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A gap-down opening on the cards on weak global cues

Published on Sep 07, 2022 08:33

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could slide 193 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading lower on Wednesday as investors anticipate the Federal Reserve to give its summary on current economic conditions, also known as the Beige Book.

Australia`s real GDP grew 0.9% in the second quarter after rising 0.7% in the previous period, official data showed. The Australian Bureau of Statistics said the continued growth was backed by the first full quarter of reopened borders. The data also showed the Australian economy grew 3.6% over the past year.

Wall Street`s main indices closed lower on Tuesday, the first session after the US Labor Day holiday and summer vacations, as traders assessed fresh economic data in volatile trading.

A survey from the Institute for Supply Management (ISM) showed the U.S. services industry picked up in August for the second straight month amid stronger order growth and employment, while supply bottlenecks and price pressures eased.

The Institute for Supply Management said its non-manufacturing PMI edged up to a reading of 56.9 last month from 56.7 in July, the second consecutive monthly increase after three months of declines.

The focus will be on Fed Chair Jerome Powell`s speech on Thursday as well U.S. consumer price data next week for clues on the path of monetary policy.

Domestic markets:

Back home, domestic equity benchmarks wiped initial gains and closed with tiny losses flat on Tuesday. The barometer index, the S&P BSE Sensex, declined 48.99 points or 0.08% to 59,196.99. The Nifty 50 index lost 10.20 points or 0.06% to 17,655.60.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,144.53 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 632.97 crore in the Indian equity market on 6 September, provisional data showed.

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