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Indices may open lower on weak global cues

Published on Jun 10, 2022 08:26

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could slide 227 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading lower on Friday as Chinese inflation data for May came in largely in line with expectations. Investors also looked ahead to the release of U.S. inflation data expected later stateside.

The Chinese producer price index for May jumped 6.4% as compared with a year earlier, according to figures by the country`s Bureau of Statistics. The consumer price index for May climbed 2.1% from a year ago.

US stocks fell sharply on Thursday ahead of a key inflation report as investors worried about the state of the U.S. economy. Investors are looking to see if inflation has peaked or if the Federal Reserve will need to be even more aggressive to tamp down price increases.

The European Central Bank raised its inflation projections on Thursday but cut its growth outlook as the conflict in Ukraine continues to weigh on confidence, consumption and investment. The ECB now sees inflation over its 2% target throughout its projection horizon, accepting that rapid price growth is not nearly as temporary as it had forecast for the past year.

Domestic markets:

Back home, key domestic equity benchmarks ended with strong gains on Thursday, snapping a four-day losing trend. The S&P BSE Sensex advanced 427.79 points or 0.78% to 55,320.28. The Nifty 50 index added 121.85 points or 0.74% to 16,478.10.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,512.64 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,624.90 crore in the Indian equity market on 9 June, provisional data showed.

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