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Home >> Market >> News >> News Details

Market Commentary - Pre-Session
08-May-2018     07:47

Market may extend gains

Shares may open higher tracking positive leads from Asian markets and overnight gains on the Wall Street. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 26.50 points at the opening bell.

Overseas, Asian markets were trading higher following firm leads from Wall Street. US stock market settled higher on Monday, but well off the peak of the day, as energy shares pulled back following a late-afternoon tweet from President Donald Trump indicated that a decision was imminent on whether the US would decertify a 2015 Iran nuclear pact.

Trump tweeted that he would make an announcement on a possible decertification of the Iran nuclear agreement that the Obama administration had reached with the Middle Eastern country back in 2015. European leaders had urged Trump not to abandon the pact. Trump had until 12 May 2018 to decide whether to keep the deal intact. Abandoning it would trigger a reimposition of economic sanctions on Iran, hampering oil exports from the country and cutting global supply.

Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 635.24 crore yesterday, 7 May 2018, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 1037.23 crore yesterday, 7 May 2018, as per provisional data.

Among corporate news, ABB India and Jubilant FoodWorks will announce January-March 2018 quarterly results on Tuesday, 8 May 2018.

Domestic stocks logged modest gains yesterday, 7 May 2018, after tepid US jobs data on Friday eased fears of faster rate hikes by the US Federal Reserve. The barometer index, the S&P BSE Sensex, gained 292.76 points or 0.84% to settle at 35,208.14. The Nifty 50 index gained 97.25 points or 0.92% to settle at 10,715.50. Steady buying in index pivotals pushed the Sensex above the psychologically important 35,000 level. Investors fear that a rate hike in the US could set off capital outflows from emerging market economies like India.

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