Firm opening on the cards
Published on Sep 20, 2022 08:24
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 153 points at the opening bell.
Overseas, Asian stocks are trading higher�Tuesday as Japan`s inflation accelerated and China kept its loan prime rate on hold.�
Core consumer prices in Japan rose 2.8% in August from a year ago, government data showed.�That`s the fastest growth in nearly eight years, and the fifth consecutive month where inflation has exceeded the central bank`s target of 2%.
The People`s Bank of China kept its one-year and five-year loan prime rates (LPR) unchanged, in line with predictions.��The one-year loan prime rate remains at 3.65%, and the five-year rate closely tied to home mortgages stands at 4.3%.�
US stocks�ended higher on Monday, as investors turned their attention to this week`s policy meeting at the Federal Reserve and how aggressively it will hike interest rates.�
Investors prepared for an important week, lined up with 13 central bank meetings, with expectations of interest rates rising globally and an ultra-hawkish monetary tightening by the US Fed`s meeting on Wednesday, followed by the Bank of Japan and Bank of England on the next day.�
Traders are anticipating another sharp rate hike, third consecutive, from the US central bank to tame the rising inflation. The Bank of Japan is expected to keep rates on hold at ultra-low levels, as per reports.
Back home, the key equity barometers ended with modest gains on Monday.�The barometer index, the S&P BSE Sensex, rose 300.44 points or 0.51% to 59,141.23. The Nifty 50 index added 91.40 points or 0.52% to 17,622.25.�
Foreign portfolio investors (FPIs) bought shares worth Rs 312.31 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 94.68 crore in the Indian equity market on 20 September, provisional data showed.
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