SGX Nifty indicates firm opening
Published on Oct 06, 2022 08:03
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 93 points at the opening bell.
Overseas, Asian stocks are trading mixed on Thursday after Wall Street`s two-day rally fizzled. Mainland China markets are closed for a holiday this week.
Wall Street stocks closed lower on Wednesday after data showing strong U.S. labor demand again suggested the Federal Reserve will keep interest rates higher for longer. Fed officials have insisted on aggressive rate tightening to battle inflation, a message the market has feared would lead to a hard landing and likely recession.
The U.S. trade deficit fell slightly more than expected in August to its lowest level in more than a year, the Bureau of Economic Analysis reported Wednesday. The trade shortfall declined to $67.4 billion, a $3.1 billion drop from the previous month. In March 2022, the deficit had hit a record $106.9 billion.
Back home, the domestic stock market remained shut on Wednesday, 5 October 2022, on account of Dussehra. Indices rallied on Tuesday, tracking strong global cues. The barometer index, the S&P BSE Sensex, jumped 1,276.66 points or 2.25% to 58,065.47. The Nifty 50 index added 386.95 points or 2.29% to 17,274.30.
Foreign portfolio investors (FPIs) bought shares worth Rs 1,344.63 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 945.92 crore in the Indian equity market on 4 October, provisional data showed.
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