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SGX Nifty hints at positive opening

Published on Apr 03, 2023 08:45

SGX Nifty:

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

The Reserve Bank of India (RBI) monetary policy meeting begins today. The outcome of the meeting will be announced on April 6. The RBI`s monetary policy committee (MPC) may reportedly increase the repo rate by 25 basis points (bps) in order to combat rising inflation.

The gross GST revenue collected in March 2023 is Rs. 1,60,122 crore. The total gross collection for 2022-23 stands at Rs 18.10 lakh crore. The gross revenues in 2022-23 were 22% higher than that last year..

Global markets:

Overseas, Asian stocks are mostly trading higher on Monday as investors further digested key manufacturing data in the region. Crude oil prices surged after OPEC+ members agreed to cut more than 1 million barrels per day to extend through the end of 2023.

China`s Caixin/Markit manufacturing Purchasing Managers` Index for March was 50. The reading for March fell from 51.6 seen in February. China`s official PMI for March stood at 51.9.

Japan`s factory activity showed a softer contraction in five months. The manufacturing purchasing managers index rose to 49.2% for March, higher than February`s figure of 47.7%, based on a private survey.

U.S. stocks rose Friday after the Federal Reserve`s preferred inflation gauge showed a cooler-than-expected increase in prices.

The Federal Reserve`s preferred inflation gauge climbed at a 0.3% monthly pace in February, marking a slight slowdown from the month before as pricing pressures show signs of gradually easing. The core personal consumption expenditures price index increased 4.6% in February from a year earlier, the Commerce Department reported Friday, compared to January`s 4.7% annual pace.

Domestic markets:

Back home, Indian equity indices ended with robust gains on Friday. The barometer index, the S&P BSE Sensex zoomed 1,031.43 points or 1.78% to 58,991.52. The Nifty 50 index gained 279.05 points or 1.63% to 17,359.75.

Foreign portfolio investors (FPIs) bought shares worth Rs 357.86 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,479.96 crore in the Indian equity market on 31 March, provisional data showed.

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