Weak opening on the cards

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 92 points at the opening bell.

Finance Minister Nirmala Sitharaman said on Monday that India is still the fastest growing economy whose financial situation is much better than most other countries. Speaking during a debate on the issue of price hike in the Lok Sabha, Sitharaman said the global agencies have ranked India's economy higher than most countries and there is no sign of recession in the country. Sitharaman added that the government is making efforts to bring down retail inflation below 7%.

 

Global markets:

Overseas, Asian stocks fell on Tuesday as South Korea's inflation rose and investors look ahead to the Reserve Bank of Australia's interest rate decision. The Reserve Bank of Australia is reportedly expected to hike by 50 basis points after official data showed prices in Australia rose 6.1% in the second quarter compared with a year ago.

Consumer prices in South Korea rose 6.3% in July compared with the same period in 2021, official data showed on Tuesday.

Wall Street ended a three-day winning streak and crude prices plunged on Monday as economic data from the US, Europe and China showed demand weakening under inflation pressures, while the looming possibility of recession curbed risk appetite.

Domestic markets:

Back home, the key equity indices ended near the day's high with robust gains on Monday. Positive global cues and net buying by foreign institutional investors (FIIs) in the past few sessions boosted the sentiment. The barometer index, the S&P BSE Sensex, jumped 545.25 points or 0.95% to 58,115.50. The Nifty 50 index climbed 181.80 points or 1.06% to 17,340.05.

Foreign portfolio investors (FPIs) bought shares worth Rs 2,320.61 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 822.23 crore in the Indian equity market on 1 August, provisional data showed.

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