Market may open with small gains
Published on Jul 21, 2022 08:31
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 25 points at the opening bell.
Overseas, Asian stocks are trading mixed on Thursday as investors look ahead to the Bank of Japan rate decision. The Bank of Japan is expected to keep rates at ultra-low levels Thursday, as per reports.
US stocks ended higher on Wednesday on positive earnings signals with a wary eye on inflation and more interest rate hikes by the Fed.
The US Federal Reserve will opt for another 75 basis point rate hike rather than a larger move at its meeting next week to quell stubbornly-high inflation as the likelihood of a recession over the next year rises to 40%, as per reports.
U.S. President Joe Biden said he expects to speak with Chinese President Xi Jinping by the end of the month, as per reports. He did not elaborate on reasons for the call or planned topics of discussion.
The European Central Bank policymakers are considering raising interest rates by a bigger-than-expected 50 basis points at their meeting on Thursday to tame record-high inflation, as per reports.
Back home, the headline equity indices settled with strong gains on Wednesday amid positive global cues. The barometer index, the S&P BSE Sensex, was up 629.91 points or 1.15% to 55,397.53. The Nifty 50 index gained 180.30 points or 1.10% to 16,520.85.
Foreign portfolio investors (FPIs) bought shares worth Rs 1,780.94 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 230.22 crore in the Indian equity market on 20 July, provisional data showed.
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