Market may open on weak note
Published on Jan 14, 2022 08:32
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could slide 73 points at the opening bell.
Overseas, Asian stocks are trading lower on Friday as the recent rally in U.S. stocks broke momentum with the Nasdaq snapping a three-day winning streak.
China released trade data on Friday, which showed that its dollar-denominated exports grew 29.9% compared to the past year, and its imports rose 30.1% in the same period.
Meanwhile, South Korea`s central bank raised its benchmark rate by 25 basis points to 1.25%, the highest since March 2020 and back to the rate it was at before the pandemic.
Wall Street`s major indexes closed lower on Thursday as investors took profits, particularly in technology stocks after a three-day rally.
On the macro front, the number of Americans filing new claims for unemployment benefits increased to an eight-week high in the first week of January amid raging COVID-19 infections. Initial claims for state unemployment benefits increased 23,000 to a seasonally adjusted 230,000 for the week ended January 8, the highest reading since mid-November.
In another report on Thursday, the Labor Department said the producer price index for final demand increased 0.2% last month. That was the smallest gain in the PPI since November 2020 and followed a 1% jump in November.
Back home, domestic equity benchmarks settled with small gains on Thursday, extending the rally to fifth consecutive trading session. The barometer index, the S&P BSE Sensex, rose 85.26 points or 0.14% at 61,235.30. The Nifty 50 index rose 45.45 points or 0.25% at 18,257.80.
Foreign portfolio investors (FPIs) sold shares worth Rs 1,390.85 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,065.32 crore in the Indian equity market on 13 January, provisional data showed.
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