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Weak opening on the cards

Published on Oct 17, 2022 08:26

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could slide 122 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading lower on Monday as recession fears weigh in over expectations of continued tighten monetary policies around the world.

The People`s Bank of China rolled over its medium-term lending facility (MLF) loans and kept its interest rate unchanged at 2.75%, according to a statement. The central bank announced it would keep the one-year rate unchanged for a second month and injected 500 billion yuan ($70 billion) through the MLF.

Chinese President Xi Jinping affirmed Sunday the country`s recent shift away from rapid growth and greater focus on national self-sufficiency, especially in technology. Xi briefly mentioned in that opening section how the country`s Covid policy has achieved �positive results� in coordination with economic development.

US stocks dropped on Friday as worsening inflation expectations kept intact worries that the Federal Reserve`s aggressive rate hike path could trigger a recession.

Domestic markets:

Back home, domestic equity benchmarks ended with sharp gains on Friday, tracking strong global cues. The barometer index, the S&P BSE Sensex, rose 684.64 points or 1.20% to 57,919.97. The Nifty 50 index added 171.35 points or 1.01% to 17,185.70.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,011.23 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,624.13 crore in the Indian equity market on 14 October, provisional data showed.

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