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Home >> Market >> News >> News Details

Market Commentary - Pre-Session
10-Oct-2018     08:05

Market could recover on value buying

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 25.50 points at the opening bell.

Overseas, Asian shares were mixed on Wednesday after a mixed finish on Wall Street overnight. US stocks closed mostly lower Tuesday after a volatile session as investors continued to fret over the implication of higher bond yields on equities. The Nasdaq, however, snapped a three-day losing streak in line with a rebound in technology shares.

US President Donald Trump said Tuesday that he did not like the Federal Reserve's decision to continue hiking interest rates. The US central bank last raised its benchmark interest rate by a quarter point in September, while raising its expectations for economic growth for this year and next.

On the US data front, the National Federation of Independent Business small-business optimism index fell 0.9 point in September, falling from a 45-year high to a seasonally adjusted level of 108.8.

Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 1242.46 crore on 9 October 2018, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 1526 crore on 9 October 2018, as per provisional data.

Key equity indices ended with modest losses yesterday, 9 October 2018, as investors remained on the sidelines ahead of corporate results and weakening global cues. Falling rupee and boiling crude oil prices also put pressure on bourses. Trading was volatile throughout the session as indices swung between gains and losses in the intraday. The Sensex fell 174.91 points or 0.51% to settle at 34,299.47. The Nifty 50 index fell 47 points or 0.45% to settle at 10,301.05.

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