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Stocks may open on firm note

Published on Jun 12, 2023 08:38

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 62 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading mixed as investors return from a strong week and look forward to major central bank meetings scheduled ahead. Australia`s markets are closed for a holiday.

The U.S. Federal Open Market Committee (FOMC) takes place on June 13-14, the European Central Bank meets on Thursday, and the Bank of Japan`s meeting will conclude on Friday.

US indices ended marginally higher on Friday as a Tesla rally failed to galvanize the broader market on the eve of the Federal Reserve`s policy meeting and inflation data next week.

Domestic markets:

Back home, key equity indices declined for a second straight session Friday, despite an uptick in other Asian indices. Investors continued booking profit as the outcome of RBI`s monetary policy came on expected lines. The barometer index, the S&P BSE Sensex slipped 223.01 points or 0.35% to 62,625.63. The Nifty 50 index shed 71.15 points or 0.38% to 18,563.40.

Foreign portfolio investors (FPIs) sold shares worth Rs 308.97 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,245.51 crore in the Indian equity market on 9 June, provisional data showed.

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