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Stocks poised for weak opening on negative global cues

Published on Apr 26, 2023 08:20

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 28 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading mixed on Wednesday after banking fears were reignited on Wall Street.

Australia`s inflation showed signs of easing in first quarter. Australia`s inflation for the first quarter of 2023 slowed to 7% year-on-year, down from a 23-year high of 7.8% in the quarter ended December 2022.

Consumer sentiment in South Korea improved in April. South Korea`s composite consumer index for April has improved to 95.1 points, 3.1 points higher than March`s figure of 92.

US stocks slipped on Tuesday on recession fears after weak earnings and soft economic data.

Shares of First Republic Bank tumbled after the regional bank posted its latest quarterly results, saying late Monday that deposits dropped 40% to $104.5 billion in the first quarter but have since stabilized.

Domestic markets:

Back home, the key equity indices ended with small gains on Tuesday. The S&P BSE Sensex continued its winning streak for the fourth consecutive session, rising by 74.61 points or 0.12% to reach 60,130.71. Similarly, the Nifty 50 index also gained, adding 25.85 points or 0.15% to close at 17,769.25.

Foreign portfolio investors (FPIs) sold shares worth Rs 407.35 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 563.61 crore in the Indian equity market on 25 April, provisional data showed.

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