SGX Nifty hints at strong opening; Economic Survey eyed
Published on Jan 31, 2022 08:14
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 180 points at the opening bell.
The Budget session of Parliament is set to commence today, 31 January 2022 and will conclude on 8 April 2022. Finance Minister Nirmala Sitharaman will table the Economic Survey for 2021-22 in the Lok Sabha on Monday soon after the President`s Address to both Houses of Parliament. She will present the Union Budget for the next financial year beginning April 1, 2022, on Tuesday.
Overseas, Asian stocks are trading mixed Monday, with markets in mainland China and South Korea closed for the Lunar New Year eve. Regionally, markets in Hong Kong and Singapore are also set to close early on Monday ahead of the Lunar New Year holidays.
Official data released Sunday showed Chinese factory activity growth slowing in January. The country`s official manufacturing Purchasing Managers` Index for January was at 50.1, just above the 50 level that separates growth from contraction. January`s reading compared against December`s figure of 50.3.
Meanwhile, a private survey released over the weekend showed Chinese manufacturing activity contracting in January. The Caixin/Markit manufacturing PMI came in at 49.1 for the month.
U.S. stocks rallied on Friday, notching its best day so far in 2022 after another zigzag session, bolstered by a marked rebound in tech shares. Shares of Apple jumped after a stellar quarterly results. The company reported its largest single quarter in terms of revenue ever even amid supply challenges and the lingering effects of the pandemic.
Back home, after a rousing start, the benchmark indices reversed intraday gains and ended with small losses on Friday. The barometer index, the S&P BSE Sensex, fell 76.71 points or 0.13% at 57,200.23. The Nifty 50 index slipped 8.20 points or 0.05% at 17,101.95.
Foreign portfolio investors (FPIs) sold shares worth Rs 5,045.34 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 3,358.67 crore in the Indian equity market on 28 January, provisional data showed.
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