GIFT Nifty indicates weak opening

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could slide 210 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading lower on Wednesday, with Hong Kong and South Korea leading losses after China�s fourth-quarter gross domestic product growth missed estimates. The country�s economy grew by 5.2% in the October to December period last year, China�s National Bureau of Statistics said Wednesday. GDP climbed 5.2% for the whole of 2023.

U.S. markets dropped on Tuesday as bond yields ticked higher and Wall Street pored through the latest batch of fourth-quarter earnings. Federal Reserve Governor Christopher Waller indicated in a speech that the central bank could ease monetary policy slower than anticipated.

Domestic markets:

Back home, domestic equity benchmarks closed lower on Tuesday, ending a five-day winning streak with the Nifty50 closing below 22,050. The barometer index, the S&P BSE Sensex declined 199.17 points or 0.27% to 73,128.77. The Nifty 50 index lost 65.15 points or 0.29% to 22,032.30.

Foreign portfolio investors (FPIs) bought shares worth Rs 656.57 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 369.29 crore in the Indian equity market on 16 January, provisional data showed.

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