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Pre Session Commentary
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Indices seen opening higher
(08:30, 04 Sep 2019)

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 47 points at the opening bell.

Overseas, Asian stocks were mostly higher on Wednesday after a private survey showed China's services sector activity jumping to a three month high in August. The Caixin/Markit Services Purchasing Managers' Index came in at 52.1 in August, its highest since May.

US stocks fell on Tuesday as investors worried about global growth prospects after a private survey showed US factory activity shrank in August for the first time since 2016 and the United States and China imposed new tariffs on each other over the weekend.

In Europe, a cross-party alliance defeated British Prime Minister Johnson in parliament in an effort to block a “no-deal” Brexit. The vote led Johnson to push for a snap election.

Back home, the market ended steeply lower on Tuesday, after data last week showed India's gross domestic product (GDP) growth moderated to 5% in Q1 June 2019. The barometer index, the S&P BSE Sensex, fell 769.88 points or 2.06% to 36,562.91. The Nifty 50 index fell 225.35 points or 2.04% to 10,797.90.

The trading activity on that day showed that the foreign portfolio investors (FPIs) sold shares worth a net Rs 2,016.20 crore yesterday, 3 September 2019, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 1251.35 crore yesterday, 3 September 2019, as per provisional data.

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