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Stocks may open on firm note

Published on Jul 05, 2022 08:13

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 46 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading higher as investors look ahead to the Reserve Bank of Australia`s rate decision. The Reserve Bank of Australia is expected to raise interest rates by 50 basis points later today, as per reports.

China`s service sector activity also grew, according to the Caixin services purchasing managers` index. The index rose to 54.5 in June compared to 41.4 in May as Covid measures were eased.

Japan`s services activity expanded at the fastest pace since October 2013, according to the final au Jibun Bank Japan Services Purchasing Managers` Index. The print rose to 54, compared to 52.6 in May.

South Korea`s June inflation accelerated to the fastest pace since the Asian financial crisis. The consumer price index (CPI) rose 6.0% in June from a year earlier, government data showed on Tuesday, the fastest since November 1998 and exceeding the central bank`s 2% target for the 15th consecutive month.

The U.S. market was closed for the July Fourth public holiday on Monday.

Domestic markets:

Back home, the domestic equity benchmarks ended with decent gains after a volatile session on Monday. The barometer index, the S&P BSE Sensex, advanced 326.84 points or 0.62% to 53,234.77. The Nifty 50 index gained 83.30 points or 0.53% to 15,835.35.

Foreign portfolio investors (FPIs) sold shares worth Rs 2,149.56 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,688.39 crore in the Indian equity market on 4 July, provisional data showed.

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