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Market braced for positive start

Published on Nov 06, 2023 08:05

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could rise 28 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading higher on Monday after a soft monthly jobs report from the US helped ease bets that the Federal Reserve will continue to hike interest rates.

US stocks closed higher on Friday after a soft jobs report drove bond yields lower. The October jobs report on Friday came in weaker than expectations, showing the Fed�s attempt to cool the economy and stifle inflation could be working. The U.S. economy last month added 150,000 jobs, lower than September�s blowout of 297,000 jobs added. The unemployment rate rose to 3.9%.

Domestic markets:

Back home, the stock market witnessed another day of gains on Friday, extending its rally fueled by positive global cues and decent Q2 numbers. The benchmark Sensex climbed 282.88 points or 0.44% to close at 64,363.78, while the Nifty surged by 97.30 points or 0.51% to close at 19,230.60.

Foreign portfolio investors (FPIs) sold shares worth Rs 12.43 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 402.69 crore in the Indian equity market on 3 November, provisional data showed.

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