Market Commentary - Pre-Session
SGX Nifty hints at lower opening As on : 13-Feb-23  08:40

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 31 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading lower on Monday as investors look ahead to a week of crucial economic data releases, including the U.S. consumer price index that will determine the Federal Reserve's path forward.

Singapore reported 3.6% GDP growth for 2022, less than the 8.9% growth in 2021. In the fourth quarter, the city-state's economy grew 2.1% on an annualized basis, compared with 4% in the previous quarter.

US stocks fell on Friday after a slew of corporate earnings and Federal Reserve speakers reiterated their hawkish messages that there is more work to be done to tame inflation.

US consumer sentiment improved to a 13-month high in February, a survey showed on Friday. The sentiment index has rebounded from a low of 50 last June. The survey's measure of current economic conditions increased to a reading of 72.6 this month from 68.4 in January.

Domestic markets:

Back home, the domestic equity barometers extended losses to end volatile session in the red on Friday. The barometer index, the S&P BSE Sensex, declined 123.52 points or 0.20% to 60,682.70. The Nifty 50 index lost 36.95 points or 0.21% to 17,856.50.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,458.02 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 291.34 crore in the Indian equity market on 10 February, provisional data showed.

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