Market may open on strong note on upbeat global cues

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 183 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading higher on Monday amid improved risk sentiment after Wall Street rebounded strongly on Friday as oil prices eased, tempering fears of prolonged inflation and the accompanying aggressive Federal Reserve tightening.

Meanwhile, Russia defaulted on foreign-currency sovereign debt for the first time in more than 100 years, as per reports. The country's central bank foreign reserves remain frozen.

Wall Street rebounded strongly on Friday as oil prices eased, tempering fears of prolonged inflation and the accompanying aggressive Federal Reserve tightening.

Domestic markets:

Back home, the key equity barometers settled with strong gains on Friday, rising for the second straight day. Global stock markets jumped amid cooling commodity prices. The barometer index, the S&P BSE Sensex, up 462.26 points or 0.88% to 52,727.98. The Nifty 50 index gained 142.60 points or 0.92% to 15,699.25.

Foreign portfolio investors (FPIs) sold shares worth Rs 2,353.77 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,213.44 crore in the Indian equity market on 24 June, provisional data showed.

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