GIFT Nifty:
Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could rise 18 points at the opening bell.
Trading could be volatile as traders roll over positions in the F&O segment from the near month August series to September series. The August 2023 F&O contracts expire today, 31 August 2023.
Global markets:
Overseas, Asian stocks are largely trading higher as China's factory activity contracted for a fifth straight month in August. The official manufacturing purchasing managers index came in at 49.7, representing a softer rate of contraction compared with July's figure of 49.3.
US stocks rose on Wednesday after latest GDP data hinted at pause in interest rate hike.
The United States' second quarter GDP growth was revised downward from an initial estimate of 2.4% to 2.1% annualised, according to the Bureau of Economic Analysis. The downward revision mostly reflects lower estimates for corporate expenditure, which is partially offset by an upward revision for state and local government spending.
Domestic markets:
Back home, the equity benchmark indices ended nearly unchanged on Wednesday as the Nifty 50 index retreated from its intraday high. The barometer index, the S&P BSE Sensex, was up 11.43 points or 0.02% to 65,087.25. The Nifty 50 index added 4.80 points or 0.02% to 19,347.45.
Foreign portfolio investors (FPIs) sold shares worth Rs 494.68 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,323.24 crore in the Indian equity market on 30 August, provisional data showed.
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