Market may see a positive day today

5 Oct 2023 , 08:55 AM

The market’s opening today is anticipated to be on a positive note, with potential gains attributed to the positive performance of US and Asian indices following a recent period of selling. The cessation of the selloff in US treasury instruments, coupled with a decline in crude oil prices to $85.5 per barrel, is contributing to this favorable outlook for the markets.

However, it’s important to note that there are lingering concerns related to broader economic uncertainties. Additionally, the ongoing selling by foreign institutional investors (FIIs) is expected to maintain a cautious sentiment among investors. Consequently, traders are likely to make selective investment decisions as they await tomorrow’s credit policy announcement.

In the US, stock markets showed resilience, with the Nasdaq recording a gain of over 1% on Wednesday. This rebound followed a recent sell-off and was supported by the latest economic data, which indicated that US private payrolls experienced lower-than-expected growth in September.