Indices poised for strong opening
Published on Feb 16, 2023 08:35
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 74 points at the opening bell.
Overseas, Asian stocks are trading higher on Thursday as investors digested Japan`s record trade deficit of $26 billion according to Refinitiv data that dates back to March 2006. Investors also digested a stronger than expected US retail sales report from Wall Street.
US stocks ended higher on Wednesday after stronger-than-expected retail sales data offered evidence of resilience in the U.S. economy, but gains were capped as investors worried about more interest rate hikes by Federal Reserve in the months ahead.
US retail sales increased by the most in nearly two years in January after two straight monthly declines. The Commerce Department said on Wednesday that retail sales surged 3% percent last month, the largest increase since March 2021, after declining by an unrevised 1.1% in December.
Production at US factories rebounded in January. Manufacturing output increased 1% last month, the Federal Reserve said on Wednesday. Data for December was revised down to show production at factories declining 1.8% instead of the previously reported 1.3%.
Back home, the domestic equity barometers ended with modest gains on Wednesday. The barometer index, the S&P BSE Sensex advanced 242.83 points or 0.40% to 61,275.09. The Nifty 50 index added 86 points or 0.48% to 18,015.85.
Foreign portfolio investors (FPIs) bought shares worth Rs 432.15 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 516.64 crore in the Indian equity market on 15 February, provisional data showed.
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