Market may open on flat to positive note
Published on Feb 21, 2023 08:36
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 7.5 points at the opening bell.
Overseas, Asian stocks are trading lower on Tuesday as investors await regional private surveys for factory activity. Minutes from the Reserve Bank of Australia`s February meeting, when it hiked its cash rate by 25 basis points, showed a pause in its hikes was not an option.
The au Jibun Bank Flash Japan Manufacturing purchasing managers` index fell further into contraction territory to 47.4 in February, after recording 48.9 in January, a release showed. Meanwhile a stronger service sector growth was seen in the economy, with a reading of 53.6 in February, a rise from 52.3 seen in January.
US markets remained closed on Monday due to Presidents` day holiday
Back home, domestic equity benchmarks extended losses for the second straight session today due to renewed worries of US Fed rate hike. The barometer index, the S&P BSE Sensex, fell 311.03 points or 0.51% to 60,691.54. The Nifty 50 index lost 99.60 points or 0.56% to 17,844.60.
Foreign portfolio investors (FPIs) sold shares worth Rs 158.95 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 86.23 crore in the Indian equity market on 20 February, provisional data showed.
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