Indices poised for firm opening

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 91 points at the opening bell.

The escalating crisis between Russia and Ukraine, and the resultant surge in crude oil prices is "worrisome", Finance Minister Nirmala Sitharaman said on February 22, adding that the government is constantly monitoring the situation.

In post-Budget consultations with several stakeholders, Sitharaman said the Ukraine situation and the crude rates were discussed at the meeting of the Financial Stability Development Council (FSDC), which includes all the financial sector regulators.

Meanwhile, the government will go ahead with the upcoming initial public offering (IPO) of the state-run insurance giant LIC, Finance Minister Nirmala Sitharaman said on February 22, amid concerns raised over the potential fallout of the escalating tensions between Russia and Ukraine.

"There is a buzz in the market and there is interest for LIC IPO. We are going ahead with it," Sitharaman said. She, however, added that "we are equally worried if the market situation is conducive".

Global markets:

Overseas, Asian stocks are trading higher on Wednesday as investors continue monitoring the intensifying crisis surrounding Ukraine. Markets in Japan are closed on Wednesday for a holiday.

Wall Street`s main indices fell on Tuesday, with the S&P 500 confirming a correction, as the Ukraine-Russia crisis kept investors on the edge after Russian President Vladimir Putin recognised two breakaway regions in the country and ordered troops to the area.

U.S. President Joe Biden said Tuesday Russia has begun �an invasion� of Ukraine and announced sanctions against Russian banks and the country`s sovereign debt, among others. Biden`s announcement came following the Russian parliament`s approval of President Vladimir Putin`s Tuesday request to use military force outside the country`s borders.

On the economic data front, the IHS Markit manufacturing PMI rose to 52.5 in February from 50.5. The IHS Markit services PMI jumped to 56 in February from 51.1 the month prior.

Domestic markets:

Back home, the domestic equity benchmarks recovered from steep losses in early trade and ended with modest cuts on Tuesday. The S&P BSE Sensex fell 382.91 points or 0.66% to 57,300.68. The Nifty 50 index lost 114.45 points or 0.67% to 17,092.20.

Foreign portfolio investors (FPIs) sold shares worth Rs 3,245.52 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 4,108.58 crore in the Indian equity market on 22 February, provisional data showed.

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