Pre Session Commentary

Market may open flat
(02-Jul-2018, 07:51 Hours IST)  

Market is seen opening on a flat note tracking mixed leads from Asian market. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 3 points at the opening bell.

Overseas, Asian stocks were trading mixed, with trade tensions between the US and its trading partners still a key concern for investors.

China's official manufacturing Purchasing Managers' Index (PMI) declined to 51.5 for the month of June. The figure still came in above the 50-point level indicating growth.

In Japan, confidence among large manufacturers weakened for the second straight quarter in three months to June amid growing concerns about the potential impact of trade friction on the global economy. The main index measuring large manufacturers' sentiment was at plus 21 in the April-June period, compared with plus 24 in the previous survey in March, according to the Bank of Japan's quarterly tankan survey.

US stocks closed higher Friday, 29 June 2018, led by energy and materials sectors. Financials also rose earlier after several banks announced plans to return capital to shareholders late Thursday after the Federal Reserve released results of its annual stress test. However, financials finished in the red as investors pocketed profits toward the closing bell.

On the US data front, the personal-consumption expenditures index, the Federal Reserve's preferred inflation gauge, rose 0.2% as did the core rate that strips out food and energy. The rate of inflation over the past 12 months rose to 2.3%, the fastest pace since March 2012.

Chicago PMI climbed to a reading of 64.1 in June, up from 62.7, the fastest reading since January and the highest level in six month. Any reading above 50 indicates improving conditions. The final University of Michigan consumer sentiment index for June came in at 98.2. Thursday's data showed first-quarter growth for the US economy was trimmed to 2% from 2.2%.

Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 157.15 crore on Friday, 29 June 2018, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 2262.83 crore on Friday, 29 June 2018, as per provisional data.

Domestic equity market halted its two-day decline following a recovery in global stocks on Friday, 29 June 2018. The barometer index, the S&P BSE Sensex, rose 385.84 points or 1.10% to 35,423.48. The Nifty 50 index rose 125.20 points or 1.18% to 10,714.30. Market sentiment across the globe was negative over the past few weeks on worries of escalating US-China trade war.

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