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Key indices may nudge lower in early trade

Published on Nov 10, 2023 08:10

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could slide 41 points at the opening bell.

The stock markets will open for an hour for Diwali muhurat trading on Sunday, 12th November 2023. The symbolic trading session will be held between 6 pm and 7.15 pm. Muhurat trading is a one-hour trading session that occurs on the day of Diwali.

Global markets:

Overseas, Asian stocks are trading lower on Friday, retreating from small gains made in the previous session amid a downbeat tone set by U.S. markets overnight.

US stocks declined on Thursday, effectively ending the S&P 500`s eight day win streak that delivered a gain of more than 6%. The decline in stocks came after Federal Reserve Chairman Jerome Powell made hawkish comments during a panel discussion at an International Monetary Fund conference.

Fed Chair Jerome Powell said in a speech Thursday that the central bank thinks more may be needed to bring down inflation. �The Federal Open Market Committee is committed to achieving a stance of monetary policy that is sufficiently restrictive to bring inflation down to 2% over time; we are not confident that we have achieved such a stance,� he said in his prepared speech.

Domestic markets:

Back home, equity indices closed lower on Thursday after two days of flat trading. The barometer index, the S&P BSE Sensex declined 143.41 points or 0.22% to 64,832.20. The Nifty 50 index lost 48.20 points or 0.25% to 19,395.30.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,712.33 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,512.14 crore in the Indian equity market on 9 November, provisional data showed.

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