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Home >> Market >> News >> News Details

Market Commentary - Pre-Session
09-Apr-2018     07:55

Market may open lower

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 42.50 points at the opening bell.

Overseas, most Asian stocks were trading higher. China has tightened restrictions on exports to North Korea of items with potential dual use in weapons of mass destruction and conventional arms. The ban on exports of potential dual-use items, including software, machinery and chemicals, is in line with UN Security Council resolution number 2375. That resolution was passed in September.

US stocks closed sharply lower on Friday, 6 April 2018, led by a selloff in industrials and financials, as investors continued to fret over an escalating China-US trade fight.

The selling pressure followed Federal Reserve Chairman Jerome Powell's speech in which he backed a patient approach to raising interest rates. The Fed chairman said going slow on rate hikes has also reduced the risk of an unforeseen blow to the economy that might have pushed the economy into recession.

Investors also digested a weaker-than-expected jobs report that showed that wage growth remains tepid. The US economy added just 103,000 new jobs in March. The unemployment rate was unchanged at 4.1%.

Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 524.85 crore on Friday, 6 April 2018, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 1305.45 crore on Friday, 6 April 2018, as per provisional data.

Key domestic indices reported small gains after alternately moving in positive and negative zone throughout the trading session on Friday, 6 April 2018. The barometer index, the S&P BSE Sensex, rose 30.17 points or 0.09% at 33,626.97. The Nifty 50 index rose 6.45 points, or 0.06% at 10,331.60.

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