Market may see soft opening

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 32 points at the opening bell.

Global markets:

Overseas, Asian stocks were in the red on Tuesday as surging COVID-19 cases in China hit the confidence of investors who are already worried about the Ukraine war and the first U.S. interest rate rise in three years, which could come this week.

Major US stock indexes closed mostly lower on Monday as investors sold tech and big growth names ahead of this week`s Federal Reserve meeting and an expected hike in interest rates.

Wall Street kept an eye on the conflict between Russia and Ukraine, as the two countries resumed talks on Monday. A Ukrainian official reportedly said the country`s objectives were to secure a ceasefire and an immediate withdrawal of Russian troops, along with other security guarantees. Hopes that talks between Russia and Ukraine due to resume on Tuesday could provide a resolution to the conflict prompted a sharp fall in global oil prices.

Fighting has intensified around Ukraine`s capital, Kyiv, while Russian forces bombard cities across the country, killing civilians who are unable to escape.

Investors were also focused on the Fed, which is expected to raise its target fed funds rate by a quarter-percentage point from zero at the end of its two-day meeting Wednesday

Domestic markets:

Back home, benchmark indices ended with strong gains, extended their winning run to fifth trading session. The S&P BSE Sensex, advanced 935.72 points or 1.68% at 56,486.02. The Nifty 50 index gained 240.85 points or 1.45% at 16,871.30.

Foreign portfolio investors (FPIs) sold shares worth Rs 176.52 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,098.62 crore in the Indian equity market on 14 March, provisional data showed.

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