SGX Nifty hints at higher opening
Published on Mar 03, 2023 08:27
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could jump 104.50 points at opening today.
The US Dow Jones index futures were down 49 points, indicating a positive opening in the US stocks today.
Asian stock markets advanced on Friday, following Wall Street`s gains overnight after Atlanta Fed president Raphael Bostic said he`s "firmly" in favor of sticking with quarter-point hikes.
China`s services sector saw a jump in activity, according to the Caixin/S&P Global services purchasing manager`s index, with a reading of 55 in February from 52.9 in January.
The headline S&P Global Singapore purchasing manager`s index fell to 49.6 in February.
Japan`s services purchasing managers index came in at 54, higher than the 52.3 in January. A reading above 50 signals expansion, while a reading below 50 indicates contraction for the sector.
Tokyo`s consumer price index rose by 3.3% in February, a lower print than January`s 4.3% government data showed. Overall, CPI for the capital city reached 3.4%, a cooler print from the 4.4% seen last month, while prices excluding food and energy for Tokyo rose by 1.8%, also a slower pace than 1.7% from January.
US stocks were initially under pressure as the trading day started, but rallied in the afternoon after Bostic`s remarks. The Dow Jones Industrial Average led gains among the major U.S. indexes, rising 1.05%, while the S&P 500 and Nasdaq Composite closed 0.76% and 0.73% higher.
Domestic Equity Market:
The domestic equity barometers ended with steep losses on Thursday. The Nifty settled below the 17,350 mark. Trading was volatile due to expiry of weekly index options on the NSE. The barometer index, the S&P BSE Sensex declined 501.73 points or 0.84% to 58,909.35. The Nifty 50 index lost 129 points or 0.74% to 17,321.90.
Foreign portfolio investors (FPIs) bought shares worth Rs 12,770.81 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 2,128.80 crore in the Indian equity market on 1 March 2023, provisional data showed.
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