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Home >> Market >> News >> News Details

Market Commentary - Pre-Session
30-Oct-2018     08:03

Market may resume slide

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 55 points at the opening bell on mixed Asian cues.

Overseas, Asian shares were mixed amid renewed concerns about the ongoing US-China trade war. US stocks closed lower Monday in a volatile session as concerns about global growth resurfaced following a news report that suggested that the US is about to intensify its trade war with China.

President Donald Trump's administration is prepared to announce tariffs on remaining Chinese imports if talks next month between Trump and Xi Jinping do not yield results, the media reported. Such a move is expected to hurt the global economy.

On the US data front, consumer spending rose 0.4% in September. Incomes rose a smaller 0.2%, the smallest rise in 13 months, while inflationary pressures appeared to slacken. The personal-consumption expenditures inflation index, the Federal Reserve's favorite price gauge, rose 0.1% in September, while the 12-month rate slipped to 2% from 2.2%.

Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 2230.79 crore on 29 October 2018, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 2526.90 crore on 29 October 2018, as per provisional data.

Domestic stocks logged sharp gains on 29 October 2018, on strong buying demand in index pivotals. The barometer index, the S&P BSE Sensex, surged 718.09 points or 2.15% to settle at 34,067.40. The Nifty 50 index surged 220.85 points or 2.20% to settle at 10,250.85. The Sensex regained the psychological 34,000 level.

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