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SGX Nifty indicates subdued opening

Published on Sep 01, 2022 08:37

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 39 points at the opening bell.

On the macro front, India`s GDP growth surged to 13.5% in April-June from 4.1% in the previous quarter, data released on August 31 by the Ministry of Statistics and Programme Implementation showed. The sharp uptick in growth was driven by a favourable base effect and the ongoing economic revival.

India`s eight core sectors grew 4.5% in July, slowing from an upwardly revised 13.2% in June, the commerce ministry said on August 31. Output in six of the eight core sectors grew in July. These sectors include coal, refinery products, electricity, fertilisers, cement and steel, said the ministry.

Global markets:

Overseas, Asian stocks are trading lower Thursday on concerns about aggressive rate hikes from global policymakers.

The results of a private survey showed China`s factory activity contracted in August. The Caixin/Markit manufacturing Purchasing Managers` Index came in at 49.5 for August, compared to 50.4 in July.

U.S. stocks ended lower on Wednesday as worries about aggressive interest rate hikes from the Federal Reserve persist.

Domestic markets:

Back home, the headline equity benchmarks rallied on Tuesday, tracking positive global cues. The barometer index, the S&P BSE Sensex, jumped 1,564.45 points or 2.70% to 59,537.07. The Nifty 50 index added 446.40 points or 2.58% to 17,759.30. Stock markets remain closed on Wednesday, 31 August 2022 on account of Ganesh Chaturthi.

Foreign portfolio investors (FPIs) bought shares worth Rs 4,165.86 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 656.72 crore in the Indian equity market on 30 August, provisional data showed.

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