Market may open with small losses
Published on May 23, 2022 08:30
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 18 points at the opening bell.
On Saturday, the Centre had cut excise duty on petrol by Rs 8 per litre and on diesel by Rs 6 per litre to give relief to consumers battered by high fuel prices that have also pushed inflation to a multi-year high. The excise duty cut would translate into a reduction of Rs 9.5 a litre on petrol and Rs 7 a litre on diesel after taking into account its impact on other levies.
The government has waived customs duty on the import of some raw materials, including coking coal and ferronickel, used by the steel industry. The duty on exports of iron ore has been hiked up to 50% and on a few steel intermediaries to 15%, according to a notification. The duty changes will be effective from Sunday.
Overseas, Asian stocks are trading mixed on Monday as global concerns continue.
Wall Street ended mixed on Friday after a volatile session that saw Tesla slump and other growth stocks also lose ground.
Back home, the domestic equity benchmarks ended with blockbuster gains on Friday amid strong global cues. The barometer index, the S&P BSE Sensex, jumped 1,534.16 points or 2.91% at 54,326.39. The Nifty 50 index advanced 456.75 points or 2.89% at 16,266.15.
Foreign portfolio investors (FPIs) sold shares worth Rs 1,265.41 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,148.95 crore in the Indian equity market on 20 May, provisional data showed.
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