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SGX Nifty:
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 47 points at the opening bell.
Indian stock market will remain open on Wednesday as holiday for Bakri Id festival has been shifted to one day ahead on 29 June 2023. The weekly and monthly F&O contract expiry has been rescheduled to Wednesday as a result of the holiday being moved to Thursday.
Global markets:
Overseas, Asian stocks are trading mixed as the region digests May inflation figures out of Australia and China releases its industrial profits for May.
China's industrial firms recorded a 18.8% tumble in cumulative profits in the first five months of 2023 from the year before, official data showed on Wednesday. This figure was 1.8 percentage points lower than China industrial profits for January to April, China's National Statistics Bureau said in a statement.
Australia saw a lower-than-expected weighted inflation rate of 5.6% in May, compared with the 6.8% recorded in April. Headline inflation for May came in at 5.8%, lower than April's figure of 6.9%. It was the lowest recorded rate since April 2022.
U.S. stock indexes advanced on Tuesday as upbeat economic data soothed investor worries about an imminent recession triggered by the Federal Reserve's aggressive interest rate hikes.
The outlook from consumers brightened more than expected in June even with an expected recession on the horizon, The Conference Board reported Tuesday. Consumer confidence for the month rose to an index value of 109.7, up from 102.5 in May. That was the highest reading since January 2022.
Meanwhile, the Biden administration is reportedly considering new curbs on exports of artificial intelligence chips to China set off a retreat in postmarket trading for some US tech stocks.
Domestic markets:
Back home, the headline equity indices rallied on Tuesday, shrugging off a lacklustre trend in Asian and European indices. The barometer index, the S&P BSE Sensex jumped 446.03 points or 0.71% to 63,416.03. The Nifty 50 index gained 126.20 points or 0.68% to 18,817.40.
Foreign portfolio investors (FPIs) bought shares worth Rs 2,024.05 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,991.35 crore in the Indian equity market on 27 June, provisional data showed.
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