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SGX Nifty indicates negative opening

Published on May 31, 2022 08:19

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 53.50 points at the opening bell.

Global Markets:

The US Dow Jones index futures were up 13 points. The U.S. stock market was shut on Monday due to the Memorial Day holiday.

Asian shares were trading higher on Tuesday as investors reacted to the official Chinese factory activity data for May.

China`s official manufacturing Purchasing Managers` Index for May came in at 49.6, an improvement over April`s reading of 47.4, but still below the 50-point mark that separates growth from contraction.

Japan`s factories posted a sharp fall in output in April as China`s COVID-19 lockdowns and wider supply disruptions took a heavy toll on manufacturers. Factory output dropped 1.3% in April from the previous month, official data showed on Tuesday.

Separate data showed retail sales grew 2.9% in April from a year earlier, marking their sharpest gain since May 2021.

Oil prices rose after European Union leaders agreed on a fresh sanctions against Russia for its invasion of Ukraine. The agreement would �effectively cut around 90% of oil imports from Russia to the EU by the end of the year,� European Commission President Ursula von der Leyen said in a tweet.

In the commodities market, Brent crude for July 2022 settlement was up $2.20 or 1.84% at $121.63 a barrel.

Domestic Equity Market:

The benchmark indices ended with robust gains on Monday, extending gains for the third day. Positive global cues boosted sentiment. The barometer index, the S&P BSE Sensex, soared 1041.08 points or 1.90% to 55,925.74. The Nifty 50 index added 308.95 points or 1.89% to 16,661.40. The 50-unit index has climbed 3.97% in three days.

Foreign portfolio investors (FPIs) bought shares worth Rs 502.08 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,524.49 crore in the Indian equity market on 30 May 2022, provisional data showed.

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