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Home >> Market >> News >> News Details

Market Commentary - Pre-Session
08-Jan-2019     08:04

Shares may see flat opening

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 2 points at the opening bell.

Overseas, stocks in Asia traded mixed on Tuesday as investors wait for the second day of US-China trade talks to kick off later in the day. China is reportedly willing to resolve its trade disputes with the US on an equal footing.

US stocks on Monday closed higher, building on Friday's powerful rally, as investors watched for further signs of a thaw in the protracted trade dispute between the US and China.

On the data front, the US services sector expanded at the slowest pace in five months in December, according to the latest reading of the Institute for Supply Management's nonmanufacturing index, released Monday. The index fell to 57.6% in December, from 60.7%.

Closer home, foreign portfolio investors (FPIs) bought shares worth a net Rs 736.18 crore on 7 January 2019, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 141.97 crore on 7 January 2019, as per provisional data.

On economic front, the Central Statistics Office (CSO), Ministry of Statistics and Programme Implementation released the First Advance Estimates of National Income at Constant (2011-12) and Current Prices, for the financial year 2018-19. The advance estimates shows India's GDP would grow 7.2% in 2018-2019, showing acceleration from 6.7% growth in 2017-18. Real gross value added (GVA), i.e, GVA at Basic Constant Prices (2011-12) is anticipated to increase 7.0% in 2018-19 up from 6.5% growth in 2017-18.

Domestic stocks ended with modest gains on Monday, 7 January 2019, mirroring strength in global stock markets, supported by strong US jobs data and a dovish tone by the US Federal Reserve. The barometer index, the S&P BSE Sensex, rose 155.06 points or 0.43% to settle at 35,850.16. The Nifty 50 index rose 49.25 points or 0.46% to settle at 10,776.60.

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