Weak opening on the cards

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could slump 203 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading lower on Friday as investors watch for market reaction to overnight remarks from U.S. Federal Reserve Chairman Jerome Powell.

Wall Street reversed course and posted losses on Thursday while oil gained as Federal Reserve Chairman Jerome Powell suggested the US central bank would move aggressively to curb inflation.

Powell hinted at more aggressive rate hikes ahead by the central bank as it seeks to bring down inflation. He said the Fed is committed to hiking rates expeditiously to tame inflation. I would say 50 basis points will be on the table for the May meeting, Powell said.

 

Domestic markets:

Back home, domestic headline indices ended with robust gains on Thursday, rising for the second trading session. Positive global cues boosted sentiment. The barometer index, S&P BSE Sensex rallied 874.18 points or 1.53% at 57,911.68. The Nifty 50 index advanced 256.05 points or 1.49% at 17,392.60.

Foreign portfolio investors (FPIs) sold shares worth Rs 713.69 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,823.43 crore in the Indian equity market on 21 April, provisional data showed.

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