Equity

Pre Session Commentary

Market may resume gains
(30-Aug-2018, 08:14 Hours IST)  

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 16 points at the opening bell, backed by positive global cues.

Trading could be volatile as traders roll over positions in the F&O segment from the August 2018 series to September 2018 series. The August 2018 F&O contracts expire today, 30 August 2018.

Overseas, most Asian stocks were trading higher, mirroring overnight gains on Wall Street amid hope that the current North American Free Trade Agreement (NAFTA) negotiations will lead to a further easing of global trade tensions.

The US stock market extended gains Wednesday as the S&P 500 and the Nasdaq closed at a record for a fourth session, while the Dow finished at its highest since February. Investor sentiments were also boosted by the announcement that Canada had rejoined the NAFTA talks, following the deal reached by the US and Mexico earlier this week.

On the US data front, an update to second-quarter gross domestic product (GDP) came in showing growth at a 4.2% annualized pace, which represented the fastest pace of expansion in almost four years.

Pending-home sales declined 0.7% in July, the National Association of Realtors said. NAR's index, which tracks real-estate transactions where a contract has been signed but the deal has not yet closed, fell to a reading of 106.2.

Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 1415.87 crore yesterday, 29 August 2018, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 1114.36 crore yesterday, 29 August 2018, as per provisional data.

Domestic stocks settled with modest losses yesterday, 29 August 2018. The barometer index, the S&P BSE Sensex, lost 173.70 points or 0.45% to settle at 38,722.93. The Nifty 50 index fell 46.60 points or 0.40% to settle at 11,691.90.

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