Market may slide in early trade

November 29,2022

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 63 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading mixed on Tuesday despite an overnight fall in US stocks.

US stocks settled sharply lower on Monday as investors sold off amid mounting concerns over supply chain disruptions amid Covid-related protests in China.

St. Louis Fed President James Bullard said Monday that the Fed should continue to raise its benchmark interest rate in the coming months and that the market may be underestimating the chance that the Fed has to get more aggressive.

Federal Reserve Chair Jerome Powell will speak at the Brookings Institution about the outlook for the U.S. economy and the labor market on Wednesday.

Domestic markets:

Back home, domestic shares settled with decent gains on Monday, rising for the fifth straight session. The Sensex and the Nifty hit record high levels amid falling crude oil and U.S. dollar index. The barometer index, the S&P BSE Sensex, advanced 211.16 points or 0.34% to 62,504.80. The Nifty 50 index added 50 points or 0.27% to 18,562.75, its record closing high.

Foreign portfolio investors (FPIs) bought shares worth Rs 935.88 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 87.93 crore in the Indian equity market on 28 November, provisional data showed.

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