Flat opening on the cards
28-Jul-23   08:26 Hrs IST

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could rise 5 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading lower ahead of the Bank of Japan's rate decision on Friday. Japan's central bank is expected to keep its benchmark policy rate unchanged at -0.1%, but investors will be keenly watching for any signs of a shift in stance towards its yield curve control policy.

US stocks ended lower on Thursday after news that the Bank of Japan will allow long-term interest rates to rise sent US yields higher, snapping the longest winning streak for the Dow since 1987.

Second-quarter US gross domestic product (GDP) rose at a 2.4% annual rate, according to the Commerce Department. That was up from a 2% growth rate in the first quarter

The European Central Bank (ECB) on Thursday increased the key interest rate in the eurozone by 0.25 percentage points to 4.25%. The decision to hike rates for a ninth straight time is part of an ongoing campaign to bring down inflation. ECB President Christine Lagarde told a press conference that the bank will keep an open mind on future rate decisions.

Domestic markets:

Back home, the key equity indices ended a volatile session lower on Thursday. The S&P BSE Sensex declined 440.38 points or 0.66% to 66,266.82. The Nifty 50 index lost 118.40 points or 0.60% to 19,659.90.

Foreign portfolio investors (FPIs) sold shares worth Rs 3,979.44 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,528.15 crore in the Indian equity market on 27 July, provisional data showed.

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