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Market may open on positive zone

Published on Aug 01, 2022 08:18

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 20 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading lower on Monday as disappointing Chinese economic data fed doubts last week`s rally on Wall Street could be sustained in the face of determined policy tightening by global central banks.

China`s factory activity actually contracted in July as fresh virus flare-ups weighed on demand. The official manufacturing purchasing managers` Index (PMI) fell to 49.0 in July, missing forecasts for 50.4.

The official non-manufacturing PMI in July fell to 53.8 from 54.7 in June. The official composite PMI, which includes manufacturing and services, fell to 52.5 from 54.1.

US stocks climbed for a third consecutive session on Friday as investors digested strong tech earnings and looked past concerns about high inflation and a recessionary environment.

On Friday, investors also got the final reading of the University of Michigan Consumer Sentiment Index, which came in at 51.5 for July. That`s a slight improvement over the preliminary reading and up from the June all-time low of 50.

Domestic markets:

Back home, the domestic equity benchmarks surged on Friday, rising for the third straight session. The barometer index, the S&P BSE Sensex, jumped 712.46 points or 1.25% to 57,570.25. The Nifty 50 index advanced 228.65 points or 1.35% to 17,158.25.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,046.32 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 0.91 crore in the Indian equity market on 29 July, provisional data showed.

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