Pre Session Commentary

Positive global cues may support buying in domestic shares
(28-Sep-2018, 07:53 Hours IST)  

Market is seen opening higher tracking positive leads from Asian markets and overnight gains on the Wall Street. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 45 points at the opening bell.

Overseas, Asian shares edge higher on Friday, following the rebound of the S&P 500 and Dow Jones Industrial Average on Wall Street overnight.

The moves in Japanese stocks came after the release of data that showed the country's unemployment rate fell 0.1% from the previous month to 2.4%. The country also saw an increase in its month-on-month industrial output in August, while retail sales in August was higher as compared to a year earlier.

In the Bank of Japan's release of its summary of opinions for its meeting earlier in September, the central bank said the contrast between the favorable US economy and other economies is becoming more evident, mainly reflecting US trade policy, and uncertainties regarding their outlook have been heightening as well.

US stocks closed higher Thursday, with the S&P 500 and the Dow Jones Industrial Average snapping a multiday losing streak, as solid data bolstered confidence in the economy a day after the Federal Reserve raised interest rates for the third time this year.

Fed Chairman Jerome Powell said on Thursday that the US does not face a large chance of a recession in the next two years and the Federal Reserve plans to keep gradually raising interest rates.

In the latest US economic data, jobless claims rose less than expected in the latest week, remaining near multi-decade lows. Orders for durable goods rose 4.5%, faster than had been expected. US real gross domestic product for the second quarter rose at a 4.2% annualized rate, unchanged from the earlier estimate, the Commerce Department said. US pending home sales unexpectedly dropped in August, falling 1.8% in the latest example of weak housing data.

Closer home, foreign portfolio investors (FPIs) bought shares worth a net Rs 552.44 crore on 27 September 2018, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 186.69 crore on 27 September 2018, as per provisional data.

Key equity indices declined for the second consecutive session on Thursday, 27 September 2018, ahead of the futures and options (F&O) expiry and mixed global cues after US Federal Reserve's rate hike. Investors also turned cautious after the government raised import tariffs on select goods and the central bank announced measures to ease liquidity concerns. The Sensex fell 218.10 points or 0.60% to settle at 36,324.17. The Nifty 50 index fell 76.25 points or 0.69% to settle at 10,977.55.

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