SGX Nifty indicates lower opening

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 49 points at the opening bell.

Prime Minister Narendra Modi is scheduled to hold a pre-budget meeting with economists and sectoral experts at NITI Aayog on 13 January 2023 to discuss the state of the economy and measures to accelerate growth, as per reports. The meeting will also be attended by several Union ministers. The 2023-24 Budget is set to be presented in Parliament on February 1.

Global markets:

Overseas, Asian stocks are trading mixed after a rally in U.S. stocks evaporated as Federal Reserve officials indicated the central bank will likely need to raise interest rates above 5% before pausing and holding for some time.

U.S. stocks were mixed Monday at the start of a week with a few events that could shake markets, including updates on inflation and the health of corporate profits.

Fed officials on Monday said that policymakers should hike above 5% by early in the second quarter and then go on hold on the rate for a long time. Investors fear that rising rates will push the global economy into recession.

Domestic markets:

Back home, domestic equity benchmark indices ended with robust gains on Monday, snapping a three-day losing streak. The barometer index, the S&P BSE Sensex advanced 846.94 points or 1.41% to 60,747.31. The Nifty 50 index added 241.75 points or 1.35% to 18,101.20.

Foreign portfolio investors (FPIs) sold shares worth Rs 203.13 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,723.79 crore in the Indian equity market on 9 January, provisional data showed.

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