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Indices poised for weak start

Published on Aug 24, 2022 08:30

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could slide 70 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading mixed on Wednesday as investors assessed whether an escalating economic slowdown will lead the Federal Reserve to temper the pace of monetary tightening.

Wall Street ended down on Tuesday as investors focused on data showing a slowing economy ahead of a US Federal Reserve gathering later this week in Jackson Hole, Wyoming.

Data Tuesday showed sales of new US homes fell for the sixth time this year to the slowest pace since early 2016, while business activity contracted for a second straight month.

Investors are awaiting Fed Chair Jerome Powell`s speech at the Jackson Hole symposium on Friday for a sense of how hawkish the US central bank will be in the face of mounting economic challenges

Domestic markets:

Back home, the benchmark indices ended the volatile session with modest gains on Tuesday. Bargain hunting emerged after losses in the past two days. The barometer index, the S&P BSE Sensex, rose 257.43 points or 0.44% to 59,031.30. The Nifty 50 index added 86.80 points or 0.50% to 17,577.50.

Foreign portfolio investors (FPIs) bought shares worth Rs 563 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 215.20 crore in the Indian equity market on 23 August, provisional data showed.

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