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Market may open on firm note on positive Asian stocks

Published on Apr 11, 2023 08:30

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 42 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading higher on Tuesday as the Bank of Korea held interest rates at 3.5%, in line with expectations. South Korea`s central bank held rates for the second consecutive time.

China`s consumer inflation in March hit the slowest pace since September 2021, weighed by sluggish food prices, official data showed on Tuesday. The consumer price index (CPI) for the month rose 0.7% year-on-year, compared with the 1.0% gain seen in February, said the National Bureau of Statistics (NBS).

U.S. stocks closed Monday mixed after Labor Department data released last week showed workers remain in high demand, increasing the likelihood of another interest-rate increase by the Federal Reserve.

Investors are eyeing the latest consumer price index and producer price index data - due out Wednesday and Thursday, respectively - which will be key in determining if or when the Fed will pause or put an end to its rate hiking campaign.

Domestic markets:

Back home, domestic benchmark indices ended with tiny gains on Monday, extending winning streak for sixth straight session. The barometer index, the S&P BSE Sensex, was up 13.54 points or 0.02% to 59,846.51. The Nifty 50 index added 24.90 points or 0.14% to 17,624.05.

Foreign portfolio investors (FPIs) bought shares worth Rs 882.52 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 351.50 crore in the Indian equity market on 10 April, provisional data showed.

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