Market may spurt in early trade on firm global cues

1 Nov 2022 , 08:10 AM

SGX Nifty: Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 120 points at the opening bell. On the macro front, Indias eight core sectors grew 7.9% in September, quickening from an upwardly revised 4.1% in August, data showed on 31 October 2022. Global markets: Overseas, Asian stocks are trading higher on Tuesday despite mild losses from Wall Street overnight as investors turned their focus to the Federal Reserves policy meeting this week for hints on what comes next. The Reserve Bank of Australia (RBA) will announce its Interest Rate Decision today. The RBA is expected to slow down on the rate hike trajectory by lifting the benchmark interest rate by 25 basis points (bps) to 2.85%, as per reports. The Caixin manufacturing Purchasing Managers Index for October showed that factory activity contracted for the third month in a row. The reading came in at 49.2. In September, the manufacturing PMI was at 48.1. US stocks lost ground on Monday as investor focus turned to the Federal Reserves policy meeting this week. As per reports, the central bank may raise interest rates by 75 basis points on Wednesday, but investors will look for any signals the Fed may be considering a deceleration in interest rate hikes in the future. Domestic markets: Back home, domestic equity benchmarks ended near the days high with robust gains on Monday. The barometer index, the S&P BSE Sensex, jumped 786.74 points or 1.31% to 60,746.59. The Nifty 50 index gained 225.40 points or 1.27% to 18,012.20. Foreign portfolio investors (FPIs) bought shares worth Rs 4,178.61 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,107.10 crore in the Indian equity market on 31 October, provisional data showed. Powered by Capital Market – Live News