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Market Commentary - Pre Session
Market may open on flat note
(09 Jun 2021, 08:31)

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 4 points at the opening bell.

World Bank on June 8 projected India's economy to grow at 8.3 per cent in 2021. Earlier, the World Bank had estimated Indian economy to grow at a pace of 10.1 percent in FY 2021-22. Citing the reason to slash the FY22 growth of Indian economy, the global lending and monitoring body said that India has been hampered by the largest outbreak of coronavirus cases that any country has seen since the beginning of the pandemic.

“In India, an enormous second covid-19 wave is undermining the sharper-than-expected rebound in activity seen during the second half of FY2020/21, especially in services. With surging covid-19 cases, foot traffic around work and retail spaces has again slowed to more than one-third below pre-pandemic levels since March, in part due to greater restrictions on mobility, World Bank said in its latest Global Economic Prospects report.

The World Bank on Tuesday upgraded its growth forecast, with the global economy now expected to grow 5.6% in 2021. That compared against an earlier forecast in January for a 4% global economic expansion in 2021.

Still, the organization warned in a Tuesday press release that global output will be about 2% below pre-pandemic projections by the end of this year in spite of the recovery.

Global markets:

Overseas, Asian stocks are trading mostly lower on Wednesday, as investors reacted to the release of Chinese inflation data.

China's factory gate prices increased at the fastest pace since September 2008, official data showed on Wednesday, while consumer inflation also accelerated but at a slower-than-expected rate.

The producer price index (PPI) rose 9.0% from a year earlier in May, according to a statement from the National Bureau of Statistics.

Wall Street stocks finished a choppy session little changed Tuesday as markets digested data showing a lower US trade deficit.

The US trade deficit dipped by $6.1 billion to $68.9 billion in April, slightly larger than expected, as exports rose and imports fell, according to Commerce Department data.

Domestic markets:

Back home, the main equity indices ended with tiny losses on Tuesday. The barometer index, the S&P BSE Sensex, slipped 52.94 points or 0.10% at 52,275.57. The Nifty 50 index lost 11.55 points or 0.07% to 15,740.10.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,422.71 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,626.98 crore in the Indian equity market on 8 June, provisional data showed.

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