Market poised for weak opening
Published on Jan 06, 2022 08:30
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could slide 171 points at the opening bell.
Overseas, Asian stocks are trading lower on Thursday following overnight losses on the Wall Street.
Activity in China`s services sector expanded at a faster pace in December, a private sector survey showed on Thursday. The Caixin/Markit services Purchasing Managers` Index (PMI) rose to 53.1 in December from 52.1 in November.
Japan`s services sector activity expanded at a slower pace in December. The final au Jibun Bank Japan Services Purchasing Managers` Index (PMI) dropped to a seasonally adjusted 52.1 from the prior month`s 53.0, which was the highest reading since August 2019.
US stocks fell sharply on Wednesday after U.S. Federal Reserve meeting minutes signaled the central bank may raise interest rates sooner than expected.
The minutes from the Federal Reserve`s most recent meeting showed the central bank has discussed reducing its balance sheet shortly after it raises rates later this year. The minutes show officials to be considering shrinking the balance sheet along with raising rates as another way to remove policy accommodation. The Fed also signaled it could get more aggressive in raising rates.
Back home, the benchmark indices rose for the fourth straight session on Wednesday, supported by firmness in banks and financial services. The barometer index, the S&P BSE Sensex, jumped 367.22 points or 0.61% at 60,223.15. The Nifty 50 index surged 120 points or 0.67% at 17,925.25.
Foreign portfolio investors (FPIs) bought shares worth Rs 336.83 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,271.95 crore in the Indian equity market on 5 January, provisional data showed.
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