Market poised for slightly higher opening

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 12 points at the opening bell.

Meanwhile, state-owned insurance behemoth Life Insurance Corporation of India (LIC) on Tuesday has reportedly received capital markets regulator Sebi`s go-ahead to raise funds through an initial share sale. The government will sell over 31 crore equity shares of LIC.

Global markets:

Overseas, Asian stocks edged higher on Wednesday, recovering partially from losses earlier in the week as investors continue to assess the potential economic ramifications of the ongoing war in Ukraine. Markets in South Korea are closed on Wednesday due to the country`s presidential election.

Japan`s economic rebound was softer than initial estimates in the final quarter of 2021, revised data showed on Wednesday. Revised gross domestic product (GDP) data showed Japan expanded an annualised 4.6% in October-December. That was lower than the preliminary reading of 5.4% released last month.

Oil prices jumped to their session highs on Tuesday after President Joe Biden said the U.S. will ban imports of Russian oil, a further escalation in the international response to Moscow`s invasion of Ukraine. The United Kingdom also announced its own plans to phase out its reliance on Russian oil imports by the end of the year.

US stocks declined on Tuesday as investors continue to assess geopolitical tensions between Russia and Ukraine and high commodity prices.

Domestic markets:

Back home, the domestic equity market ended with sharp gains on Tuesday, snapping a four-day losing streak. The barometer index, the S&P BSE Sensex, jumped 581.34 points or 1.10% at 53,424.09. The Nifty 50 index advanced 150.30 points or 0.95% at 16,013.45.

Foreign portfolio investors (FPIs) sold shares worth Rs 8,142.60 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 6,489.59 crore in the Indian equity market on 8 March, provisional data showed.

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