Indices poised for soft opening
25-Jul-23   08:43 Hrs IST

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could fall 15 points at the opening bell. Nifty constituents such as Asian Paints, Bajaj Auto, Tata Motors and Larsen & Toubro, which will announce their Q1 results today.

Global markets:

Overseas, Asian stocks are trading mixed on Tuesday as markets awaited more cues from a Federal Reserve meeting this week, while Chinese markets rose sharply after top officials promised more policies to support growth.

China's Politburo- the top decision-making body of the Communist Party- promised more policy measures to support slowing economic growth in the coming months. Measures will be aimed at the country's biggest growth engines- real estate and private consumption, both of which have deteriorated substantially over the past three years.

South Korea's gross domestic product grew 0.9% year-on-year in the second quarter of 2023, according to advance estimates. This was unchanged from the 0.9% seen in the first quarter.

Global central bank meetings will be in focus. Markets reportedly anticipate a 25 basis points interest rate hike from the US Federal Reserve on Wednesday and European Central Bank on Thursday. Meanwhile, the Bank of Japan on Friday is likely to keep its super-loose policy intact. Investors are waiting for Chair Jerome Powell's statements on his outlook for the economy as it tackles inflation.

US stocks settled higher on Monday as investors bet on sectors beyond technology in a week filled with earnings reports and a Federal Reserve meeting.

Domestic markets:

Back home, domestic shares closed lower on Monday, extending its losses for the second consecutive day. The barometer index, the S&P BSE Sensex, fell 299.48 points or 0.45% to 66,384.78. The Nifty 50 index lost 72.65 points or 0.37% to 19,672.35.

Foreign portfolio investors (FPIs) sold shares worth Rs 82.96 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 934.87 crore in the Indian equity market on 24 July, provisional data showed.

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