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Indices poised for upbeat start

Published on Apr 05, 2022 08:36

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 99 points at the opening bell.

The Reserve Bank of India (RBI) Governor-headed rate setting panel will be holding its meeting from April 6-8. Inflation is picking up in India, but the country`s central bank is likely to maintain its loose policy even as its global peers raise rates, as per reports.

Global markets:

Overseas, Asian stocks are trading mixed on Tuesday as investors look ahead to the Reserve Bank of Australia`s latest rate decision. Markets in Hong Kong and mainland China are closed on Tuesday for a holiday.

US stocks rose on Monday, boosted by megacap tech and growth stocks and a surge in Twitter after Elon Musk revealed his stake in the company, amid cautionary signals in the bond market and talk of more sanctions against Russia over Ukraine. Twitter shares surged more than 27% following news that Musk purchased a 9.2% passive stake in the company.

Domestic markets:

Back home, benchmark indices surged on Monday, supported by a rally in HDFC twins post merger announcement. The S&P BSE Sensex added 1,335.05 points or 2.25% at 60,611.74. The Nifty 50 index gained 382.95 points or 2.17% at 18,053.40.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,152.21 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,675.01 crore in the Indian equity market on 4 April, provisional data showed.

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