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Indian stock markets may open on weak note

Published on May 09, 2023 07:07

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could slide 41 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading mixed ahead of China`s April trade data release as well as U.S. inflation reports later this week.

US stocks paused on Monday after a strong rally in the prior session as investors shift focus to a key inflation reading later this week.

The spotlight this week will be on the Labor Department`s inflation reading on Wednesday. Producer prices, weekly jobless claims and consumer sentiment data are all lined up for the week.

Domestic markets:

Back home, after witnessing a sharp sell-off on Friday, the domestic equity markets witnessed strong buying demand on Monday. The barometer index, the S&P BSE Sensex, surged 709.96 points or 1.16% to 61,764.25. The Nifty 50 index added 195.40 points or 1.08% to 18,264.40.

Foreign portfolio investors (FPIs) bought shares worth Rs 2,123.76 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 245.27 crore in the Indian equity market on 8 May, provisional data showed.

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