Market may open higher
Published on Mar 03, 2022 08:30
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 55 points at the opening bell.
Overseas, Asian stocks were largely higher in Thursday as U.S. stocks bounced back overnight.
Oil prices, however, continued to move higher following a price surge in recent days. OPEC and its allies decided Wednesday to hold production steady despite the recent dramatic spike in oil prices.
A private survey released Thursday showed slowing Chinese services activity growth in February, with the Caixin/Markit services Purchasing Managers` Index coming in at 50.2 for that month. That compared against January`s reading of 51.4.
US stocks rebounded sharply on Wednesday despite a continued surge in oil prices amid the intensifying conflict between Russia and Ukraine.
Federal Reserve chair Jerome Powell said he is inclined to support a 25 basis point rate increase at the March policy meeting but said the central bank is prepared to move more aggressively later if inflation does not abate as expected.
Meanwhile, Ukraine`s second biggest city, Kharkiv, suffered heavy bombardment on Wednesday as Russia`s week-long invasion was denounced by the United Nations in a historic vote and dozens of countries referred Moscow to be probed for potential war crimes.
Back home, the domestic equity barometers ended with deep cuts on Wednesday. The S&P BSE Sensex tumbled 778.38 points or 1.38% to 55,468.90. The Nifty 50 index lost 187.95 points or 1.12% to 16,605.95.
Foreign portfolio investors (FPIs) sold shares worth Rs 4,338.94 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 3,061.70 crore in the Indian equity market on 2 March, provisional data showed.
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