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SGX Nifty signals a positive start; Asian shares in the green

Published on May 13, 2022 08:14

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 176 points at the opening bell.

Global Markets:

The US Dow Jones index futures were up 176 points, indicating a strong opening in the US stocks on Friday.

Asian shares edged higher on Friday after a late recovery helped US stocks cut losses overnight.

In China, Beijing officials denied the city will be locked down. Residents flocked to grocery stores amid growing concern the Chinese capital will step up curbs to fight a persistent Covid outbreak.

In the US, the S&P 500 and the Dow Jones bounced off the day`s low to end slightly lower, but the Nasdaq eked out a modest gain on Thursday. Investors weighed signs of peaking inflation with fears that it could remain elevated. All three major U.S. stock indexes seesawed and the S&P 500 came within striking distance of confirming it entered a bear market.

The latest US data showed producer prices jumped 11% from April last year, signaling that consumer inflation could continue to stay high.

Domestic Equity Market:

The domestic benchmark indices declined for the fifth straight day on Thursday, amid weak global cues. The sentiment was weak following the rate hike concerns, as well as the Ukraine war and the latest coronavirus lockdowns in China. The barometer index, S&P BSE Sensex fell 1,158.08 points or 2.14% at 52,930.31. The Nifty 50 index lost 359.10 points or 2.22% at 15,808. The 50-unit index has dropped 5.24% in five straight sessions.

Foreign portfolio investors (FPIs) sold shares worth Rs 5,255.75 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 4,815.64 crore in the Indian equity market on 12 May 2022, provisional data showed.

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