Market Commentary - Pre-Session
SGX Nifty indicates subdued start As on : 22-Jun-23  08:35

SGX Nifty:

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

Prime Minister Narendra Modi is in the White House in Washington DC where he is set to attend a state dinner hosted by US President Joe Biden and First Lady Jill Biden. US president Joe Biden and PM Narendra Modi will deliver remarks and take questions. This will be followed by an address to the joint session of the US Congress.

Global markets:

Overseas, Asian stocks are mostly trading higher after US Federal Reserve chair Jerome Powell stuck to his recent hawkish tone as investors assess the future rate policy path from the Fed. Elsewhere, markets in Hong Kong and mainland China, as well as Taiwan are closed for a holiday Thursday.

U.S. stocks closed lower on Wednesday as Federal Reserve Chairman Jerome Powell's congressional testimony reinforced the central bank's objective to rein in inflation as he hinted at the likelihood of further interest rate hikes. Powell is scheduled to testify before the Senate Banking Committee on Thursday.

Federal Reserve Chairman Jerome Powell on Wednesday said he and his colleagues expect more interest rate increases ahead as inflation is still too high. ?Inflation pressures continue to run high, and the process of getting inflation back down to 2% has a long way to go,? he said in prepared remarks for a hearing before the House Financial Services Committee. Powell noted that ?nearly all? policymakers figure additional hikes will be needed to bring inflation closer in line to the Fed's 2% target.

Domestic markets:

Back home, the domestic equity benchmarks ended with decent gains on Wednesday, rising for the second trading session. The S&P BSE Sensex rose by 195.45 points or 0.31% to reach 63,523.15, setting a new record closing high. Similarly, the Nifty 50 index increased by 40.15 points or 0.21% to reach 18,856.85, also achieving a record closing high.

Foreign portfolio investors (FPIs) bought shares worth Rs 4,013.10 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 550.36 crore in the Indian equity market on 21 June, provisional data showed.

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