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Indices geared for gap-up opening on firm global cues

Published on Jul 08, 2022 08:34

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 126 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading higher on Friday as investors look ahead to the release of U.S. jobs data for June.

Wall Street benchmarks ended up on Thursday as traders leaned in to US equities after the Federal Reserve hinted at a more tempered program of interest rate hikes.

Two of the Federal Reserve`s most vocal hawks on Thursday said they would support another 75 basis-point interest rate increase later this month but a downshift to a slower pace afterward, even as both downplayed the risk of higher borrowing costs pushing the US into recession.

The Labor Department`s monthly jobs report is due out on Friday, and the employment data could warrant extra scrutiny as investors try to gauge the health of the U.S. economy.

Domestic markets:

Back home, the key equity benchmarks ended near the day`s high with strong gains on Thursday. The barometer index, the S&P BSE Sensex advanced 427.49 points or 0.80% to 54,178.46. The Nifty 50 index added 143.10 points or 0.89% to 16,132.90.

Foreign portfolio investors (FPIs) sold shares worth Rs 925.22 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 980.59 crore in the Indian equity market on 7 July, provisional data showed.

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