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Weak opening on the cards

Published on May 12, 2023 08:28

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could drop 77 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading mixed after the U.S. posted more data that showed inflation was easing.

In US, The Dow and the S&P 500 fell on Thursday, pressured by a drop in Disney shares after the company reported a fall in subscriber growth, while PacWest`s latest woes sparked another rout in the regional banking sector. The Nasdaq rose boosted by rise in shares of Alphabet Inc after Google rolled out more artificial intelligence products on Wednesday to take on competition from Microsoft Corp.

U.S. and Chinese officials reportedly met for two days in Vienna to discuss a range of topics, including Russia`s war in Ukraine, amid tensions between the world`s two largest economies.

U.S. Treasury Secretary Janet Yellen urged Congress to raise the federal debt limit and warned that a default could have severe repercussions on the global economy. Markets are keenly watching for any updates on raising the United States` $31.4 trillion debt ceiling, as the country races to avert an unprecedented default.

In economic data, the producer price index for April, posted a year-on-year increase of 0.2%, after declining 0.4% in March. Excluding food and energy, core PPI also rose 0.2%.

Domestic markets:

Back home, the key equity barometers ended with minor cuts on Thursday, mirroring negative global cues. The barometer index, the S&P BSE Sensex fell 35.68 points or 0.06% to 61,904.52. The Nifty 50 index lost 18.10 points or 0.1% to 18,297.

Foreign portfolio investors (FPIs) bought shares worth Rs 837.21 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 200.09 crore in the Indian equity market on 11 May, provisional data showed.

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