Market Commentary - Pre-Session
Market may sizzle in early trade As on : 16-Jun-23  08:41

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 43 points at the opening bell.

Global markets:

Overseas, Asian stocks are largely higher Friday as resilient US economic data stoked expectations that the Federal Reserve is near the end of its rate-hike campaign.

The Bank of Japan (BOJ) on Friday maintained ultra-low interest rates and its forecast that inflation will slow later this year. As widely expected, the BOJ kept intact its short-term interest rate target at -0.1%.

US stocks nudged higher on Thursday, with the S&P 500 and Nasdaq surging to close at their highest in 14 months, as investors bet the Federal Reserve was close to done raising rates after the central bank this week skipped a hike.

The European Central Bank on Thursday left the door open to more rate hikes as it flagged risks from rising wages and revised up its inflation projections. The ECB also raised interest rates by 25 bps taking its policy rate to 3.5%, a level not seen since 2001.

Domestic markets:

Back home, domestic equity benchmarks ended lower on Thursday, breaking a three-day upward trend. The barometer index, the S&P BSE Sensex declined 310.88 points or 0.49% to 62,917.63. The Nifty 50 index fell 67.80 points or 0.36% to 18,688.10.

Foreign portfolio investors (FPIs) bought shares worth Rs 3,085.51 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 297.88 crore in the Indian equity market on 15 June, provisional data showed.

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