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SGX Nifty indicates negative start

Published on Jun 22, 2022 08:19

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 45 points at the opening bell.

Global markets:

Overseas, Asian stocks are mostly trading lower on Wednesday, as Wall Street bounced back after a turbulent week.

The Bank of Japan, after maintaining its ultra-low interest rates last week, released the minutes from its April monetary policy meeting on Wednesday. Many members expressed the view that underlying inflation, measured by the CPI excluding such factors as energy, remained relatively low, the minutes said. Most members of BOJ policy board expect short-term and long-term interest rates to remain at their present levels or lower, the minutes added.

Wall Street`s major indices jumped over 2% on Tuesday as investors scooped up shares of mega-cap growth and energy companies. U.S. stock markets were closed Monday for Juneteenth.

Fed Chair Jerome Powell will testify before Congress Wednesday and Thursday. His appearance comes after a recent rate hike by three-quarters of a percentage point, the central bank`s biggest increase since 1994.

Domestic markets:

Back home, the domestic equity benchmarks ended with robust gains on Tuesday, tracking positive global cues. The barometer index, the S&P BSE Sensex, up 934.23 points or 1.81% to 52,532.07. The Nifty 50 index gained 288.65 points or 1.88% to 15,638.80.

Foreign portfolio investors (FPIs) sold shares worth Rs 2,701.21 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 3,066.41 crore in the Indian equity market on 21 June, provisional data showed.

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