SGX Nifty indicates firm opening
Published on Mar 14, 2023 08:41
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 55 points at the opening bell.
Retail inflation, measured by the consumer price index (CPI), eased marginally in February but remained stubbornly above the 6% mark for the second straight month. Data released on Monday revealed that retail inflation stood at 6.44% in February against 6.52% in January. It stood at 6.07% a year ago. Both food and core inflation remained sticky and elevated at over 6% last month and the price pressures were higher in rural areas than urban centres.
Overseas, Asian stocks are trading lower on Tuesday as investors grappled with the fallout of failed banks in the U.S., including Silicon Valley Bank.
US stocks ended lower on Monday even as a plan to backstop all the depositors in failed Silicon Valley Bank, along with other extraordinary measures, failed to boost bank shares. The fallout from SVB`s collapse prompted President Joe Biden to promise stronger regulation of U.S. lenders, while reassuring depositors that their money is safe.
Traders are looking to the US consumer price index report later in the day for cues that may trigger further shifts in bets on the Fed`s next move ahead of its meeting on March 21 and 22. As per reports, a hot inflation report will raise expectations the Fed could hike rates by 50 basis points, up from the 25 points it implemented in February.
Back home, the frontline equity indices tumbled on Monday, extending losses for the third straight session. The barometer index, the S&P BSE Sensex slumped 897.28 points or 1.52% to 58,237.85. The Nifty 50 index lost 258.60 points or 1.49% to 17,154.30.
Foreign portfolio investors (FPIs) sold shares worth Rs 1,546.86 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,418.58 crore in the Indian equity market on 13 March, provisional data showed.
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