Weak opening on the cards

3 Oct 2022 , 08:40 AM

SGX Nifty: Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could slide 148 points at the opening bell. On the macro front, India collected Rs 1.48 lakh crore as Goods and Services Tax (GST) in September, registering an increase of 26% from the same month last year, the finance ministry said on October 1. The September GST mop-up was 2.8% higher from August. Indias eight core infrastructure sectors output grew 3.3% in August 2022, lowest in past nine months, as against 12.2% in the year-ago period, according to official data released on Friday. The previous low was in November 2021 at 3.2%. The production growth of eight infrastructure sectors – coal, crude oil, natural gas, refinery products, fertiliser, steel, cement and electricity – was 9.8% during April-August this fiscal, compared to 19.4% a year ago. Global markets: Overseas, Asian stocks are trading lower on Monday amid fears that central banks across the world will keep hiking rates until inflation is under control. China markets are closed for the Golden Week holiday, and South Koreas market is also closed. Sentiment of Japans large manufacturers worsened in the July-to-September quarter, according to the Bank of Japans latest quarterly tankan business sentiment survey. The headline index for large manufacturers sentiment came in at 8, a decline from the previous quarters reading of 9. US stocks dropped on Friday on concerns of hot inflation, rising interest rates and recession fears. Domestic markets: Back home, the key equity indices settled with robust gains on Friday, snapping a seven-day losing streak. The relief rally came after the Reserve Bank of India (RBI) today raised benchmark repo rate by 50 basis points, along expected lines. Positive global cues also supported buying. The barometer index, the S&P BSE Sensex jumped 1,016.96 points or 1.80% at 57,426.92. The Nifty 50 index gained 276.25 points or 1.64% at 17,094.35. Foreign portfolio investors (FPIs) sold shares worth Rs 1,565.31 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 3,245.45 crore in the Indian equity market on 30 September, provisional data showed. Powered by Capital Market – Live News