Market poised for firm opening

21 Apr 2022 , 08:27 AM

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 85 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading mixed on Thursday as investors continue to watch Chinas Covid situation along with moves in the Japanese yen.

Investors are watching for signs of policy support from Chinese authorities as the mainland continues to grapple with its most severe Covid wave since the initial outbreak in 2020. Its strict zero-Covid policy has raised questions about Chinas economic outlook.

US stocks ended in mixed territory on Wednesday as the tech-heavy Nasdaq was dragged down by bleak Netflix earnings, while bond yields dipped after a recent strong run. The Dow Jones Industrial Average rose on the back of strong earnings from Procter & Gamble.

Netflix fell 35% after its quarterly results showed a loss of 200,000 subscribers in the first quarter, its first reported subscriber loss in more than 10 years.

Domestic markets:

Back home, the benchmark indices settled with major gains on Wednesday, snapping a five-day losing streak. The barometer index, S&P BSE Sensex rallied 574.35 points or 1.02% at 57,037.50. The Nifty 50 index rose 177.90 points or 1.05% at 17,136.55.

Foreign portfolio investors (FPIs) sold shares worth Rs 3,009.26 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,645.82 crore in the Indian equity market on 20 April, provisional data showed.

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