JKB Financial Services Ltd.

As on : 23-Aug-2023

Market Commentary - Pre-Session
23-Aug-2023 08:04

Market may open higher

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could rise 47 points at the opening bell.

Global markets:

Overseas, Asian stocks are mixed on Wednesday as investors assess private business activity surveys from Australia and Japan, as well as inflation figures from Singapore.

Australia's business activity contracted at the fastest pace in 19 months, according to Juno Bank, with its flash composite purchasing managers index coming in at 47.1 for August. Japan saw a faster expansion in its business activity, with its flash PMI for August at 54.3 compared to July's 53.8.

US stocks ended mixed on Tuesday ahead of a key speech later this week from Federal Reserve Chairman Jerome Powell.

Domestic markets:

Back home, the domestic equity market closed nearly unchanged on Tuesday, with the Nifty index settling near 19,400. The S&P BSE Sensex rose 3.94 points or 0.01% to 65,220.03. The Nifty 50 index advanced 2.85 points or 0.01% to 19,396.45.

Foreign portfolio investors (FPIs) sold shares worth Rs 495.17 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 533.75 crore in the Indian equity market on 22 August, provisional data showed.

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