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SGX Nifty hints at lower opening

Published on Jul 26, 2022 08:09

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 33 points at the opening bell.

Global markets:

Overseas, Asian stocks are mostly trading higher on Tuesday as South Korea`s gross domestic product beat estimates. South Korea`s economy grew 0.7% in the second quarter compared with the first quarter of 2022, according to estimates released by the Bank of Korea. The country`s GDP grew 0.6% in the January to March quarter.

The Bank of Japan released the minutes for it June meeting on Tuesday, after keeping its interest rates at ultra-low levels last week. Members of the BOJ policy board said the economy was on its way to recovery from the effects of Covid, but still needs strong support on the financial side due to pressure from the rise in commodity prices. They also agreed that it was necessary to pay due attention to developments in financial and foreign exchange markets and their impact on Japan`s economic activity and prices, the minutes said.

Wall Street stock markets delivered a mixed performance on Monday as cautious investors looked ahead to a week of Big Tech earnings and a crucial interest rate decision from the US Federal Reserve.

At the end of its two-day monetary policy meeting on Wednesday, the Fed is widely expected to raise its main interest rate by 0.75 percentage points.

Domestic markets:

Back home, the key equity indices ended with modest losses on Monday, snapping a six-day rising streak. The barometer index, the S&P BSE Sensex, declined 306.01 points or 0.55% to 55,766.22. The Nifty 50 index lost 88.45 points or 0.53% to 16,631.

Foreign portfolio investors (FPIs) sold shares worth Rs 844.78 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 72.26 crore in the Indian equity market on 25 July, provisional data showed.

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