Market may open with small gains
Published on Jun 23, 2022 08:30
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 26 points at the opening bell.
Overseas, Asian stocks are trading higher on Thursday as investors continued to monitor recession concerns.
Chinese President Xi Jinping chaired a top-level meeting on Wednesday that approved a plan for the healthy development of China`s large payment firms and fintech sector.
US stocks fell slightly Wednesday in choppy trading as markets struggled to sustain a rebound from earlier in the day. Traders also weighed comments from Federal Reserve Chair Jerome Powell, who reiterated the central bank`s stance to fight inflation.
The Federal Reserve is not trying to engineer a recession to stop inflation but is fully committed to bringing prices under control even if doing so risks an economic downturn, U.S. central bank chief Jerome Powell said on Wednesday. Powell said at a hearing before the U.S. Senate Banking Committee that a recession was "certainly a possibility" and events in the last few months around the world had made it more difficult to reduce inflation without causing one. On Wednesday, Powell reiterated that ongoing increases in the Fed`s policy rate would be appropriate, with the exact pace dependent on the economic outlook.
Back home, the benchmark indices ended with deep cuts on Wednesday, amid weak global cues. The barometer index, the S&P BSE Sensex, down 709.54 points or 1.35% to 51,822.53. The Nifty 50 index declined 225.50 points or 1.44% to 15,413.30.
Foreign portfolio investors (FPIs) sold shares worth Rs 2,920.61 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,859.07 crore in the Indian equity market on 22 June, provisional data showed.
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