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Market may open on firm note

Published on Mar 29, 2022 08:25

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 102 points at the opening bell.

Global markets:

Overseas, Asian stocks rose, following a tumble in oil prices overnight. Oil prices slumped overnight on demand concerns arising from a new lockdown in Shanghai, diving more than 8%.

Wall Street stocks rose Monday on hopes over peace talks between Russia and Ukraine, while oil prices tumbled with worries over the hit of Covid-19 to Chinese energy demand.

Ukraine`s President Volodymyr Zelensky said Kyiv`s negotiators were studying a Russian demand for Ukrainian neutrality. The comments came ahead of new face-to-face talks between Ukraine and Russia, set to start Tuesday in Turkey.

In Washington, President Joe Biden released an annual US$5.8 trillion (S$7.89 trillion) budget plan that would steer US$6.9 billion towards Ukraine to assist in defending against Russia`s invasion, as well as to aid Nato.

Domestic markets:

Back home, benchmark indices snapped a three-day losing streak and ended with decent gains on Monday. The barometer index, the S&P BSE Sensex rose 231.29 points or 0.40% at 57,593.49. The Nifty 50 index gained 69 points or 0.40% at 17,222.

Foreign portfolio investors (FPIs) sold shares worth Rs 801.41 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,161.70 crore in the Indian equity market on 28 March, provisional data showed.

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