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SGX Nifty indicates positive opening

Published on May 04, 2022 08:27

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 94 points at the opening bell.

Meanwhile, subscription for the initial public offering (IPO) of insurance behemoth Life Insurance Corporation (LIC) of India has opened today and it will remain open for bidding till 9th May 2022. The IPO price band is Rs 902 to Rs 949 per equity share.

Global markets:

Overseas, Asian stocks are trading mixed on Wednesday, with investors looking ahead to the U.S. Federal Reserve`s interest rate decision expected later stateside. Markets in Japan and mainland China are closed on Wednesday for holidays.

As per reports, the U.S. Federal Reserve is expected to raise interest rates Wednesday for the second time since 2018, boosting the fed funds target rate by a half-percentage point. The central bank is also expected to launch a program to reduce its massive bond holdings by $95 billion a month, starting in June.

Wall Street stocks ended higher on Tuesday after a choppy session in which each of the major indexes fluctuated between gains and losses as a key meeting of the Federal Reserve got under way.

Domestic markets:

Back home, the equity benchmarks ended with small losses on Monday, extending losses for the second day. The barometer index, S&P BSE Sensex declined 84.88 points or 0.15% at 56,975.99. The Nifty 50 index fell 33.45 points or 0.20% at 17,069.10. The domestic stock market remained closed on Tuesday, 3 May 2022, on account of Ramzan Eid.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,853.46 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,951.10 crore in the Indian equity market on 2 May, provisional data showed.

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