Key things to know before the market opens!
The GIFT Nifty was trading at a slight premium compared to the previous close of Nifty futures, indicating a modestly positive opening for Indian frontline indices.
Pre-Market Update: The U.S. market experienced a significant pullback overnight, with tech shares taking the hardest hit due to weak investor sentiment driven by rising bond yields and anticipation of Powell’s outlook. The Nasdaq Composite Index plunged 1.67 per cent, the S&P 500 tumbled 0.89 per cent, and the Dow Jones Industrial Average fell 0.43 per cent. The dollar remained steady ahead of Powell's speech.
As expected, major Asian markets mirrored the overnight weakness in today's trades. Meanwhile, the GIFT Nifty was trading at a slight premium compared to the previous close of Nifty futures, indicating a modestly positive opening for Indian frontline indices.
Oil is set for a weekly loss after declining for a fifth consecutive session on Thursday, as investors grew concerned about the global demand outlook. This came despite a drop in U.S. fuel inventories, with worries fuelled by a challenging demand environment, falling product prices, and ongoing geopolitical tensions.
On August 22, both foreign institutional investors (FIIs) and domestic institutional investors (DIIs) were net buyers, with FIIs purchasing shares worth Rs 1,371.79 crore and DIIs making a significant inflow of Rs 2,971.89 crore.