Market Commentary - Pre-Session
Market braced for higher opening As on : 13-Jan-23  08:41

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 34 points at the opening bell.

India's annual retail inflation edged down from the previous month, while industrial output rose at the fastest pace since June. Annual retail inflation rose 5.72% in December from 5.88% in the previous month, government data showed on Thursday. India's industrial output rose 7.1% in November compared to a contraction of 4% in the previous month.

Global markets:

Overseas, Asian stocks are trading mostly higher after the U.S. consumer price index showed inflation cooled in December, raising investors' hopes that the Federal Reserve can return to slower interest rate hikes.

US stocks climbed on Thursday after a reading of consumer prices fed expectations the Federal Reserve may have the leeway to scale back the size of future interest rate hikes.

A key gauge of US inflation posted a moderate increase in December. Excluding food and energy, the consumer price index rose 0.3% last month and was up 5.7% from a year earlier, according to a US Labor Department report on Thursday. The overall CPI fell 0.1% from the prior month, with cheaper energy costs fueling the first decline in 2 1/2 years. The measure was up 6.5% from a year earlier.

Domestic markets:

Back home, the key equity barometers ended with minor losses after a volatile session on Thursday, extending losses for the third straight session. The barometer index, the S&P BSE Sensex declined 147.47 points or 0.25% to 59,958.03. The Nifty 50 index lost 37.50 points or 0.21% to 17,858.20.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,662.63 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,127.65 crore in the Indian equity market on 12 January, provisional data showed.

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