Market Commentary - Pre-Session
Indices may decline in early trade on weak global cues As on : 04-May-23  07:29

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could decline 61 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading lower after the U.S. Federal Reserve hiked rates by 25 basis points as widely expected. Japanese markets are closed for a holiday Thursday.

U.S. stocks ended lower on Wednesday, reversing gains after comments by Federal Reserve Chair Jerome Powell left investors wondering what the U.S. central bank's next move would be with interest rate hikes.

The U.S. Federal Reserve hiked rates by 25 basis points as widely expected, bringing the federal funds rate range to 5%-5.25% ? its highest level since August 2007. The Fed raised rates for a 10th time in this tightening cycle, as was widely expected. The central bank also signaled a pause to the campaign could come.

Domestic markets:

Back home, the winning streak of domestic equity benchmarks came to an abrupt end on Wednesday, as they closed lower. The S&P BSE Sensex declined 161.41 points or 0.26% to 61,193.30. The Nifty 50 index lost 57.80 points or 0.32% to close at 18,089.85. The Sensex rose 3% in the past eight sessions.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,338.00 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 583.99 crore in the Indian equity market on 3 May, provisional data showed.

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