SGX Nifty indicates dull opening
Published on Apr 19, 2023 08:37
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 9 points at the opening bell.
The markets are likely to remain uncertain in the days ahead as investors continue to gauge the health of the global economy as well as corporate earnings.
Overseas, Asian stocks are trading mixed on Wednesday as Wall Street`s earnings season continued and U.S. Federal Reserve officials delivered mixed signals on future rate hikes.
Overnight in the US, all three major indexes closed near the flatline as investors digested earnings reports, including from Goldman Sachs and Bank of America.
Atlanta Federal Reserve President Raphael Bostic reportedly said that he sees one more rate hike of 25 basis points, before pausing to see its impact on the economy. This would take the U.S. Federal Funds rate to 5% to 5.25%. Bostic`s words come as St. Louis Federal Reserve President James Bullard reportedly told that he favors a higher terminal rate of between 5.50% and 5.75%.
Meanwhile, U.S. Treasury Secretary Janet Yellen will deliver in a speech the economic priorities for the U.S. on China, as per reports. Yellen will deliver a speech at Johns Hopkins University`s School of Advanced International Studies on Thursday.
Back home, the domestic equity barometers experienced modest losses on Tuesday. The benchmark indices recorded losses for the second consecutive session, with the S&P BSE Sensex falling 183.74 points or 0.31% to 59,727.01, and the Nifty 50 index losing 46.70 points or 0.26% to 17,660.15.
Foreign portfolio investors (FPIs) sold shares worth Rs 810.60 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 401.66 crore in the Indian equity market on 18 April, provisional data showed.
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