Market may slide on weak global cues

28 Oct 2022 , 08:29 AM

SGX Nifty: Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could slide 75 points at the opening bell. The Reserve Bank of India (RBI) on Thursday said that the Monetary Policy Committee (MPC) will hold an additional meeting on 3 November 2022. The MPC last met on 28 – 30 September 2022. It was slated to meet for the last time this calendar year on 5 – 7 December 2022. Global markets: Overseas, Asian stocks are trading lower ahead of the Bank of Japans interest rate decision and a slew of companies in the region reporting earnings. The Bank of Japan is expected to keep rates at ultra-low levels, as per reports. The central bank is also likely to slightly downgrade its growth forecasts, while revising up its inflation predictions. In US, the S&P 500 and the Nasdaq posted losses on Thursday, as investors contended with solid economic data and a mixed bag of corporate earnings. The U.S. economy grew at a 2.6% annualized pace for the period, the Bureau of Economic Analysis report showed. The chain-weighted price index, a cost-of-living measure that is adjusted to reflect changing consumer behavior, rose 4.1% for the quarter. Headline inflation rose 4.2%, down sharply from 7.3%, according to a gauge the Federal Reserve uses. The European Central Bank announced Thursday a 75-basis-point interest rate hike, its third consecutive increase this year. The latest rate hike takes the ECBs main benchmark from 0.75% to 1.5%. The ECB also announced that it was changing the terms and conditions of its targeted longer-term refinancing operations or TLTRO. Domestic markets: Back home, the domestic equity barometers ended with decent gains on Thursday amid mixed global cues. The barometer index, the S&P BSE Sensex, gained 212.88 points or 0.36% to 59,756.84. The Nifty 50 index added 80.60 points or 0.46% to 17736.95. Foreign portfolio investors (FPIs) bought shares worth Rs 2,818.40 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,580.10 crore in the Indian equity market on 27 October, provisional data showed. Powered by Capital Market – Live News