Pre Session Commentary

Market may extend losses
(24-Sep-2018, 07:56 Hours IST)  

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 23.50 points at the opening bell.

Overseas, the markets in Japan, South Korea and China are closed for public holidays on Monday.

The US-China trade war remains in focus Monday, with tariffs from both parties due to go into effect. Washington has announced 10% duties on $200 billion of Chinese imports, which prompted Beijing to respond with tariffs on $60 billion of US goods. On Friday, the media reported that China had called off planned trade talks with the US in the wake of a new round of duties.

In US, the Dow Jones Industrial Average on Friday notched a second straight all-time high, but a slump in technology and internet-related stocks weighed on the broader market, pressuring the Nasdaq.

In the latest US data, a reading on the manufacturing sector rose to 55.6 in September from the previous reading of 54.7. A report on the services sector dipped to 52.9 from 54.8. Both are from IHS Markit.

Closer home, foreign portfolio investors (FPIs) bought shares worth a net Rs 760.70 crore on 21 September 2018, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 497.03 crore on 21 September 2018, as per provisional data.

Key equity indices fell for a fourth day in a row on Friday, 21 September 2018. Benchmarks recouped most losses after plunging over 3% in afternoon trade on panic-selling in housing finance and banks stocks. The Sensex fell 279.62 points or 0.75% to settle at 36,841.60. The Nifty 50 index fell 91.25 points or 0.81% to settle at 11,143.10.

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