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Market may open lower

Published on Oct 25, 2022 08:23

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 57 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading higher on Tuesday following a rally in Wall Street aided by strong corporate earnings.

US stocks advanced on Monday, extending last week`s gains as signs of economic softness suggested the effects of the Fed`s aggressive policy aimed at cooling the economy, thereby curbing decades-high inflation, are beginning to take root.

Meanwhile, Indian Origin former UK Chancellor Rishi Sunak became UK`s prime minister on Monday (October 24). Replacing former PM Liz Truss, Sunak became the first Indian-origin prime minister of the UK. Rishi Sunak will take oath as PM on October 28 and the cabinet is likely to be formed on October 29.

Rishi Sunak, in his first address to the country after being elected as the PM said, "I pledge that I will serve you with integrity and humility; and I will work day in, day out to deliver for the British people."

Domestic markets:

Back home, the key equity indices ended with decent gains on the Muharat Trading Day. The barometer index, the S&P BSE Sensex, gained 524.51 points or 0.88% to 59,831.66. The Nifty 50 index added 154.45 points or 0.88% to 17,730.75.

The exchanges will remain closed on Wednesday, (26 October 2022), on the occasion of Diwali Balipratipada.

Foreign portfolio investors (FPIs) sold shares worth Rs 153.89 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 80.12 crore in the Indian equity market on 24 October, provisional data showed.

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