Market may open lower
Published on Jul 14, 2022 08:32
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 19 points at the opening bell.
Overseas, Asian stocks are trading lower after a hotter-than-expected inflation report in the U.S.
Singapore`s central bank tightened its monetary policy on Thursday, in an off-cycle move, saying the action would slow inflation as the city-state joins other countries ramping up their battle against mounting price pressures.
US stocks closed modestly lower on Wednesday as hotter-than-expected US inflation data drove fear the Federal Reserve will raise interest rates even more aggressively to slow price increases, potentially sending the economy into recession.
US inflation accelerated in June by more than forecast. The consumer price index rose 9.1% from a year earlier in a broad-based advance, the largest gain since the end of 1981, Labor Department data showed Wednesday. The widely followed inflation gauge increased 1.3% from a month earlier, the most since 2005, reflecting higher gasoline, shelter and food costs.
Back home, the key equity indices ended near the day`s low with modest losses on Wednesday. The barometer index, the S&P BSE Sensex, down 372.46 points or 0.69% to 53,514.15. The Nifty 50 index fell 91.65 points or 0.57% to 15,966.65.
Foreign portfolio investors (FPIs) sold shares worth Rs 2,839.52 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,799.22 crore in the Indian equity market on 13 July, provisional data showed.
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