SGX Nifty indicates positive opening
Published on Jan 11, 2023 08:44
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 28 points at the opening bell.
Overseas, Asian stocks are trading mostly higher as investors looked ahead to the U.S. consumer price index, which would set the Federal Reserve`s trajectory in its attempt to tackle inflation.
US stocks ended firmly higher on Tuesday on relief that Federal Reserve Chair Jerome Powell refrained in a speech from commenting on rate policy.
Fed Chairman Jerome Powell on Tuesday stressed the need for the central bank to be free of political influence while it tackles persistently high inflation. In a speech delivered to Sweden`s Riksbank, Powell noted that stabilizing prices requires making tough decisions that can be unpopular politically.
Meanwhile, the World Bank slashed its growth forecasts for most countries and regions and warned that new adverse shocks could tip the global economy into a recession. Global gross domestic product will probably increase 1.7% this year, about half the pace forecast in June, the Washington-based lender said Tuesday. The bank, which also cut its growth estimates for 2024, said persistent inflation and higher interest rates are among the key reasons. It also cited the impact of Russia`s invasion of Ukraine, and a decline in investment.
Back home, the market ended with deep losses on Tuesday. The barometer index, the S&P BSE Sensex tumbled 631.83 points or 1.04% to 60,115.48. The Nifty 50 index lost 187.05 points or 1.03% to 17,914.15.
Foreign portfolio investors (FPIs) sold shares worth Rs 2,109.34 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,806.62 crore in the Indian equity market on 10 January, provisional data showed.
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