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Indices may see firm start

Published on May 16, 2023 08:27

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 54 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading mixed as investors digest key economic releases from China. Retail sales, industrial production and fixed asset investment all came in below expectations.

China`s industrial output grew 5.6% in April from a year earlier, official data showed on Tuesday, accelerating from a 3.9% gain seen in March. Retail sales jumped 18.4%, significantly faster than the 10.6% increase in March and marked the quickest growth since March 2021. Fixed asset investment expanded 4.7% in the first four months of 2023 from the same period a year earlier. It grew 5.1% in the January-March period.

US stocks rose on Monday amid ongoing debt ceiling negotiations between the White House and Republicans. In focus for investors were debt ceiling talks, which were postponed to this week from Friday. President Joe Biden is expected to host top congressional leaders on Tuesday.

Domestic markets:

Back home, the market rallied on Monday, supported by positive signals from the Asian and European markets, as well as a continued decrease in wholesale inflation figures in India. The barometer index, the S&P BSE Sensex advanced 317.81 points or 0.51% to 62,345.71. The Nifty 50 index added 84.05 points or 0.46% to 18,398.85.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,685.29 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 191.20 crore in the Indian equity market on 15 May, provisional data showed.

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