Market may nudge higher in early trade
22-Aug-23   07:58 Hrs IST

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could 10 rise points at the opening bell.

Global markets:

Overseas, Asian stocks are trading higher on Tuesday following the overnight rally in big tech that spurred a rebound in Wall Street stocks, though elevated Treasury yields kept risk sentiment in check.

South Korea's consumer sentiment weakened in August for the first time in six months, according to a survey from the Bank of Korea. The consumer sentiment index fell to 103.1 from 103.2 the previous month.

In US, the Nasdaq Composite snapped a four-day losing streak on Monday, even as Treasury yields reached levels not seen in over a decade. The benchmark 10-year Treasury note yield hit a high of 4.34%, reaching its highest level since November 2007.

Investors are now focused on a speech by Federal Reserve Chair Jerome Powell, scheduled for Friday. The Jackson Hole, Wyoming, setting for his speech has been the site of major policy announcements in the past by the Fed, and is one of the most important events each year for central bankers globally.

Domestic markets:

Back home, the frontline indices recovered with mild gains on Monday, breaking a two-day losing streak. The barometer index, the S&P BSE Sensex advanced 267.43 points or 0.41% to 65,216.09. The Nifty 50 index added 83.45 points or 0.43% to 19,393.60.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,901.10 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 626.25 crore in the Indian equity market on 21 August, provisional data showed.

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