SGX Nifty suggests a strong start

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could surge 143 points at the opening bell.

The Indian economy is expected to grow at 8.3% this fiscal and at 8.7% in 2022-23, the World Bank said in its `Global Economic Prospects` report released on January 11. The 8.3% GDP growth prediction for FY22 is the same as what was stated by the World Bank in its last projection released in October 2021.

Global markets:

Overseas, Asian stocks are trading higher Wednesday as U.S. markets rallied overnight as comments from the Fed chief appeared to reassure investors.

US stock indices rose on Tuesday as investors were relieved that Federal Reserve Chair Jerome Powell`s testimony to Congress did not include any major surprises.

Fed Chair Jerome Powell testified before a Senate committee on Tuesday as part of his re-confirmation process. Powell said that he expected a normalized supply chain to help ease inflation pressures in 2022 but said the Fed would not be afraid to hike rates further than projected if inflation remains high.

The World Bank Tuesday cut growth forecasts for the U.S., the Euro zone as well as China. It warned that high debt levels, rising income inequality and new coronavirus variants threatened the recovery in developing economies.

Domestic markets:

Back home, domestic stock market ended with decent gains on Tuesday, rising for the third straight session. The barometer index, the S&P BSE Sensex, advanced 221.26 points or 0.37% to 60,616.89. The Nifty 50 index added 52.45 points or 0.29% to 18,055.75.

Foreign portfolio investors (FPIs) bought shares worth Rs 111.91 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 378.74 crore in the Indian equity market on 11 January, provisional data showed.

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