SGX Nifty indicates firm opening
Published on Aug 17, 2022 08:30
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 40 points at the opening bell.
Overseas, Asian stocks are trading higher on Wednesday as strong overnight earnings for U.S. retail giants pointed to further scope for the Federal Reserve to tackle inflation with rate hikes.
Japan`s exports rose for the 17th month in a row in July, driven by strong demand for autos and mineral fuels, Ministry of Finance data showed Wednesday. Exports rose 19% in July from a year earlier. Exports rose 19.4% in June.
In US, the Dow and S&P 500 rose on Tuesday as stronger-than-expected results and outlooks from Walmart and Home Depot bolstered views on the health of consumers, while technology shares declined and weighed on the Nasdaq.
Production at US factories increased more than expected in July as output rose at motor vehicle plants and elsewhere. Manufacturing output rebounded 0.7% last month after declining 0.4% in June, the Federal Reserve said on Tuesday. Output increased 3.2% compared to July 2021.
U.S. President Joe Biden signed the Inflation Reduction Act, a tax, health and climate bill and a significantly reduced version of the $1.75 trillion Build Back Better plan he was pushing for last year.
New Zealand raised its cash rate by another 50 basis points to 3%, the latest in a series of interest rate hikes in an effort to curb inflation.
Back home, the domestic equity benchmarks ended with strong gains on Tuesday, aided by positive global cues. Better-than-expected domestic inflation data also lifted sentiment. The barometer index, the S&P BSE Sensex, advanced 379.43 points or 0.64% to 59,842.21. The Nifty 50 index added 127.10 points or 0.72% to 17,825.25.
Foreign portfolio investors (FPIs) bought shares worth Rs 1,376.84 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 136.24 crore in the Indian equity market on 16 August, provisional data showed.
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