SGX Nifty signals positive start

November 22,2022

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 41 points at the opening bell.

Global Markets:

The US Dow Jones index futures were up 28 points, indicating a positive opening in the US stocks today.

Asian shares were mixed on Tuesday as concerns over China's COVID flare ups and hawkish US Fed commentary.

US stocks fell Monday in a volatile session to start a short trading week due to the Thanksgiving holiday. Fears that China may again ramp up Covid restrictions after reporting deaths from the virus weighed on markets. Traders also looked for further signals from the Federal Reserve about future interest rate hikes. The S&P 500 shed 0.39% to 3,949.94 and the Nasdaq Composite fell 1.09% to end the day at 11,024.51. The Dow Jones Industrial Average fell 45.41 points, or 0.13%, to 33,700.28, though losses on the index were mitigated by a jump in Disney shares, which surged more than 6%.

San Francisco Federal Reserve President Mary Daly said on Monday that there was more work to be done in order to tighten monetary policy and cool inflation, and that the real-world impact of recent rate hikes will probably be greater than what the short-term target rate implies. 

Cleveland Fed President Loretta Mester said she supports a smaller rate hike in December, which is in line with market expectations for a 50 basis point bps hike. 

Domestic Equity Market:

The domestic equity benchmarks declined for the third straight session on Monday, 21 November 2022. Fears of tighter monetary policy in the US and rising COVID-19 cases in China weighed on sentiment. The barometer index, the S&P BSE Sensex, was down 518.64 points or 0.84% to 61,144.84. The Nifty 50 index lost 147.70 points or 0.81% to 18,159.95. Both the indices fell about 1.35% in three consecutive sessions.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,593.83 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 1,262.91 crore in the Indian equity market on 21 November 2022, provisional data showed.

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