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SGX Nifty indicates higher start

Published on May 11, 2023 08:29

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 32 points at the opening bell.

On the political front, the Congress party is reportedly likely to get a majority of the seats in Karnataka, predicted various exit polls. The majority mark in the 224-seat Karnataka assembly stands at 113 seats. The results of the election will be declared on May 13.

Global markets:

Overseas, Asian stocks are trading mixed after Wall Street saw a tech rally as U.S. consumer price index rose less than expected for April.

China`s consumer price index rose 0.1% in April year-on-year, the slowest since early 2021. Month-on-month, prices declined by 0.1%. April`s reading comes after China`s inflation rate eased to 0.7% in March after marking a recent peak of 2.8% in September.

US stock markets closed mixed on Wednesday on lower-than-expected growth in inflation in April.

US inflation was slightly weaker than forecast in April. The Consumer Price Index (CPI) increased 4.9% from April 2022 to April 2023, Bureau of Labor Statistics report showed on Wednesday. That`s just below the 5.0% forecast and under the year-over-year percent increase of 5.0% in March.

The White House said in a statement on Wednesday that easing gas and food prices were providing �some welcome breathing room for families� at a time when the US economy and job market are strong.

Domestic markets:

Back home, the headline equity indices had a volatile session on Wednesday but managed to end with decent gains. The barometer index, the S&P BSE Sensex advanced 178.87 points or 0.29% to 61,940.20. The Nifty 50 index added 49.15 points or 0.27% to 18,315.10.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,833.13 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 789.67 crore in the Indian equity market on 10 May, provisional data showed.

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