a five-day winning run. Investors cashed in profits after US economic data showed a slowdown in growth coupled with stubborn inflation. The barometer index, the S&P BSE Sensex dropped 609.28 points or 0.82% to 73,730.16. The Nifty 50 index declined 150.40 points or 0.67% to 22,419.95.

Foreign portfolio investors (FPIs) sold shares worth Rs 3,408.88 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 4,356.83 crore in the Indian equity market on 26 April, provisional data showed.

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