Market Commentary - Pre-Session
Market may open lower As on : 28-Dec-22  08:29

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could slide 74 points at the opening bell.

Global markets:

Overseas, Asian stocks are mostly trading lower on Wednesday, with investors looking for direction after China took further steps towards reopening its COVID-battered economy. A faster than anticipated peak of infection has stoked expectations that a quick economic recovery is on the cards.

Meanwhile, the U.S. government is considering imposing new Covid rules for travelers from China, as per reports. Separately, Japan announced on Tuesday it would require a negative Covid test for visitors from China starting December 30.

Wall Street ended lower at the beginning of a holiday-shortened week on Tuesday, as rising US Treasury yields pressured interest rate sensitive megacap shares.

Domestic markets:

Back home, the headline equity indices settled with firm gains on Tuesday, rallying for the second consecutive session. The barometer index, the S&P BSE Sensex, advanced 361.01 points or 0.60% to 60,927.43. The Nifty 50 index added 117.70 points or 0.65% to 18,132.30.

Foreign portfolio investors (FPIs) sold shares worth Rs 867.65 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 621.81 crore in the Indian equity market on 27 December, provisional data showed.

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