Market may open lower
Published on Aug 10, 2022 08:25
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 48 points at the opening bell.
Overseas, Asian stocks are trading lower on Wednesday as investors digest inflation data from China and look ahead to the U.S. CPI report.
China`s consumer inflation edged up last month to the highest level in two years, data released on Wednesday showed, but producer prices continued to ease. China`s consumer price (CPI) index rose by 2.7% in July from a year earlier, up from a rise of 2.5% in June. Producer price index (PPI), which reflects the prices that factories charge wholesalers for products, rose by 4.2% in July, down from a rise of 6.1% in June
US stocks closed lower on Tuesday after a dismal forecast from Micron Technology pulled chip makers and tech stocks lower as investors await U.S. inflation data that could lead the Federal Reserve to further tighten its efforts to curb inflation.
The U.S. Labor Department will release its July report for consumer prices on Wednesday, followed by its report for prices at the wholesale level on Thursday. A strong inflation print is likely to reinforce the idea that the Fed is not close to pausing its tightening cycle and markets would readjust their expectations for U.S. interest rates.
Back home, the domestic stock market remained closed on Tuesday, 9 August 2022 on account of Muharram. The benchmark indices closed near the day`s high with major gains on Monday, tracking positive global cues. The barometer index, the S&P BSE Sensex, rose 465.14 points or 0.80% to 58,853.07. The Nifty 50 index gained 127.60 points or 0.73% to 17,525.10.
Foreign portfolio investors (FPIs) bought shares worth Rs 1,449.70 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 140.73 crore in the Indian equity market on 8 August, provisional data showed.
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