Market Commentary - Pre-Session
SGX Nifty indicates positive opening As on : 06-Mar-23  08:19

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 78.50 points at opening today.

The government, in the latest review, has hiked the windfall profit tax levied on crude petroleum to Rs 4,400 per tonne from Rs 4,350. The special additional excise duty on diesel has been reduced to Rs 0.5 a litre from Rs 2.5, while it has been slashed to 'nil' on Aviation Turbine Fuel. The new tax rates come into effect from 4 March 2023.

Global Markets:

The US Dow Jones index futures were down 19 points, indicating a positive opening in the US stocks today.

Asian stock markets were mixed on Monday as investors further digested China's growth target set in its parliamentary sessions and looked ahead to a week of economic data.

China's National People's Congress (NPC) has kicked off its annual parliamentary session, announcing a modest target for economic growth of about 5%. The session, which began in Beijing on Sunday, is also set to hand President Xi Jinping a third term in office and implement the biggest government shake-up in a decade.

US stocks ended higher Friday as Treasury yields eased from their recent highs and investors weighed the cumulative impact from Fed hikes already implemented and digested this week's comments from the central bank.

The Dow Jones Industrial Average rose 1.17%, the S&P 500 climbed 1.61%, and the Nasdaq Composite gained 1.97%. The yield on benchmark 10-year Treasury note dipped below the 4% threshold.

Domestic Equity Market:

The domestic equity benchmarks ended with robust gains on Friday, tracking positive global cues. The S&P BSE Sensex gained 899.62 points or 1.53% to 59,808.97. The Nifty 50 index advanced 272.45 points or 1.57% to 17,594.35.

Foreign portfolio investors (FPIs) bought shares worth Rs 246.24 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 2,089.92 crore in the Indian equity market on 3 March 2023, provisional data showed.

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