Weak opening on the cards
Published on Jan 05, 2022 08:29
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 66 points at the opening bell.
Overseas, Asian stocks are trading lower on Wednesday, with investors awaiting the minutes from the U.S. Federal Reserve`s latest meeting for clues on the central bank`s interest rate hike moves.
Investors now await the minutes from the Fed`s meeting in December, due later in the day, and the U.S. jobs report, due to be released on Friday, for clues on the Fed`s potential pace of the hikes.
In US, the Dow Jones Industrial Average scored a record closing high on Tuesday for the second straight day as financial and industrial shares rallied, while the Nasdaq fell.
On the macro front, the Institute for Supply Management said on Tuesday that its index of US factory activity fell to a reading of 58.7 last month from 61.1 in November, the lowest tally since last January.
Meanwhile, global benchmark Brent crude jumped on Tuesday to $80 a barrel, its highest since November, as OPEC and its non-OPEC allies, known collectively as OPEC+, agreed to stick to its planned increase for February based on indications that the Omicron coronavirus variant would have only a mild impact on demand.
Back home, domestic shares advanced for the third consecutive session on Tuesday, tracking strength in global stock markets. The barometer index, the S&P BSE Sensex, jumped 672.71 points or 1.14% at 59,855.93. The Nifty 50 index surged 179.55 points or 1.02% at 17,805.25.
Foreign portfolio investors (FPIs) bought shares worth Rs 1,273.86 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 532.97 crore in the Indian equity market on 4 January, provisional data showed.
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