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SGX Nifty indicates weak opening

Published on Jun 20, 2022 08:30

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 79 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading mixed on Monday, as investors monitored market reaction to the release of China`s latest benchmark lending rates. China stood pat on its benchmark lending rates for corporate and household loans, as expected, on Monday. The one-year loan prime rate (LPR) was kept at 3.70%, and the five-year was unchanged at 4.45%.

Markets in the U.S. are closed on Monday for a holiday. The Wall Street ended mixed Friday as the S&P 500 and the Nasdaq Composite bounced on Friday, but the Dow Jones Industrial Average erased gains late in the session. Stocks were volatile during Friday`s trading, switching between gains and losses as investors grew increasingly worried about a potential economic slowdown.

In the latest Fed commentary, Governor Christopher Waller said he would support another 75-basis-point rate increase at the central bank`s July meeting should economic data come in as he expects.

Production at US factories unexpectedly fell in May. Manufacturing output dipped 0.1% last month, the first decline since January, after increasing 0.8% in April, the Fed said.

Domestic markets:

Back home, the key equity benchmarks ended with small cuts after a volatile session on Friday. The barometer index, the S&P BSE Sensex, declined 135.37 points or 0.26% to 51,360.42. The Nifty 50 index fell 67.10 points or 0.44% to 15,293.50.

Foreign portfolio investors (FPIs) sold shares worth Rs 7,818.61 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 6,086.92 crore in the Indian equity market on 17 June, provisional data showed.

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