Market may open on firm note
Published on Mar 21, 2023 08:39
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 77 points at the opening bell.
Overseas, Asian stocks are trading higher on Tuesday after Wall Street staged a relief rally overnight on hopes the banking crisis may be easing, following the $3.2 billion takeover of Swiss bank Credit Suisse by rival UBS.
Meanwhile, Japanese Prime Minister Fumio Kishida is heading to Ukraine, as per reports. Kishida has left India after meeting his counterpart Narendra Modi. The Japanese prime minister is reportedly expected to hold talks with Ukrainian President Volodymyr Zelenskyy later in the day.
US stocks jumped on Monday after a deal to rescue Credit Suisse and central bank efforts to bolster confidence in the financial system relieved investors.
The Federal Open Market Committee (FOMC) meeting is scheduled for March 21 and 22. The US Fed rate hike decision will be announced on March 22 followed by a press conference. Investors will keep an eye on the actions of the American Central Bank to see how it will proceed in its fight against inflation in light of the shakeup in the banking sector.
Back home, the key equity benchmarks tumbled on Monday amid turmoil in the global banking sector, recession fears and an exodus of foreign fund flows. The barometer index, the S&P BSE Sensex fell 360.95 points or 0.62% to 57,628.95. The Nifty 50 index declined 111.65 points or 0.65% to 16,988.40.
Foreign portfolio investors (FPIs) sold shares worth Rs 2,545.87 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,876.64 crore in the Indian equity market on 20 March, provisional data showed.
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