Market may open lower on negative global cues

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 28 points at the opening bell.

The World Bank on Thursday projected a growth rate of 6.5% for the Indian economy for the fiscal year 2022-23, a drop of one percent from its previous June 2022 projections, citing deteriorating international environment.

In its latest South Asia Economic Focus released ahead of the annual meeting of the International Monetary Fund and the World Bank, the Bank, however, noted that India is recovering stronger than the rest of the world.

Global markets:

Overseas, Asian stocks are trading lower on Friday ahead of the monthly U.S. jobs report, which is likely to guide the Federal Reserve`s monetary decision in November. Markets in mainland China remain closed for a holiday.

Wall Street`s major indexes closed lower on Thursday as concerns mounted ahead of closely watched monthly nonfarm payrolls numbers due on Friday that the Federal Reserve`s aggressive interest rate stance will lead to a recession.

Domestic markets:

Back home, domestic stock market advanced on Thursday, as traders built up positions ahead of Q2 result season starting next week. Global cues were mixed on looming recession fears. The barometer index, the S&P BSE Sensex, rose 156.63 points or 0.27% to 58,222.10. The Nifty 50 index added 57.50 points or 0.33% to 17,331.80.

Foreign portfolio investors (FPIs) bought shares worth Rs 279.01 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 43.92 crore in the Indian equity market on 6 October, provisional data showed.

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