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Bourses may witness soft opening

Published on Jan 10, 2024 08:09

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could fall 21 points at the opening bell.

Global markets:

Overseas, Asian stocks traded mostly lower Wednesday tracking overnight weakness on Wall Street, while Japanese stocks extended gains after hitting a 33-year high in the previous session.

The global economy is on course to record its worst half decade of growth in 30 years, according to the World Bank. Global growth is forecast to slow for the third year in a row in 2024, dipping to 2.4% from 2.6% in 2023, the bank said in its latest �Global Economic Prospects� report. The bank warned that without a �major course correction,� the 2020s will go down as �a decade of wasted opportunity.�

US stock markets were muted on Tuesday as investors await key inflation data later in the week. Investors will now focus on a key inflation report from the US on Thursday for cues on the timing of the Fed�s rate cut.

The US trade deficit narrowed in November as imports of consumer goods fell to a one-year low. The trade deficit contracted 2% to $63.2 billion, the Commerce Department`s Census Bureau said. Imports declined 1.9%, or $6.1 billion, to $316.9 billion. Exports decreased 1.9%, or $4.8 billion, to $253.7 billion.

Domestic markets:

Back home, domestic markets concluded the day on a neutral note on Tuesday. The barometer index, the S&P BSE Sensex rose 30.99 points or 0.04% to 71,386.21. The Nifty 50 index gained 31.85 points or 0.15% to 21,544.85.

Foreign portfolio investors (FPIs) sold shares worth Rs 990.90 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 104.23 crore in the Indian equity market on 9 January, provisional data showed.

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