Market geared for gap-up opening on upbeat global cues

7 Nov 2022 , 08:42 AM

SGX Nifty: Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 112 points at the opening bell. Global markets: Overseas, Asian stocks are trading higher on Monday as investors digest the latest U.S. jobs report and look ahead to the midterm elections. US stocks rose on Friday on hopes the Federal Reserve would scale back future interest rate hikes following the latest jobs report. U.S. employers likely hired the fewest workers in nearly two years in October and increased wages at a moderate pace. The Labor Departments closely watched employment report on Friday is also expected to show unemployment ticking up to 3.6% from 3.5% in September. The survey of establishments showed nonfarm payrolls increased 261,000 last month, the smallest gain since December 2020. Data for September was revised higher to show 315,000 jobs added instead of 263,000 as previously reported. Domestic markets: Back home, the equity benchmarks indices settled with decent gains on Friday, led by gains in metals, PSU banks and oil & gas shares. Strong global cues and rising FII flows into India boosted investors sentiment. The barometer index, the S&P BSE Sensex, was up 113.95 points or 0.19% to 60,950.36. The Nifty 50 index rose 64.45 points or 0.36% to 18,117.15. Foreign portfolio investors (FPIs) bought shares worth Rs 1,436.25 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 548.59 crore in the Indian equity market on 4 November, provisional data showed. Powered by Capital Market – Live News