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Below the Quote on Pre-Market Comment by Stoxkart - a discount broker for Friday October 11

The market is expected to open on a tepid note on Friday tracking mixed sentiment in global markets. The Asian markets were majorly trading on a higher note on Friday while the US markets closed on a lower note due to sticky inflation data. In US markets, the major indexes closed in the negative sphere, including the Nasdaq, and S&P 500. While Asian market shares were in the positive territory. Oil eased on Friday after a rally the previous day, but prices remained set for a second straight weekly gain as investors weighed the impact of hurricane damage on U.S. demand against any broad supply disruption if Israel attacks Iranian oil sites.

As per provisional figures, Foreign Institutional Investors (FIIs)/ Foreign Portfolio Investors (FPIs) sold shares worth net Rs.4926.61 crore and Domestic institutional investors bought shares worth net Rs.3878.33 crore on 10th October 2024.

Most Asian stocks rose on Friday, buoyed by South Korea`s central bank decision to cut interest rates. The Bank of Korea (BoK) lowered its benchmark rate by 25 basis points to 3.25%, marking its first rate reduction in over four years. The move signaled a shift away from its restrictive monetary policy stance in response to slowing economic growth and easing inflation. While South Korean stocks rallied, China`s markets retreated as investors cautiously awaited policy announcements from a scheduled finance ministry press conference. Hong Kong`s markets were closed for a holiday. In the US, stocks ended slightly lower on Thursday as hotter-than-expected consumer inflation data dampened investor sentiment. The S&P 500, NASDAQ Composite, and Dow Jones Industrial Average each declined by less than 0.25%.

Focus shifted to the upcoming third-quarter earnings season, which was set to kick off later that day. Investors were also eagerly awaiting the unveiling of Tesla`s robotaxi and the release of producer price index (PPI) inflation data, both of which were expected to provide further insights into the US economy.

Headline US consumer price index (CPI) inflation eased slightly in September, falling from 2.5% to 2.4% year-over-year. However, core CPI inflation, which excludes volatile food and energy prices, rose to 3.3% from 3.2%.

Additionally, initial jobless claims in the US unexpectedly increased for the week ending October 4, reaching 258,000. This represented the highest level of new jobless claims since June 2023.

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