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Indices may nudge higher in opening trade

Published on Jul 22, 2022 08:28

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 17 points at the opening bell.

Meanwhile, the Reserve Bank of India (RBI) on 21 July 2022 said that the rate setting Monetary Policy Committee`s (MPC) meeting next month is rescheduled due to administrative exigencies. The MPC will now meet on August 3-5, from previously scheduled August 2-4, said the RBI.

National Democratic Alliance (NDA) candidate Droupadi Murmu was elected the 15th President of India. She was declared elected on Thursday after four rounds of counting, posting an unassailable lead over her rival and the Opposition`s candidate Yashwant Sinha, who conceded the election thereafter. The President-elect will take oath on July 25.

Global markets:

Overseas, Asian stocks are trading mixed on Friday as investors digest Japan`s inflation data. Official data released Friday showed that prices in Japan rose 2.2% in June compared to a year ago. It followed rises of 2.1% in May and April.

The Asian Development Bank has cut the growth forecast for China due to concerns over the country`s zero-Covid approach and strict lockdowns, which have also impacted its troubled property market. Gross domestic product growth for the world`s second largest economy is expected to be at 4% in 2022, down from an earlier estimate of 5%, ADB said in a report published Thursday.

Wall Street`s main indices rose on Thursday boosted by a late-afternoon rally and gains in heavyweight growth stocks, including Tesla.

The European Central Bank raised interest rates by more than expected on Thursday. The ECB raised its benchmark deposit rate by 50 basis points to zero percent, as it joined global peers in jacking up borrowing costs. It was the euro zone central bank`s first rate hike for 11 years. Ending an eight-year experiment with negative interest rates, the ECB also increased its main refinancing rate to 0.50 percent and promised further rate hikes possibly as soon as its next meeting on September 8.

Domestic markets:

Back home, the benchmark indices closed with decent gains on Thursday. The S&P BSE Sensex, was up 284.42 points or 0.51% to 55,681.95. The Nifty 50 index gained 84.40 points or 0.51% to 16,605.25.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,799.32 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 312.29 crore in the Indian equity market on 21 July, provisional data showed.

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