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Home >> Market >> News >> News Details

Market Commentary - Pre-Session
02-Aug-2018     08:01

Negative Asian cues may put pressure on stocks

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 10.50 points at the opening bell.

Overseas, most Asian stocks declined as renewed US-China trade concerns offset strong gains in technology. US stocks closed mostly lower Wednesday after the Federal Reserve left interest rates unchanged but signaled another imminent rate increase. Fresh worries over US-China trade friction dampened sentiment although positive results from Apple buoyed the tech sector and helped the Nasdaq buck the weak trend.

The Trump administration announced it is looking at the possibility of slapping a 25% tariff on $200 billion worth of imported Chinese goods from the initial 10% announced earlier.

Meanwhile, the US Federal Reserve concluded a two-day meeting on monetary policy and left its main interest rate unchanged at 1.75% to 2%, as widely expected, and indicated that it is likely to raise rates next month as the economy remains strong.

On the US data front, the latest data on private-sector employment showed 219,000 jobs added in July. Separately, the Markit manufacturing purchasing managers index came in at 55.3 in July. The Institute for Supply Management's July manufacturing index was 58.1%.

Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 95.94 crore yesterday, 1 August 2018, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 562.33 crore yesterday, 1 August 2018, as per provisional data.

Domestic stocks drifted lower in volatile trade yesterday, 1 August 2018, after the Reserve Bank of India's monetary policy committee raised repo rate by 25 basis points. The barometer index, the S&P BSE Sensex, fell 84.96 points or 0.23% to settle at 37,521.62. The Nifty 50 index fell 10.30 points or 0.09% to settle at 11,346.20.

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