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SGX Nifty indicates firm opening

Published on Aug 16, 2022 08:29

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 64 points at the opening bell. Trading will resume after a long weekend. Stock markets were closed on Monday, 15 August 2022 on account of Independence Day.

On the macro front, India`s retail inflation based on the Consumer Price Index (CPI) eased to 6.71% in July 2022 compared with 7.01% in preceding month. Inflation eased mainly due to easing prices in the food & beverages section.

India`s factory output, measured in terms of Index of Industrial Production (IIP), witnessed a growth of 12.3% in June 2022. Industrial production grew 19.6% in May 2022. IIP growth in June 2021 was 13.8%, the data showed.

India`s overall exports including merchandise and services exhibited growth last month. Exports registered growth of 11.51% over the same period of last year and estimated to be $61.18 billion. Overall imports also exhibited a growth of 42.90% in comparison to the corresponding period of last year. The country`s imports in the last month are estimated to be $82.22 billion.

Global markets:

Overseas, Asian stocks are trading higher on Tuesday as another round of weak US data provided a little hope that the Federal Reserve will temper its pace of interest rate hikes.

US stocks rose on Monday with mega-cap growth shares, extending the market`s recent rally amid investor optimism the Federal Reserve can achieve a soft landing for the economy.

Domestic markets:

Back home, the key equity indices ended with decent gains on Friday, tracking positive global cues. The barometer index, the S&P BSE Sensex, rose 130.18 points or 0.22% to 59,462.78. The Nifty 50 index rose 39.15 points or 0.22% to 17,698.15.

Foreign portfolio investors (FPIs) bought shares worth Rs 3,040.46 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 839.45 crore in the Indian equity market on 12 August, provisional data showed.

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