Market may open on firm note
28-Aug-23   08:08 Hrs IST

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could rise 37 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading higher on Monday after China's support for its equities market revived positive sentiment and as Jerome Powell said the Federal Reserve would ?proceed carefully? on whether to raise interest rates again.

Chinese equities rose as the government lowered stamp duty on stock trades for the first time since 2008 and pledged to slow the pace of initial public offerings.

Meanwhile, shares of the world's most indebted property developer China Evergrande Group plunged as much as 87% on its open on Monday, trading for the first time since 21 March 2022. In July, the beleaguered company filed for Chapter 15 bankruptcy protection in a U.S. court.

US stocks rallied Friday as traders cheered comments from Federal Reserve Chairman Jerome Powell at the annual central bank conference in Jackson Hole, Wyoming, that point to stronger-than-expected economic growth.

U.S. Federal Reserve chair Jerome Powell said that inflation remains ?too high? and that the central bank is ?prepared to raise rates further if appropriate.?

Speaking at Jackson Hole over the weekend, Powell acknowledged that progress has been made on inflation and that the Fed will remain flexible as it contemplates further moves, but gave little indication that it's ready to start easing rates anytime soon.

Domestic markets:

Back home, the domestic equity indices dropped on Friday, sliding for the second consecutive trading session. The barometer index, the S&P BSE Sensex slipped 365.83 points or 0.56% to 64,886.51. The Nifty 50 index lost 120.90 points or 0.62% to 19,265.80.

Foreign portfolio investors (FPIs) sold shares worth Rs 4,638.21 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,414.35 crore in the Indian equity market on 25 August, provisional data showed.

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