Market may drift lower in early trade

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could fall 9 points at the opening bell.

Global markets:

Overseas, Asia markets are trading mixed Monday to start a holiday-shortened week for most markets, while China remains shut for the week. Many major stock markets in Asia-Pacific were closed Monday including Hong Kong, Taiwan and South Korea.

Wall Street ended higher on Friday after Decembers revised inflation reading came in lower than first reported. The benchmark S&P 500 closed above the key 5,000 level for the first time ever.

Domestic markets:

Back home, the domestic stock market settled with marginal gains on Friday, reflecting a cautious approach among investors awaiting further market triggers. The S&P BSE Sensex advanced 167.06 points or 0.23% to 71,595.49. The Nifty 50 index rose 64.55 points or 0.30% to 21,782.50.

Foreign portfolio investors (FPIs) bought shares worth Rs 141.95 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 421.87 crore in the Indian equity market on 9 February, provisional data showed.

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