Indices may open on firm note
Published on Feb 03, 2023 08:40
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 67 points at the opening bell.
Overseas, Asian stocks are trading mostly lower on Friday despite the Caixin purchasing managers` index showing services activity in China picked up in January.
China`s service sector showed a rebound in the first month of 2023, according to the Caixin/S&P Global services purchasing managers` index (PMI). The reading rose to 52.9 in January, from the business activity index of 48 seen in December.
The au Jibun Bank Japan services purchasing managers` index came in at 52.3 for the month of January, ticking higher than the previous reading of 51.1 seen in December.
US stocks ended mixed on Thursday, as investors turned their focus to a handful of key earnings reports due from mega-cap tech firms after the closing bell.
In Europe, the Bank of England raised interest rates by half a percentage point Thursday as it sought to tame double-digit inflation that is fueling a cost-of-living crisis, public-sector strikes and fears of recession. The bank`s monetary policy committee voted 7-2 to push its key rate to 4%.
Back home, the Nifty ended almost flat while the Sensex settled with decent gains on Thursday. The barometer index, the S&P BSE Sensex rose 224.16 points or 0.38% to 59,932.24. The Nifty 50 index fell 5.90 points or 0.03% to 17,610.40.
Foreign portfolio investors (FPIs) sold shares worth Rs 3,065.35 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,371.36 crore in the Indian equity market on 2 February, provisional data showed.
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