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Stocks may open lower

Published on May 18, 2022 08:28

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 36 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading mixed on Wednesday following overnight comments from U.S. Federal Reserve Chairman Jerome Powell, who said he`s resolved to raise rates until inflation comes down.

On the macro front, Japan`s economy shrank 1% on an annualized basis in January-March as compared with the previous quarter, government data showed Wednesday.

Wall Street finished sharply higher on Tuesday, lifted by Apple, Tesla and other mega-cap growth stocks after strong retail sales in April eased worries about a slowing economic growth.

On the economic front, retail sales numbers came in about as expected. Consumer spending on retail rose 0.9% in April, according to the U.S. Census Bureau. Retail sales excluding autos rose 0.6% in April.

Domestic markets:

Back home, the benchmark indices ended with strong gains on Tuesday amid wide spread buying support. Strong global cues boosted investors sentiment. The S&P BSE Sensex jumped 1344.63 points or 2.54% at 54,318.47. The Nifty 50 index gained 417 points or 2.63% at 16,259.30.

Foreign portfolio investors (FPIs) sold shares worth Rs 2,192.44 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,294.42 crore in the Indian equity market on 17 May, provisional data showed.

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