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Market may open on weak note

Published on Jan 20, 2022 08:27

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could slide 72 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading mixed on Thursday as China cut its key lending rates.

China on Thursday cut its one-year loan prime rate by 10 basis points, while its five-year LPR, which influences the pricing of home mortgages, was cut by 5 basis points, the first time since April 2020.

Wall Street`s main indices ended sharply lower on Wednesday after a diverse set of corporate earnings and as investors continued to worry about higher US Treasury yields and the Federal Reserve tightening monetary policy.

Domestic markets:

Back home, the key equity benchmarks ended with deep cuts on Wednesday. The barometer index, the S&P BSE Sensex, slumped 656.04 points or 1.08% to 60,098.82. The Nifty 50 index tumbled 174.65 points or 0.96% to 17,938.40.

Foreign portfolio investors (FPIs) sold shares worth Rs 2,704.77 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 195.07 crore in the Indian equity market on 19 January, provisional data showed.

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