Market may open on firm note on upbeat global cues

1 Dec 2022 , 08:42 AM

SGX Nifty: Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 90.50 points at the opening bell. On the macro front, Indias gross domestic product (GDP) grew at 6.3% year-on-year (YoY) in the second quarter (Q2) of the current financial year (Q2FY23), latest data released by the the Ministry of Statistics and Programme Implementation on Wednesday stated. The nominal growth rate was 16.2 per cent year-on-year. Global markets: Overseas, Asian stocks are trading higher, carrying on the optimism behind Wall Streets rally as Federal Reserve Chair Jerome Powell confirmed smaller rate hikes could start in December. The Caixin/Markit Manufacturing Purchasing Managers Index for China came in at 49.4, higher than expectations. The reading marks a fourth consecutive month of contraction, after a reading of 49.2 from October and dipping to 48.1 in September. South Koreas revised gross domestic product for the third quarter confirmed growth of 3.1% compared to the same period a year ago – higher than a 2.9% expansion seen in the second quarter. The economy saw slower quarterly growth of 0.3% in the third quarter, following a growth of 0.7% in the previous period. Wall Street ended sharply higher on Wednesday after Federal Reserve Chair Jerome Powell said the central bank might scale back the pace of its interest rate hikes as soon as December. Federal Reserve Chair Jerome Powell on Wednesday said it was time to slow the pace of coming interest rate hikes while also signaling a protracted economic adjustment to a world where borrowing costs will remain high, inflation comes down slowly and the United States remains chronically short of workers. Domestic markets: Back home, the domestic equity benchmarks ended at record closing levels with strong gains on Wednesday, rising for the seventh trading session. The S&P BSE Sensex jumped 417.81 points or 0.67% to 63,099.65. The Nifty 50 index gained 140.30 points or 0.75% to 18,758.35. Foreign portfolio investors (FPIs) bought shares worth Rs 9,010.41 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 4,056.40 crore in the Indian equity market on 30 November, provisional data showed. Powered by Capital Market – Live News