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Market may see tepid start; GDP data eyed

Published on Feb 29, 2024 08:30

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could fall 16 points at the opening bell.

The National Statistical Office (NSO) is scheduled to release the official third quarter GDP data today. India�s economic growth is likely to moderate in the range of 6 to 6.8% in the third quarter of the current financial year, sharply lower than 7.6% expansion recorded in the previous quarter, as per reports.

Global markets:

Overseas, Asian stocks are trading mixed Thursday as investors awaited U.S. personal consumption expenditures price index data for clues on the Federal Reserve�s interest rate path. The U.S. personal consumption expenditures price index is due later in the day, while China�s manufacturing purchasing managers� index reading is scheduled to be released Friday.

US stocks closed lower on Wednesday as investors awaited the Fed�s preferred inflation report. The US economy grew at a solid clip in the fourth quarter amid strong consumer spending, the government confirmed on Wednesday. Gross domestic product increased at a 3.2% annualised rate last quarter, revised slightly down from the previously reported 3.3% pace, the Commerce Department`s Bureau of Economic Analysis said in its second estimate of fourth-quarter GDP growth.

Domestic markets:

Back home, domestic equity benchmarks tumbled on Wednesday, mirroring negative global cues. The barometer index, the S&P BSE Sensex dropped 790.34 points or 1.08% to 72,304.88. The Nifty 50 index lost 247.20 points or 1.11% to 21,951.15.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,879.23 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,827.45 crore in the Indian equity market on 28 February, provisional data showed.

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