Trading of the GIFT Nifty futures indicates that the Nifty 50 index could rise 13.50 points at opening today. Due to global uncertainty, the market is expected to remain range-bound. However, there may be continued activity in banking and financial services before the release of the RBI policy meeting minutes and bank loan growth data.
Global Markets:
The US Dow Jones index futures were up 29 points, indicating a positive opening in the US stocks today.
Asian stocks rose on Thursday, driven by technology stocks gaining on Nvidia Corp's better-than-expected quarterly earnings. However, concerns over China and high interest rates restricted market gains.
U.S. stocks surged on Wednesday, driven by Nvidia's strong quarterly earnings and positive after-hours trading for tech companies like Microsoft. Investors were hopeful that Nvidia's performance would further boost the rally in tech stocks. The slight decline in 10-year U.S. Treasury yields and weak business activity data from the U.S. and eurozone also contributed to the market. Investors are eagerly awaiting comments from U.S. Federal Reserve Chair Jerome Powell at the Jackson Hole conference for insights into interest rates. The Dow Jones rose 0.54%, the S&P 500 gained 1.10%, and the Nasdaq Composite added 1.59%.
Domestic Equity Market:
Equity benchmark indices ended higher for the third consecutive session on Wednesday, 23 August 2023. Investors adopted a cautious approach due to concerns about the global macroeconomy and rising US bond yields. The outcome of the central bankers' meeting at Jackson Hole, scheduled for Friday, is being closely watched by global markets, with expectations of increased volatility due to a possible US rate hike and higher bond yields. The barometer index, the S&P BSE Sensex gained 213.27 points or 0.33% to 65,433.30. The Nifty 50 index added 47.55 points or 0.25% to 19,444.
Foreign portfolio investors (FPIs) bought shares worth Rs 614.32 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 125.03 crore in the Indian equity market on 23 August 2023, provisional data showed.
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