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Nifty may open slightly higher

Published on Jan 16, 2023 08:45

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 11 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading mixed as investors waited nervously to see if the Bank of Japan (BOJ) will defend its super-sized stimulus policy at a pivotal meeting this week, while a holiday in US markets made for thin trading.

Over the weekend, China reported a surge of nearly 60,000 Covid deaths since dropping restrictions last month. On Sunday, the high-speed rail connecting mainland China and Hong Kong reopened for the first time in three years.

US stock market will be closed on Monday, 16 January 2023, in observance of Martin Luther King, Jr. Day. US stocks ended higher on Friday, with shares of JPMorgan Chase and other banks rising following their quarterly results, which kicked off the earnings season.

The University of Michigan consumer sentiment survey released on Friday showed the one-year inflation outlook fell to 4%, the lowest level since April 2021. December`s CPI report showed prices declined 0.1% compared with a month ago, raising hopes that the Federal Reserve may soon slow its rate hikes.

Domestic markets:

Back home, the equity benchmark indices ended with modest gains on Friday, snapping a three-day losing streak. The barometer index, the S&P BSE Sensex was up 303.15 points or 0.51% to 60,261.18. The Nifty 50 index added 98.40points or 0.55% to 17,956.60.

Foreign portfolio investors (FPIs) sold shares worth Rs 2,422.39 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,953.40 crore in the Indian equity market on 13 January, provisional data showed.

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