Indices poised for gap-up opening on upbeat global stocks

18 Jul 2022 , 08:20 AM

SGX Nifty: Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 167 points at the opening bell. Global markets: Overseas, Asian stocks are trading higher on Monday as investors looked ahead to announcements later in the week. Japans market was closed for a holiday Monday. US stocks closed sharply higher on Friday fueled by upbeat earnings, strong economic data and easing fears of a larger-than-expected interest rate hike by the Federal Reserve. Finance chiefs at the Group of 20 meeting in Bali strongly condemned the war in Ukraine and expressed concern over an alarming increase of food and energy insecurity. Many members agreed that the recovery of the global economy has slowed and is facing a major setback as a result of Russias war against Ukraine, which was strongly condemned. Broadly, all G-20 central banks agreed to tackle inflation and calibrate monetary policies that would rein in soaring prices. Global interest rates will likely keep rising until 2023 when heated prices will begin to cool in response to the actions from central banks, according to Kristalina Georgieva, managing director of the International Monetary Fund. Commodity prices, such as oil, may have leveled out and started sliding in recent months, but Georgieva said that they will do so in response to recession risks and not necessarily because inflation has been tamed. Domestic markets: Back home, the main stock indices ended near the days high with modest gains on Friday. The barometer index, the S&P BSE Sensex, was up 344.63 points or 0.65% to 53,760.78. The Nifty 50 index gained 110.55 points or 0.69% to 16,049.20. Foreign portfolio investors (FPIs) sold shares worth Rs 1,649.36 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,059.46 crore in the Indian equity market on 15 July, provisional data showed. Powered by Capital Market – Live News