Market Commentary - Pre-Session
Market geared for weak opening As on : 16-Dec-22  08:39

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 52 points at the opening bell.

On the macro front, India's exports on Thursday recorded a flat growth at $31.99 billion in November against $31.8 billion in the same month last year. Imports rose marginally to $55.88 billion in November compared to $53.93 billion in the corresponding month a year ago, according to the data released by the government.

Global markets:

Overseas, Asian stocks are trading lower after hawkish signals from central banks sparked a rout in US and European equities.

The au Jibun Bank Flash Japan Manufacturing Purchasing Managers' Index fell to a seasonally adjusted 48.8 in December from a final 49.0 in the month of November, marking the lowest reading since October 2020.

US stocks closed sharply lower on Thursday as fears intensified that the Federal Reserve's battle against inflation using aggressive interest rate hikes could lead to a recession.

Domestic markets:

Back home, Indian equity market ended with deep losses on Thursday, snapping a two-day rally. The barometer index, the S&P BSE Sensex tumbled 878.88 points or 1.40% to 61,799.03. The Nifty 50 index lost 245.40 points or 1.32% to 18,414.90.

Foreign portfolio investors (FPIs) sold shares worth Rs 710.74 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 260.92 crore in the Indian equity market on 15 December, provisional data showed.

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