Market headed for subdued opening

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could fall 8 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading lower on Wednesday, mirroring a tech slide on Wall Street led by Apple, following a report that iPhone sales dropped in China. A report showed iPhone sales plunged in China in the first six weeks of 2024. Investors monitored shares of Apple suppliers in Taiwan and South Korea.

U.S. stocks closed sharply lower on Tuesday as market participants eyed upcoming economic data and central bank actions. All eyes are on Fed Chair Jerome Powell`s testimony before Congress. In his semiannual testimony on Wednesday and Thursday, he is reportedly expected to double down on his message that there�s no rush to cut rates.

US services industry growth slowed a bit in February. The Institute for Supply Management (ISM) said on Tuesday that its non-manufacturing PMI slipped to 52.6 last month from 53.4 in January.

Domestic markets:

Back home, the domestic stock market closed slightly lower on Tuesday after a four-day winning streak. The barometer index, the S&P BSE Sensex, was down 195.16 points or 0.26% to 73,677.13. The Nifty 50 index declined 49.30 points or 0.22% to 22,356.30.

Foreign portfolio investors (FPIs) bought shares worth Rs 574.28 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,834.61 crore in the Indian equity market on 5 March, provisional data showed.

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