Equity

Pre Session Commentary

Shares may witness profit selling
(29-Aug-2018, 07:59 Hours IST)  

Market may correct on profit booking after recent strong gains. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 13 points at the opening bell.

Overseas, most Asian shares were trading higher. Traders were cautious ahead of a looming deadline on tariffs with China.

In US, the S&P 500 and the Nasdaq on Tuesday finished at records for a third consecutive session after a measure of consumer confidence hit a nearly 18-year high. However, the market's gains were muted, with indexes closing off of intraday peaks. The Conference Board said its index of consumer confidence climbed to 133.4 this month from 127.9 in July.

Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 161.05 crore yesterday, 28 August 2018, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 199.28 crore yesterday, 28 August 2018, as per provisional data.

Key benchmark indices logged modest gains yesterday, 28 August 2018. The barometer index, the S&P BSE Sensex, gained 202.52 points or 0.52% to settle at 38,896.63. The Nifty 50 index rose 46.55 points or 0.4% to settle at 11,738.50. Sentiment was boosted after the United States and Mexico agreed to overhaul the North American Free Trade Agreement.

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