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Market may snap recent gains

Published on Jun 28, 2022 08:31

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 89 points at the opening bell.

Global markets:

Overseas, Asian stocks are mostly trading lower on Tuesday as investors weigh economic concerns.

Profits at China`s industrial firms shrank at a slower pace in May following a sharp fall in April. Profits fell 6.5% from a year earlier, less than the 8.5% decline in April, according to data released by the National Bureau of Statistics (NBS).

US stocks closed lower on Monday on heightened inflation worries and tightening Fed policy. The major averages struggled as investors weighed whether stocks have reached a bottom or are instead briefly rebounding from oversold conditions.

Meanwhile, Ukraine`s President Volodymyr Zelenskyy has addressed the leaders of the G-7 nations who are gathered in Munich, Germany, reportedly pressing them for more heavy weaponry and help to end the war before winter sets in. Zelenskyy has reportedly requested anti-aircraft defense systems to help protect Ukraine and has said he wants the war to end before the end of the year. The G-7, in turn, has promised to support Ukraine for as long as it takes.

Domestic markets:

Back home, the key equity barometers ended with strong gains on Monday, rising for the third day in a row. Global stock markets jumped amid cooling commodity prices. The barometer index, the S&P BSE Sensex, up 433.30 points or 0.82% to 53,161.28. The Nifty 50 index gained 132.80 points or 0.85% to 15,832.05.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,278.42 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,184.47 crore in the Indian equity market on 27 June, provisional data showed.

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