Market Commentary - Pre-Session
SGX Nifty hints at subdued opening As on : 03-May-23  07:27

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could slide 68 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading lower on Wednesday following the negative cues from Wall Street overnight. Markets in Japan and mainland China are closed for a holiday Wednesday.

Investors remain cautious ahead of the US Fed's interest rate decision, which is due later in the day. The Fed is reportedly likely to hike rates by 25 basis points.

Overnight in the U.S., all three major indexes fell for a second-straight session on Tuesday as banking fears returned to Wall Street ahead of the Fed rate decision.

Domestic markets:

Back home, the key equity benchmarks showed modest gains on Tuesday, with the Nifty 50 index settling just below the 18,150 level. The S&P BSE Sensex achieved its eighth consecutive session of gains, rising by 242.27 points or 0.40% to reach 61,354.71. Meanwhile, the Nifty 50 index extended its winning streak for six sessions, increasing by 82.65 points or 0.46% to 18,147.65.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,997.35 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 394.05 crore in the Indian equity market on 02 May, provisional data showed.

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