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Market may open lower

Published on Oct 11, 2022 08:32

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 47 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading lower on Tuesday following a fourth straight drop in US equities amid persistent concern that rising interest rates and geopolitical threats will crimp global growth. Stocks slumped in Japan and South Korea as trading resumed after holidays.

US stocks fell on Monday as investors worried about the impact of higher interest rates and pulled out of chipmakers after the United States announced restrictions aimed at hobbling China`s semiconductor industry.

The mood remains fragile ahead of Thursday`s US inflation data, with the case for another 75 basis-point rate hike likely to be strong if the data comes in hotter-than-expected, as per reports.

Domestic markets:

Back home, the market ended with modest losses on Monday, pressurised by weak global cues. The barometer index, the S&P BSE Sensex, declined 200.18 points or 0.34% to 57,991.11. The Nifty 50 index lost 73.65 points or 0.43% to 17,241.

Foreign portfolio investors (FPIs) sold shares worth Rs 2,139.02 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,137.46 crore in the Indian equity market on 10 October, provisional data showed.

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