Equity

Pre Session Commentary

Market may extend gains on positive Asian cues
(26-Sep-2018, 07:49 Hours IST)  

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 54.50 points at the opening bell on positive Asian cues.

Overseas, most Asian shares rose ahead of a widely expected rate hike by the US Federal Reserve and as international oil prices rose to four-year highs. South Korean markets are closed for a public holiday.

US stocks finished mostly lower Tuesday amid subdued activity as investors limited big bets ahead of the Federal Reserve's monetary-policy decision on Wednesday. Concerns about continuing trade tensions lingered, further capping the market's upside momentum.

On Tuesday, US President Donald Trump reiterated his administration's stance on trade, telling the United Nations General Assembly that his country would no longer tolerate abuse on that front.

Trump's statement came after US Trade Representative Robert Lighthizer said his country was ready to move ahead on a trade deal with Mexico even if it excluded Canada, as negotiations with Ontario remained at an impasse. We're not going to say 'no deal because of Canada.' That doesn't make any sense at all, he told the US Chamber of Commerce.

In the latest US economic data, home prices rose 0.2% in July, the slowest pace of growth since last summer. Separately, the US consumer confidence index rose to 138.4 in September from 134.7.

Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 1,231.70 crore on 25 September 2018, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 2,284.26 crore on 25 September 2018, as per provisional data.

The market ended the volatile session with decent gains on Tuesday, 25 September 2018, as bargain hunting emerged after steep losses in past few trading sessions. The Sensex rose 347.04 points or 0.96% to settle at 36,652.06. The Nifty 50 index rose 100.05 points or 0.91% to settle at 11,067.45.

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