Market may open on flat note
Published on Sep 02, 2022 08:37
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 5 points at the opening bell.
Overseas, Asian stocks are trading mixed on Friday as investors look ahead to the U.S. jobs report for August, a key indicator before the Federal Reserve`s next interest rate decision later this month.
The Dow Jones Industrial Average and the S&P 500 ended the first day of September on a high note as traders looked forward to the jobs report Friday.
US manufacturing grew steadily in August but factory activity in China, the euro zone and Britain fell as Russia`s war in Ukraine and China`s zero COVID-19 curbs continued to hurt businesses, surveys showed on Thursday. The Institute for Supply Management (ISM) said on Thursday that its index of US factory activity was unchanged at 52.8 last month, although that is still the lowest reading since June 2020.
Back home, the domestic equity benchmarks ended with deep cuts on Thursday, tracking weak global cues. Investors continue to be spooked by fears of aggressive rate hikes by the global central banks. The barometer index, the S&P BSE Sensex, tumbled 770.48 points or 1.29% to 58,766.59. The Nifty 50 index lost 216.50 points or 1.22% to 17,542.80.
Foreign portfolio investors (FPIs) sold shares worth Rs 2,290.31 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 951.13 crore in the Indian equity market on 1 September, provisional data showed.
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