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Indices poised for strong opening on upbeat global cues

Published on Jul 07, 2022 08:27

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 145 points at the opening bell.

Global markets:

Overseas, Asian stocks are mostly higher on Thursday as investors watch for market reaction to the latest Fed minutes.

U.S. stocks moved slightly higher on Wednesday as investors pored over the latest minutes from the Federal Reserve.

Federal Reserve officials recognized that a �more restrictive stance� in policy could be suitable if inflation doesn`t ease, even if it slows the economy, the meeting minutes said. Fed officials also said a hike of 50 or 75 basis points would be likely at the July meeting.

�Participants recognized that policy firming could slow the pace of economic growth for a time, but they saw the return of inflation to 2 percent as critical to achieving maximum employment on a sustained basis,� the document said.

Domestic markets:

Back home, the key equity benchmarks ended with strong gains on Wednesday. The barometer index, the S&P BSE Sensex, jumped 616.62 points or 1.16% to 53,750.97. The Nifty 50 index added 178.95 points or 1.13% to 15,989.80.

Foreign portfolio investors (FPIs) sold shares worth Rs 330.13 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,464.33 crore in the Indian equity market on 6 July, provisional data showed.

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