SGX Nifty indicates weak opening
Published on Jun 01, 2023 08:18
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could drop 58 points at the opening bell.
The Central government`s NSO office on Wednesday released India`s Gross Domestic Product (GDP) data for the January-March quarter (Q4FY2023). In Q4FY23, GDP growth was at 6.1% compared to 4.4% growth rate witnessed in Q3. Overall, the growth in FY23 fiscal is better-than-expected to 7.2%. However, the FY23 growth has slowed down from 9.5% growth in FY22.
The government`s fiscal deficit narrowed to Rs 17.33 trillion or 6.4% of GDP for the financial year ended March 2023 compared with the previous financial year, on the back of higher tax receipts. Official data released on Wednesday showed that the deficit was lower than the revised estimate of Rs 17.55 trillion given in the Union Budget 2023.
Overseas, Asian stocks are trading mixed on Thursday as investors remained cautious amid the passage of US debt ceiling bill and the release of manufacturing data of several Asian countries, including China.
US stocks slipped on Wednesday as investors kept an eye on the federal debt ceiling debate in Washington in the final trading day of May.
The House of Representatives passed a bill to suspend the $31.4 trillion debt ceiling on Wednesday, with majority support from both Democrats and Republicans, avoiding a catastrophic default. The Republican-controlled House voted 314-117 to send the legislation to the Senate, which must enact the measure and get it to President Joe Biden`s desk.
Back home, domestic equity benchmarks corrected on Wednesday, due to profit selling after a four-day gaining streak. Global cues were weak as investors worried about the approval of raising the US debt ceiling and the economic outlook for China. The barometer index, the S&P BSE Sensex, declined 346.89 points or 0.55% to 62,622.24. The Nifty 50 index lost 99.45 points or 0.53% to 18,534.40.
Foreign portfolio investors (FPIs) bought shares worth Rs 3,405.90 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 2,528.52 crore in the Indian equity market on 31 May, provisional data showed.
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