Market may open on negative note
Published on Jan 17, 2022 08:24
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could decline 70 points at the opening bell.
Overseas, Asian stocks are trading mixed on Monday after release of Chinese economic data.
China`s economy grew by 8.1% in 2021, and industrial production rose steadily through the end of the year and offset a drop off in retail sales, according to official data from China`s National Bureau of Statistics released on Monday. China`s gross domestic product grew by 2.2% in 2020 from the prior year.
China`s central bank on Monday cut the borrowing costs of its medium-term loans for the first time since April 2020. The People`s Bank of China (PBOC) said it was lowering the interest rate on 700 billion yuan ($110.19 billion) worth of one-year medium-term lending facility (MLF) loans to some financial institutions by 10 basis points to 2.85% from 2.95% in previous operations.
U.S. markets will remain closed today for Martin Luther King Jr. Day. US stocks ended mixed Friday after sentiment on Wall Street appeared to sour on heightened anticipation for higher interest rates and concerns over the economic outlook.
New York Fed President John Williams, a key ally of Fed Chairman Jerome Powell, said Friday that he expects economic growth to slow in 2022 to a 3.5% annual rate, from an estimated 5.5% rate last year, on the spread of omicron.
Back home, key indices ended almost flat with negative bias on Friday. The barometer index, the S&P BSE Sensex, fell 12.27 points or 0.02% at 61,223.03. The Nifty 50 index declined 2.05 points or 0.01% at 18,255.75.
Foreign portfolio investors (FPIs) sold shares worth Rs 1,598.20 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 371.41 crore in the Indian equity market on 14 January, provisional data showed.
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